<SEC-DOCUMENT>0001019687-12-004082.txt : 20121114
<SEC-HEADER>0001019687-12-004082.hdr.sgml : 20121114
<ACCEPTANCE-DATETIME>20121114170028
ACCESSION NUMBER:		0001019687-12-004082
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20120930
FILED AS OF DATE:		20121114
DATE AS OF CHANGE:		20121114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pacific Ethanol, Inc.
		CENTRAL INDEX KEY:			0000778164
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				412170618
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21467
		FILM NUMBER:		121205599

	BUSINESS ADDRESS:	
		STREET 1:		400 CAPITOL MALL, SUITE 2060
		CITY:			SACRAMENTO
		STATE:			CA
		ZIP:			95814
		BUSINESS PHONE:		916-403-2123

	MAIL ADDRESS:	
		STREET 1:		400 CAPITOL MALL, SUITE 2060
		CITY:			SACRAMENTO
		STATE:			CA
		ZIP:			95814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACCESSITY CORP
		DATE OF NAME CHANGE:	20030627

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRIVERSSHIELD COM CORP
		DATE OF NAME CHANGE:	20001115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST PRIORITY GROUP INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>paceth_10q-093012.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt"><B>FORM
10-Q</B></FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Mark One)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 10pt Wingdings 2">T</TD>
    <TD STYLE="width: 95%; font-size: 10pt"><B>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the quarterly period ended <B>September 30, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; font: 10pt Wingdings 2; text-align: left">&pound;</TD>
    <TD STYLE="width: 95%; text-align: left; font-size: 10pt; font-weight: bold">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the transition period from ______ to _______</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File Number: <B>000-21467</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B><BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<IMG SRC="paceth_logo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.15pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>Delaware</B><BR>
(State or other jurisdiction<BR>
of incorporation or organization)</TD>
    <TD STYLE="width: 50%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>41-2170618</B><BR>
<FONT STYLE="font-variant: small-caps">(</FONT>I.R.S. Employer<BR>
Identification No.<FONT STYLE="font-variant: small-caps">)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>400 Capitol Mall, Suite 2060, Sacramento,
        California</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>95814</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(zip code)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><BR>
<B>(916) 403-2123</B><BR>
(Registrant&rsquo;s telephone number, including area code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Indicate by check mark
whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes <FONT STYLE="font-family: Wingdings 2">T</FONT> No <FONT STYLE="font-family: Wingdings 2">&pound;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.15pt">Indicate by check
mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File
required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter
periods that the registrant was required to submit and post such files). Yes <FONT STYLE="font-family: Wingdings 2">T</FONT> No
<FONT STYLE="font-family: Wingdings 2">&pound;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.15pt">Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting
company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.15pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; font-size: 10pt">Large
accelerated filer <FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in; font-size: 10pt">Accelerated
filer <FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; font-size: 10pt">Non-accelerated
    filer <FONT STYLE="font-family: Wingdings 2">&#163;</FONT><FONT STYLE="font-size: 10pt">&nbsp;(Do not check if a smaller reporting
    company)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in; font-size: 10pt">Smaller reporting
company <FONT STYLE="font-family: Wingdings 2">&#83;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes&nbsp;</FONT><FONT STYLE="font-family: Wingdings 2">&#163;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;No&nbsp;</FONT><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.15pt">As of November 13,
2012, there were 144,672,406 shares of Pacific Ethanol, Inc. common stock, $0.001 par value per share, outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 76%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART I</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FINANCIAL INFORMATION</P></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Page</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>ITEM 1.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 11pt; text-indent: -11pt">FINANCIAL STATEMENTS.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 11pt; text-indent: -11pt">Consolidated Balance Sheets as of September 30, 2012 (unaudited) and December 31, 2011</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 11pt; text-indent: -11pt">Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2012 and 2011 (unaudited)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 11pt; text-indent: -11pt">Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2012 and 2011 (unaudited)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 11pt; text-indent: -11pt">Notes to Consolidated Financial Statements (unaudited)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>ITEM 2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 11pt; text-indent: -11pt">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>ITEM 3.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 11pt; text-indent: -11pt">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>ITEM 4.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 11pt; text-indent: -11pt">CONTROLS AND PROCEDURES.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OTHER INFORMATION</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>ITEM 1.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 11pt; text-indent: -11pt">LEGAL PROCEEDINGS.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>ITEM 1A.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 11pt; text-indent: -11pt">RISK FACTORS.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>ITEM 2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 11pt; text-indent: -11pt">UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>ITEM 3.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 11pt; text-indent: -11pt">DEFAULTS UPON SENIOR SECURITIES.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">34</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>ITEM 4.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 11pt; text-indent: -11pt">MINE SAFETY DISCLOSURES.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">34</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>ITEM 5.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 11pt; text-indent: -11pt">OTHER INFORMATION.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">34</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>ITEM 6.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 11pt; text-indent: -11pt">EXHIBITS.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0pt">SIGNATURES</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">EXHIBITS FILED WITH THIS REPORT</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART I - FINANCIAL INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 1.&#9;FINANCIAL STATEMENTS.</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PACIFIC ETHANOL, INC.<BR>
CONSOLIDATED BALANCE SHEETS<BR>
(in thousands)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">September 30,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"><U>ASSETS</U></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(unaudited)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">*</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Current Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: left; padding-left: 11pt">Cash and cash equivalents</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">18,671</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">8,914</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 11pt">Accounts receivable, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,513</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,140</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 11pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,374</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,131</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 11pt">Prepaid inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,095</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,239</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 11pt">Other current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,312</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,324</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 22pt">Total current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">68,965</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">66,748</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Property and equipment, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">153,109</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">159,617</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Other Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 11pt">Intangible assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,865</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,458</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 11pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,723</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,653</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 22pt">Total other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,588</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,111</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Assets**</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">227,662</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">232,476</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">_______________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 5%">&nbsp;&nbsp;&nbsp;*</TD>
    <TD STYLE="text-align: left; width: 95%"><FONT STYLE="font-weight: normal">Amounts derived from the audited financial statements for the year ended December 31, 2011.</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;&nbsp;&nbsp;**</TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-weight: normal">Assets of the consolidated variable interest entity that can only be used to settle obligations
of that entity were $163,218 and $173,606 as of September 30, 2012 and December 31, 2011, respectively.</FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to consolidated financial
statements.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>



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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PACIFIC ETHANOL, INC.<BR>
CONSOLIDATED BALANCE SHEETS (CONTINUED)<BR>
(in thousands, except par value and shares)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">September 30,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"><U>LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</U></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(unaudited)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">*</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -1.3pt">Current Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: left; padding-left: 11pt">Accounts payable &ndash; trade</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">8,484</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">5,519</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 11pt">Accrued liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,560</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,713</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 11pt">Accrued preferred dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,315</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 11pt">Current portion &ndash; long-term debt (including $750 to related party)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,105</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">750</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 22pt">Total current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62,149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,297</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 11pt">Long-term debt, net of current portion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,990</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,689</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 11pt">Accrued preferred dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,583</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 11pt">Warrant liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,495</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,921</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 11pt">Other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,348</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,305</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Liabilities**</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">145,565</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">113,212</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Commitments and Contingencies (Notes 4, 5 and 7)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Stockholders&rsquo; Equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Pacific Ethanol, Inc. Stockholders&rsquo; Equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 11pt; text-indent: -11pt">Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A: 1,684,375 shares authorized; 0 shares issued and outstanding as of September 30, 2012 and December&nbsp;31, 2011; <BR>Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of September 30, 2012 and December 31, 2011; liquidation preference of $24,659 as of September 30, 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 11pt; text-indent: -11pt">Common stock, $0.001 par value; 300,000,000 shares authorized; 144,710,897 and 86,631,664 shares issued and outstanding as of September 30, 2012 and December&nbsp;31, 2011, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 11pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">581,985</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">556,871</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 11pt">Accumulated deficit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(524,487</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(509,985</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 22pt">Total Pacific Ethanol, Inc. Stockholders&rsquo; Equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">57,644</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">46,974</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Noncontrolling interest in variable interest entity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,453</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">72,290</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 22pt">Total Stockholders&rsquo; Equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">82,097</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">119,264</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Liabilities and Stockholders&rsquo; Equity</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">227,662</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">232,476</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: left; text-indent: -13.5pt">_______________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: left; text-indent: -13.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 5%">&nbsp;&nbsp;*</TD>
    <TD STYLE="text-align: left; width: 95%"><FONT STYLE="font-weight: normal">Amounts derived from the audited financial statements for the year ended December 31, 2011.</FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: left; text-indent: -13.5pt"><FONT STYLE="font-weight: normal"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;&nbsp;**</TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-weight: normal">Liabilities of the consolidated variable interest entity for which creditors do not have recourse
to the general credit of Pacific Ethanol, Inc. were $97,444 and $76,478 as of September 30, 2012 and December 31, 2011, respectively.</FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to consolidated financial
statements.</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;<B>PACIFIC
ETHANOL, INC.<BR>
CONSOLIDATED STATEMENTS OF OPERATIONS</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(unaudited, in thousands, except per
share data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended <BR>September 30,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Nine Months Ended <BR>September 30,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 48%; text-align: left; text-indent: -9pt; padding-left: 9pt">Net sales</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">215,860</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">271,649</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">619,026</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">659,390</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Cost of goods sold</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">218,300</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">263,461</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">633,843</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">647,355</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Gross profit (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,440</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,817</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,035</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Selling, general and administrative expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,898</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,495</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,400</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,742</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -22.5pt; padding-left: 22.5pt">Income (loss) from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,338</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,693</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,217</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">293</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -22.5pt; padding-left: 22.5pt">Fair value adjustments on convertible debt and warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(900</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,113</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,968</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -22.5pt; padding-left: 22.5pt">Interest expense, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,378</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,071</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,380</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,337</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Other expense, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(105</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(166</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(499</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(709</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Income (loss) before provision for income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,721</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,569</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(33,744</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,785</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Provision for income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Consolidated net income (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,721</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,569</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(33,744</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,785</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Net (income) loss attributed to noncontrolling interest in variable interest entity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,750</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(217</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,191</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,905</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Net income (loss) attributed to Pacific Ethanol</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,971</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,352</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(13,553</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,120</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Preferred stock dividends</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(319</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(319</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(949</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(946</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Income (loss) available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(6,290</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,033</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(14,502</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,174</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Net income (loss) per share, basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.05</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.12</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.15</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.20</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Weighted-average shares outstanding, basic</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">115,677</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">33,201</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">96,203</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">21,230</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Weighted-average shares outstanding, diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">115,677</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">33,201</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">96,203</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">21,328</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to consolidated financial
statements.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.5pt"><FONT STYLE="background-color: white">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PACIFIC ETHANOL, INC.<BR>
CONSOLIDATED STATEMENTS OF CASH FLOWS<BR>
(unaudited, in thousands)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Nine Months Ended <BR>September 30,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Operating Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; width: 66%; padding-left: 11pt">Consolidated net loss</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">(33,744</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">(4,785</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 22pt; text-indent: -11pt">Adjustments to reconcile consolidated net loss to net cash used in operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 33pt; text-indent: -11pt">Depreciation and amortization of intangibles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,216</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,490</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 33pt; text-indent: -11pt">Fair value adjustments on convertible debt and warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(352</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,968</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 33pt; text-indent: -11pt">Inventory valuation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 33pt; text-indent: -11pt">Amortization of deferred financing fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">455</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">485</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 33pt; text-indent: -11pt">Noncash compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">705</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,978</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 33pt; text-indent: -11pt">Derivative instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(202</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(334</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 33pt; text-indent: -11pt">Bad debt recovery</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(185</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 22pt; text-indent: -11pt">Changes in operating assets and liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 33pt; text-indent: -11pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">642</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,204</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 33pt; text-indent: -11pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,482</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,280</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 33pt; text-indent: -11pt">Prepaid expenses and other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(368</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 33pt; text-indent: -11pt">Prepaid inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,144</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,466</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 33pt; text-indent: -11pt">Accounts payable and accrued expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,492</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,920</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 44pt">Net cash used in operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11,422</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,560</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Investing Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 22pt; text-indent: -11pt">Purchase of 33% ownership interest in New PEHC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 22pt; text-indent: -11pt">Additions to property and equipment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,115</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,459</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 55pt; text-indent: -11pt">Net cash used in investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(12,115</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,459</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Financing Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 22pt; text-indent: -11pt">Net proceeds from sales of common stock and warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,994</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 22pt; text-indent: -11pt">Net proceeds from borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,249</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,091</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 22pt; text-indent: -11pt">Preferred stock dividends paid</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(949</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 44pt">Net cash provided by financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">33,294</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,091</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Net increase in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,757</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,072</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash and cash equivalents at beginning of period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,914</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,736</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents at end of period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">18,671</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16,808</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Supplemental Information:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 11pt">Interest paid</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,504</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,047</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Noncash financing and investing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 22pt; text-indent: -11pt">Preferred stock dividends paid in common stock</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">732</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 22pt; text-indent: -11pt">Notes issued for purchase of 33% ownership interest in New PEHC</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 22pt; text-indent: -11pt">Accrued interest added to term loan</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,407</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 22pt; text-indent: -11pt">Preferred stock dividends accrued</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">946</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 22pt; text-indent: -11pt">Debt extinguished with issuance of common stock</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">25,388</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to consolidated financial
statements.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.5pt"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.5pt"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD><FONT STYLE="font-variant: small-caps">ORGANIZATION </FONT>AND BASIS OF PRESENTATION.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Organization and Business</U></I>
&ndash; The consolidated financial statements include the accounts of Pacific Ethanol, Inc., a Delaware corporation (&ldquo;Pacific
Ethanol&rdquo;), and its wholly-owned subsidiaries, including Kinergy Marketing LLC, an Oregon limited liability company (&ldquo;Kinergy&rdquo;)
and its wholly-owned subsidiary Pacific Ag. Products, LLC, a California limited liability company (&ldquo;PAP&rdquo;) for all periods
presented, and for the periods specified below, the Plant Owners (as defined below) (collectively, the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Company is the leading
marketer and producer of low-carbon renewable fuels in the Western United States. The Company also sells ethanol co-products, including
wet distillers grain and syrup (&ldquo;WDG&rdquo;), and provides transportation, storage and delivery of ethanol through third-party
service providers in the Western United States, primarily in California, Arizona, Nevada, Utah, Oregon, Colorado, Idaho and Washington.
The Company sells ethanol produced by the Pacific Ethanol Plants (as defined below) and unrelated third parties to gasoline refining
and distribution companies and sells its WDG to dairy operators and animal feed distributors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company manages the production and
operation of the four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia, LLC, Pacific
Ethanol Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &ldquo;Pacific Ethanol Plants&rdquo;) and their
holding company, Pacific Ethanol Holding Co. LLC (&ldquo;PEHC,&rdquo; and together with the Pacific Ethanol Plants, the &ldquo;Plant
Owners&rdquo;). PEHC is a wholly-owned subsidiary of New PE Holdco LLC (&ldquo;New PE Holdco&rdquo;) which, in turn, is a subsidiary
of the Company. These four facilities have an aggregate annual production capacity of up to 200 million gallons. As of September
30, 2012, three of the facilities were operating and one of the facilities was idled. When market conditions permit, and with approval
of New PE Holdco, the Company intends to resume operations at the Madera, California facility.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 6, 2010, the Company purchased
an initial 20% ownership interest in New PE Holdco, a variable interest entity (&ldquo;VIE&rdquo;), from a number of New PE Holdco&rsquo;s
owners. At that time, the Company determined it was the primary beneficiary of New PE Holdco, and as such, has consolidated the
results of New PE Holdco since then. See Note 2 &ndash; Variable Interest Entity. On each of November 29, 2011 and December 19,
2011, the Company purchased an additional 7% ownership interest in New PE Holdco. Further, on July 13, 2012, the Company purchased
an additional 33% ownership interest in New PE Holdco, bringing the Company&rsquo;s total ownership interest in New PE Holdco to
67% as of September 30, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Liquidity</U></I> &ndash; Despite
the liquidity risks relative to the Plant Owners&rsquo; credit facilities, the Company believes that current and future available
capital resources, revenues generated from operations, and other existing sources of liquidity, including its credit facilities,
will be adequate to meet its anticipated working capital and capital expenditure requirements for the next twelve months. See Note
5 &ndash; Debt. If, however, the Company&rsquo;s capital requirements or cash flow vary materially from its current projections,
or if other unforeseen circumstances occur, such as a lack of significant improvement or further deterioration of corn crush margins,
the Company may require additional financing during that period. The Company&rsquo;s failure to raise capital, if needed, could
restrict its growth, hinder its ability to compete and adversely impact its operations.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Accounts Receivable and Allowance
for Doubtful Accounts</U></I> &ndash; Trade accounts receivable are presented at face value, net of the allowance for doubtful
accounts. The Company sells ethanol to gasoline refining and distribution companies and sells WDG to dairy operators and animal
feed distributors generally without requiring collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company maintains an allowance for
doubtful accounts for balances that appear to have specific collection issues. The collection process is based on the age of the
invoice and requires attempted contacts with the customer at specified intervals. If, after a specified number of days, the Company
has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question. Delinquent accounts
receivable are charged against the allowance for doubtful accounts once uncollectibility has been determined. The factors considered
in reaching this determination are the apparent financial condition of the customer and the Company&rsquo;s success in contacting
and negotiating with the customer. If the financial condition of the Company&rsquo;s customers were to deteriorate, resulting in
an impairment of ability to make payments, additional allowances may be required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Of the total accounts receivable balance,
approximately $25,540,000 and $23,715,000 at September 30, 2012 and December 31, 2011, respectively, were used as collateral under
Kinergy&rsquo;s working capital line of credit. The allowance for doubtful accounts was $9,000 and $24,000 as of September 30,
2012 and December 31, 2011, respectively. The Company recorded net bad debt recoveries of $15,000 and $45,000 for the three months
ended September 30, 2012 and 2011, respectively. The Company recorded net bad debt recoveries of $15,000 and $185,000 for the nine
months ended September 30, 2012 and 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Basis of Presentation</U></I><U>&ndash;<I>Interim
Financial Statements</I></U><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"> </FONT>&ndash; The accompanying
unaudited consolidated financial statements and related notes have been prepared in accordance with accounting principles generally
accepted in the United States for interim financial information and the instructions to Form 10-Q and Rule&nbsp;10-01 of Regulation&nbsp;S-X.
Results for interim periods should not be considered indicative of results for a full year. These interim consolidated financial
statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company&rsquo;s
Annual Report on Form 10-K for the year ended December&nbsp;31, 2011. The accounting policies used in preparing these consolidated
financial statements are the same as those described in Note 1 to the consolidated financial statements in the Company&rsquo;s
Annual Report on Form 10-K for the year ended December 31, 2011. In the opinion of management, all adjustments (consisting of normal
recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. All significant
intercompany accounts and transactions have been eliminated in consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the consolidated financial
statements in conformity with accounting principles generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant
estimates are required as part of determining the consolidation of VIEs, fair value of convertible notes and warrants, allowance
for doubtful accounts, estimated lives of property and equipment and intangibles, long-lived asset impairments, valuation allowances
on deferred income taxes and the potential outcome of future tax consequences of events recognized in the Company&rsquo;s financial
statements or tax returns. Actual results and outcomes may materially differ from management&rsquo;s estimates and assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reclassifications of prior year&rsquo;s
data have been made to conform to 2012 classifications. Such classifications had no effect on net income (loss) reported in the
consolidated statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>VARIABLE INTEREST ENTITY.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company concluded that at all times
since New PE Holdco&rsquo;s inception, New PE Holdco has been a VIE because the other owners of New PE Holdco, due to the Company&rsquo;s
involvement through its contractual arrangements, have at all times lacked the power to direct the activities that most significantly
impacted its economic performance. Some of these activities include efficient management and operation of the Pacific Ethanol Plants,
sale of ethanol, the procurement of feedstock, sale of co-products and implementation of risk management strategies. Furthermore,
upon the Company&rsquo;s purchase of its initial 20% ownership interest in New PE Holdco on October 6, 2010, the Company, through
its ownership interest, had an obligation to absorb losses and receive benefits that could potentially be significant to New PE
Holdco. As a result, the Company then became the primary beneficiary of New PE Holdco and began consolidating the financial results
of New PE Holdco. On November 29, 2011, the Company purchased an additional 7% ownership interest in New PE Holdco for $4,502,000
in cash. On December 19, 2011, the Company purchased another 7% ownership interest in New PE Holdco for $4,615,000 in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 13, 2012, the Company purchased
an additional 33% ownership interest in New PE Holdco for $20,000,000 by paying $10,000,000 in cash and issuing $10,000,000 in
notes payable. Because the Company has a controlling financial interest in New PE Holdco, it did not record any gain or loss on
this purchase, but instead reduced the amount of the noncontrolling interest in VIE on its consolidated balance sheet by $27,646,000
and recorded the difference between the fair value of the purchase and the price paid by the Company of $7,646,000, to additional
paid-in capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the closing of the Company&rsquo;s
purchase of the additional 33% ownership interest, its total ownership interest in New PE Holdco increased from 34% to 67%. Because
New PE Holdco&rsquo;s results are consolidated with the Company&rsquo;s for financial reporting purposes, the acquisition of additional
interests in New PE Holdco did not impact the consolidated net income or loss that the Company reports. However, the portion of
New PE Holdco&rsquo;s net income or loss that is allocated to the Company increased from 34% to 67%, thus changing the net income
or loss attributable to Pacific Ethanol after reducing the net income or loss attributable to the noncontrolling interests and
the Company&rsquo;s earnings per share. For the three and nine months ended September 30, 2012 and 2011, had the Company held a
67% ownership interest in New PE Holdco and issued 28,000,000 shares of common stock under the financing noted above, the Company&rsquo;s
reported results would have had the following proforma impact: (i) for the three months ended September 30, 2012 and 2011, net
income (loss) available to common stockholders would have been $(5,971,000) and $4,201,000, respectively, and income (loss) per
share would have been $(0.05) and $0.07, respectively; and (ii) for the nine months ended September 30, 2012 and 2011, net loss
available to common stockholders would have been $23,288,000 and $1,311,000, respectively, and loss per share would have been $0.21
and $0.03, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying values and classification
of assets that are collateral for the obligations of New PE Holdco consisted of the following (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center">September 30, 2012</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center">December 31, 2011</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 46%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">92</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">2,070</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,368</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,320</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Property and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">148,390</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155,523</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,368</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,693</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 11pt">Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">163,218</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">173,606</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 46%; text-align: left">Current liabilities</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">6,063</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">3,064</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Long-term debt, including current portion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,186</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,256</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">195</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">158</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 11pt">Total liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">97,444</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">76,478</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s acquisition of its
ownership interest in New PE Holdco does not impact the Company&rsquo;s rights or obligations under any of its contractual agreements.
Further, creditors of New PE Holdco do not have recourse to the Company. Since its initial acquisition, the Company has not provided
any additional support to New PE Holdco beyond the terms of its contractual agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>INVENTORIES.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories consisted primarily of bulk
ethanol and unleaded fuel, and are valued at the lower-of-cost-or-market, with cost determined on a first-in, first-out basis.
Inventory balances consisted of the following (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">September 30, 2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31, 2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 46%; text-align: left">Finished goods</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">8,089</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">9,429</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Work in progress</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,164</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,284</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Raw materials</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,273</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,334</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">848</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,084</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 22pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14,374</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16,131</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD>DERIVATIVES.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The business and activities of the Company
expose it to a variety of market risks, including risks related to changes in commodity prices and interest rates. The Company
monitors and manages these financial exposures as an integral part of its risk management program. This program recognizes the
unpredictability of financial markets and seeks to reduce the potentially adverse effects that market volatility could have on
operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Commodity Risk</U></I><U> &ndash;
<I>Cash Flow Hedges</I></U> &ndash; The Company uses derivative instruments to protect cash flows from fluctuations caused by volatility
in commodity prices for periods of up to twelve months in order to protect gross profit margins from potentially adverse effects
of market and price volatility on ethanol sale and purchase commitments where the prices are set at a future date and/or if the
contracts specify a floating or index-based price for ethanol. In addition, the Company hedges anticipated sales of ethanol to
minimize its exposure to the potentially adverse effects of price volatility. These derivatives may be designated and documented
as cash flow hedges and effectiveness is evaluated by assessing the probability of the anticipated transactions and regressing
commodity futures prices against the Company&rsquo;s purchase and sales prices. Ineffectiveness, which is defined as the degree
to which the derivative does not offset the underlying exposure, is recognized immediately in cost of goods sold. For the three
and nine months ended September 30, 2012 and 2011, the Company did not designate any of its derivatives as cash flow hedges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Commodity Risk &ndash; Non-Designated
Hedges</U></I> &ndash; The Company uses derivative instruments to lock in prices for certain amounts of corn and ethanol by entering
into forward contracts for those commodities. These derivatives are not designated for special hedge accounting treatment. The
changes in fair value of these contracts are recorded on the balance sheet and recognized immediately in cost of goods sold. The
Company recognized losses of $52,000 and gains of $395,000 as the change in the fair value of these contracts for the three months
ended September 30, 2012 and 2011, respectively. The Company recognized gains of $202,000 and $334,000 as the change in the fair
value of these contracts for the nine months ended September 30, 2012 and 2011, respectively. The notional balances remaining on
these contracts were $24,102,000 and $9,186,000 as of September 30, 2012 and December 31, 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Non-Designated Derivative Instruments</U></I>
&ndash; The Company classified its derivative instruments not designated as hedging instruments of $514,000 and $291,000 in other
assets and accrued liabilities as of September 30, 2012, respectively, and $244,000 and $500,000 in other assets and accrued liabilities
as of December 31, 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The classification and amounts of the Company&rsquo;s
recognized gains (losses) for its derivatives not designated as hedging instruments are as follow (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center">Realized Gains (Losses)</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center">Three Months Ended September 30,</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">Type of Instrument</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">Statements of Operations Location</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center">2012</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center">2011</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238); vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; width: 30%">Commodity contracts</TD>
    <TD STYLE="padding-bottom: 2.5pt; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; width: 35%">Cost of goods sold</TD>
    <TD STYLE="padding-bottom: 2.5pt; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; width: 1%">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; width: 11%">(440</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; width: 1%">)</TD>
    <TD STYLE="padding-bottom: 2.5pt; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; width: 1%">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; width: 11%">483</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; width: 1%"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center">Unrealized Gains (Losses)</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center">Three Months Ended September 30,</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">Type of Instrument</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">Statements of Operations Location</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center">2012</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center">2011</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238); vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; width: 30%">Commodity contracts</TD>
    <TD STYLE="padding-bottom: 2.5pt; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; width: 35%">Cost of goods sold</TD>
    <TD STYLE="padding-bottom: 2.5pt; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; width: 1%">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; width: 11%">388</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; width: 1%"></TD>
    <TD STYLE="padding-bottom: 2.5pt; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; width: 1%">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; width: 11%">(88</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; width: 1%">)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center">Realized Gains</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"> Nine Months Ended September  30,</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">Type of Instrument</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">Statements of Operations Location</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center">2012</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center">2011</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238); vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; width: 30%">Commodity contracts</TD>
    <TD STYLE="padding-bottom: 2.5pt; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; width: 35%">Cost of goods sold</TD>
    <TD STYLE="padding-bottom: 2.5pt; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; width: 1%">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; width: 11%">277</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; width: 1%">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; width: 11%">460</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; width: 1%"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center">Unrealized Losses</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"> Nine Months Ended September  30,</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">Type of Instrument</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">Statements of Operations Location</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center">2012</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center">2011</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238); vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; width: 30%">Commodity contracts</TD>
    <TD STYLE="padding-bottom: 1pt; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 35%">Cost of goods sold</TD>
    <TD STYLE="padding-bottom: 1pt; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%">$</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 11%">(479</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; width: 1%">)</TD>
    <TD STYLE="padding-bottom: 1pt; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%">$</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 11%">(126</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; width: 1%">)</TD></TR>

</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD>DEBT.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Long-term borrowings are summarized as
follows (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">September 30, <BR>2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31, <BR>
2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 46%; text-align: left">Kinergy operating line of credit</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">17,158</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 13%; color: black; text-align: right">20,432</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Senior unsecured notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Note payable to related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">750</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Plant Owners&rsquo; term debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,687</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,279</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Plant Owners&rsquo; operating line of credit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">38,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">21,978</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,095</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,439</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Less short-term portion</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(50,105</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(750</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Long-term debt</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">68,990</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">93,689</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Kinergy Operating Line of Credit</U></I>
&ndash; In May 2012, the Company extended Kinergy&rsquo;s operating line of credit. The renewal of Kinergy&rsquo;s credit facility
is for an aggregate amount of up to $40,000,000, including an optional accordion feature for up to an additional $10,000,000. The
prior credit facility included an accordion feature of $5,000,000. The credit facility expires on December 31, 2015. Interest accrues
under the credit facility at a rate equal to (i)&nbsp;the three-month London Interbank Offered Rate (&ldquo;LIBOR&rdquo;), plus
(ii) a specified applicable margin ranging between 2.50% and 3.50%. The credit facility&rsquo;s monthly unused line fee is 0.50%
of the amount by which the maximum credit under the facility exceeds the average daily principal balance. Kinergy is also required
to pay customary fees and expenses associated with the credit facility and issuances of letters of credit. In addition, Kinergy
is responsible for a $3,000 monthly servicing fee. Payments that may be made by Kinergy to Pacific Ethanol as reimbursement for
management and other services provided by Pacific Ethanol to Kinergy are limited to $800,000 per fiscal quarter in 2012, $900,000
per fiscal quarter in 2013, $1,000,000 per fiscal quarter in 2014 and $1,100,000 per fiscal quarter in 2015. As of September 30,
2012, Kinergy had unused availability under the revolving credit facility of $4,200,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the amended facility includes
the accounts receivable of PAP as additional collateral. Payments that may be made by PAP to Pacific Ethanol as reimbursement for
management and other services provided by Pacific Ethanol to PAP are limited to the extent that quarterly payments would result
in PAP recording less than $100,000 of net income in the quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal quarter ending June 30,
2012 and each fiscal quarter thereafter, Kinergy and PAP are collectively required to generate aggregate earnings before interest,
taxes, depreciation and amortization, or EBITDA, of $450,000 for the quarter and aggregate EBITDA of $1,100,000 for each two consecutive
quarters. These amounts are required through December 31, 2013. In 2014, the required EBITDA amounts increase to $500,000 per quarter
and $1,300,000 for each two consecutive quarters. Further, for all monthly periods, Kinergy and PAP must collectively maintain
a fixed charge coverage ratio (calculated as a twelve-month rolling EBITDA divided by the sum of interest expense, capital expenditures,
principal payments of indebtedness, indebtedness from capital leases and taxes paid during such twelve-month rolling period) of
at least 2.0 and are prohibited from incurring any additional indebtedness (other than specific intercompany indebtedness) or making
any capital expenditures in excess of $100,000 absent the lender&rsquo;s prior consent. Kinergy and PAP&rsquo;s obligations under
the credit facility are secured by a first-priority security interest in all of their assets in favor of the lender. The Company
believes it is in compliance with these covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Senior Unsecured Notes</U></I> &ndash;
In July 2012, as part of the Company&rsquo;s acquisition of an additional 33% ownership interest in New PE Holdco, the Company
issued senior unsecured promissory notes (the &ldquo;Notes&rdquo;) due April 13, 2013 in the aggregate principal amount of $10.0
million. Interest on the unpaid principal amount accrued at a rate of 5.00% per annum. As discussed in Note 11, the Company repaid
the Notes in October 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I><U>Plant Owners&rsquo;
Term Debt and Operating Line of Credit</U></I> &ndash; On July 13, 2012, the Plant Owners&rsquo; amended their existing credit
facilities. Prior to the amendment, the credit facilities consisted of a $35,000,000 revolving credit facility, a $25,000,000 tranche
A-1 term loan and a $26,300,000 tranche A-2 term loan. Under the amendment, the Plant Owners&rsquo; credit facilities were, among
other things, amended to extend the maturity date in respect of $46,800,000 of the combined revolving credit facility and term
loans from June 25, 2013 to June 30, 2016. In addition, the aggregate commitment amount under the revolving credit facility was
increased by $5,000,000. Further, monthly interest payments due to certain lenders may, at the option of the Plant Owners, be deferred
and added to the loans maturing on the extended maturity date of June 30, 2016. As of September 30, 2012, $1,407,000 of accrued
interest was deferred and added to the term loan. The amendment also provides the Plant Owners with the ability to pay down and
pay off the non-extending lenders and the outstanding tranche A-2 term loan at, or at any time prior to, the original maturity
date of June 25, 2013 without penalty while keeping the extended loans in place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">For the three and nine
months ended September 30, 2012, the Plant Owners increased their borrowings under their operating line of credit by $4,500,000
and $16,522,000, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2012, the Plant Owners
had unused availability under the revolving credit facility of $700,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 29, 2012, the Plant Owners amended
and restated their existing credit facilities and entered into a new revolving credit facility for an aggregate amount of up to
$10,000,000. See Note 11- Subsequent Events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has had and continues to have
extensive communications with holders of the $39,500,000 in debt due June 25, 2013 to restructure the existing loans and any additional
loans under the new $10,000,000 credit facility. The Company also continues to explore its capital raising alternatives. The Company
believes that it will be able to successfully restructure the loans or raise additional capital, or both, prior to the June 25,
2013 maturity date. However, the Company cannot provide any assurances that it will be able to do so, or what the terms of any
restructuring or capital raising transaction might be. If the Company is unable to timely restructure the $39,500,000 in debt (together
with any additional debt under the new credit facility) due June 25, 2013 or raise sufficient capital to repay the debt, the Company
will be in default on that debt and in cross-default on the $46,800,000 in debt extended to June 30, 2016, all of which, totaling
$91,300,000 plus any amounts borrowed under the new credit facility, will be accelerated and immediately due and payable
on June 25, 2013. As a result, the Company and its direct and indirect subsidiaries, including Kinergy and the Plant Owners, will
likely experience material adverse effects.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Note Payable to Related Party</U></I>
&ndash; On March 31, 2009, the Company&rsquo;s Chief Executive Officer provided funds in an aggregate amount of $1,000,000 for
general working capital purposes, in exchange for an unsecured promissory note issued by the Company. Interest on the unpaid principal
amount accrues at a rate of 8.00% per annum. The Company recorded interest under this note of approximately $15,000 and $20,000
for the three months ended September 30, 2012 and 2011, respectively. The Company recorded interest under this note of approximately
$45,000 and $60,000 for the nine months ended September 30, 2012 and 2011, respectively. As of December 31, 2011, the remaining
amount of $750,000 was due and payable on the extended maturity date of March 31, 2012. On March 7, 2012, the maturity date was
further extended to March 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD>COMMON STOCK AND WARRANTS.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">For the nine months ended
September 30, 2012, certain warrant holders exercised warrants in respect of 252,101 shares of common stock on a cashless exercise
basis, resulting in 172,269 net shares of common stock issued by the Company. For the three and nine months ended September 30,
2012, certain warrant holders exercised warrants in respect of 50,000 shares of common stock for $26,500 in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>July Offering</U> </I>&ndash; On
July 3, 2012, the Company raised $10,903,000, net of $1,137,000 of underwriting and issuance costs, through a public offering of
units consisting of an aggregate of 28,000,000 shares of common stock, warrants to purchase 28,000,000 shares of common stock at
an exercise price of $0.63 per share with a term of five years and warrants to purchase 14,000,000 shares of common stock at an
exercise price of $0.53 per share with a term of eighteen months (&ldquo;July Offering&rdquo;), which warrant exercise prices are
subject to adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The warrants issued in the July Offering
are subject to a &ldquo;weighted-average&rdquo; anti-dilution adjustment if the Company issues or is deemed to have issued securities
at a price lower than the then applicable warrant exercise prices. In September 2012, as discussed below, the Company issued additional
common stock and warrants, resulting in adjustments to the exercise prices of warrants issued in the July Offering. The adjusted
exercise prices for the 5-year and 18-month warrants are $0.50 per share and $0.43 per share, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounted for the net proceeds
of the July Offering by first allocating the $3,380,000 fair value of the warrants to liabilities and then allocating the remaining
amount to equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>September Offering</U> </I>&ndash;
On September 26, 2012, the Company raised $10,091,000, net of $909,000 of underwriting and issuance costs, through a public offering
of units consisting of an aggregate of 27,500,000 shares of common stock and warrants to purchase 27,500,000 shares of common stock
at an exercise price of $0.59 per share with a term of three years (&ldquo;September Offering&rdquo;). The Company accounted for
the net proceeds of the September Offering by first allocating the $1,658,000 fair value of the warrants to liabilities and then
allocating the remaining amount to equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD>COMMITMENTS AND CONTINGENCIES.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Purchase Commitments</U></I> &ndash;
At September 30, 2012, the Company had fixed-price purchase contracts with its suppliers to purchase $14,153,000 of ethanol and
indexed-price contracts to purchase 112,000 gallons of ethanol. These contracts will be satisfied throughout the remainder of 2012.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Sales Commitments</U></I> &ndash;
At September 30, 2012, the Company had entered into sales contracts with its major customers to sell certain quantities of ethanol
and WDG. The volumes indicated in the indexed-price contracts table will be sold at publicly-indexed sales prices determined by
market prices in effect on their respective transaction dates (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Fixed-Price Contracts</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 47%">Ethanol</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">70</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">WDG</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">521</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: 13.7pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">591</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Indexed-Price Contracts <BR>(Volume)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 47%; text-align: left; padding-left: 4.3pt">Ethanol (gallons)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">97,708</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 4.3pt">WDG (tons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Litigation &ndash; General</U> &ndash;</I>
The Company is subject to various claims and contingencies in the ordinary course of its business, including those related to litigation,
business transactions, employee-related matters, and others. When the Company is aware of a claim or potential claim, it assesses
the likelihood of any loss or exposure. If it is probable that a loss will result and the amount of the loss can be reasonably
estimated, the Company will record a liability for the loss. If the loss is not probable or the amount of the loss cannot be reasonably
estimated, the Company discloses the claim if the likelihood of a potential loss is reasonably possible and the amount involved
could be material. While there can be no assurances, the Company does not expect that any of its pending legal proceedings will
have a material financial impact on the Company&rsquo;s operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD>FAIR VALUE MEASUREMENTS.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The fair value hierarchy
prioritizes the inputs used in valuation techniques into three levels as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Level 1 &ndash; Observable inputs &ndash; unadjusted quoted prices in active markets for identical
assets and liabilities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Level 2 &ndash; Observable inputs other than quoted prices included in Level 1 that are observable
for the asset or liability through corroboration with market data; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Level 3 &ndash; Unobservable inputs &ndash; includes amounts derived from valuation models where
one or more significant inputs are unobservable. For fair value measurements using significant unobservable inputs, a description
of the inputs and the information used to develop the inputs is required along with a reconciliation of Level 3 values from the
prior reporting period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company valued its warrants using a
Monte Carlo Binomial Lattice-Based valuation methodology, adjusted for marketability restrictions. Significant assumptions used
in the valuations for the dates noted are as follows (fair value in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>As of September 30, 2012:</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Original Issue<BR> Date</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercise Price</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Volatility</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Risk<BR> Free Int<BR> Rate</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Term<BR> (yrs)</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Marketability<BR> Discount</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp; Fair Value</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 34%; text-align: right">October 2010</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">0.12</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">75.6%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">0.62%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">5.10</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">48.0%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">43</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">December 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77.7%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.47%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55.9%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: right">July 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76.8%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.62%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.76</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57.5%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,351</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">July 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73.9%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.17%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57.5%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">858</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: right">September 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.59</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74.1%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.31%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58.5%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,658</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">6,495</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>As of December 31, 2011:</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Original Issue<BR> Date</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercise Price</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Volatility</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Risk<BR> Free Int<BR> Rate</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Term<BR> (yrs)</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Marketability<BR> Discount</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 34%; text-align: right">October 2010</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">0.45</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">68.0%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">1.09%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">5.90</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">47.4%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">226</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">December 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68.0%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.83%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.96</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52.0%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,695</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">1,921</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;The changes in the fair value of
the Company&rsquo;s Level 3 inputs were as follows (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 67%">Balance, December 31, 2011</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,921</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Warrant exercises</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(112</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Adjustments to fair value for the period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">33</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Balance, March 31, 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,842</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Adjustments to fair value for the period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,285</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Balance, June 30, 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">557</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>July Offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,380</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>September Offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,658</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Adjustments to fair value for the period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">900</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Balance, September 30, 2012</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,495</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U></U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Other Derivative Instruments</U></I>
&ndash; The Company&rsquo;s other derivative instruments consist of commodity positions. The fair value of the commodity positions
are based on quoted prices on the commodity exchanges and are designated as Level 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table summarizes fair value measurements by level
at September 30, 2012 (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in">Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in">Commodity contracts(1)</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">514</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">514</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in">Total Assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">514</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">514</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">(1) Included in other current assets
in the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in">Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 48%; text-align: left">Warrants</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">6,495</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">6,495</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in">Commodity contracts(1)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">291</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">291</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in">Total Liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">291</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,495</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,786</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> (1) Included in accrued liabilities in the consolidated balance sheets.</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following tables summarize fair value measurements by level
at December 31, 2011 (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in">Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in">Commodity contracts(1)</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">244</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">244</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in">Total Assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">244</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">244</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> (1) Included in other current assets in the consolidated balance sheets.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in">Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left">Warrants(1)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,921</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,921</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in">Commodity contracts(2)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in">Total Liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,921</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,421</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">(1) Included in other liabilities
in the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">(2) Included in accrued liabilities
in the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9.</TD><TD>EARNINGS PER SHARE.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tables compute basic and
diluted earnings per share (in thousands, except per share data):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended September 30, 2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Loss <BR>Numerator</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Shares Denominator</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Per-Share<BR>
 Amount</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 61%; text-align: justify">Net loss attributed to Pacific Ethanol</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(5,971</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Less: Preferred stock dividends</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(319</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt">Basic and diluted loss per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt">Loss available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(6,290</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">115,677</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.05</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended September 30, 2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Income <BR>
Numerator</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Shares Denominator</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Per-Share <BR>
Amount</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 61%; text-align: justify">Net income attributed to Pacific Ethanol</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">4,352</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Less: Preferred stock dividends</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(319</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt">Basic and diluted income per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt">Income available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,033</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">33,201</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.12</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">Nine Months Ended September 30, 2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Loss <BR>Numerator</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Shares Denominator</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Per-Share<BR>
 Amount</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 61%; text-align: justify">Net loss attributed to Pacific Ethanol</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(13,553</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Less: Preferred stock dividends</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(949</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt">Basic and diluted loss per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt">Loss available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(14,502</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">96,203</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.15</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">Nine Months Ended September 30, 2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Income <BR>
Numerator</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Shares Denominator</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Per-Share <BR>
Amount</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; text-align: justify">Net income attributed to Pacific Ethanol</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">5,120</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Less: Preferred stock dividends</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(946</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.05pt; padding-left: 8.05pt">Basic income per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">Income available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,174</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,230</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.20</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Add: Stock options</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">98</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.05pt; padding-left: 8.05pt">Diluted income per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt">Income available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,174</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">21,328</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.20</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were an aggregate of 3,800,000 and
3,300,000 potentially dilutive weighted-average shares from convertible securities outstanding for the three and nine months ended
September 30, 2012, respectively. These convertible securities were not considered in calculating diluted net loss per share for
the three and nine months ended September 30, 2012, as their effect would have been anti-dilutive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10.</TD><TD>RELATED PARTY TRANSACTIONS.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Preferred Dividends</U> &ndash; </I>The
Company accrued and paid cash dividends in respect of its Series B Preferred Stock of $319,000 and $949,000 for the three and nine
months ended September 30, 2012, respectively, and accrued but did not pay cash dividends of $319,000 and $946,000 for the three
and nine months ended September 30, 2011, respectively. On August 21, 2012, the Company entered into an agreement with the Series
B Preferred Stock holders under which the Company issued 2,360,000 shares of its common stock in payment of $732,000 of the total
$7,315,000 of accrued and unpaid dividends in respect of the Series B Preferred Stock. In addition, the holders of the Series B
Preferred Stock agreed to forebear from exercising any rights they may have with respect to the unpaid dividends until January
1, 2014. The Company had accrued and unpaid dividends in respect of its Series B Preferred Stock of $6,583,000 and $7,315,000 as
of September 30, 2012 and December 31, 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Note Payable to Related Party</U>
&ndash; </I>The Company had a note payable to its Chief Executive Officer totaling $750,000 as of September 30, 2012 and December
31, 2011. This note matures on March 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11. SUBSEQUENT EVENTS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Repayment of Senior Unsecured
Notes</U></I> &ndash; On October 1, 2012, the Company fully repaid in cash its $10,000,000 in senior unsecured notes from
proceeds of its public offering, which closed on September 26, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Second Amended and Restated Credit
Agreement</U></I> &ndash; On October 29, 2012, the Plant Owners entered into a Second Amended and Restated Credit Agreement (&ldquo;Restated
Credit Agreement&rdquo;) with the lenders party to the agreement. The Restated Credit Agreement provides for a revolving credit
facility of up to $40,000,000, a term loan of $25,000,000 (&ldquo;Tranche A-1 Loan&rdquo;) and a term loan of $26,300,000 (&ldquo;Tranche
A-2 Loan&rdquo;). Under the terms of the Restated Credit Agreement, $39,500,000 of the combined revolving loans and term loans
has a maturity date of June 25, 2013 and $51,800,000 of the combined revolving loans and term loans has a maturity date of June
30, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Plant Owners may elect to receive Eurodollar
loans and/or base rate loans. The per annum interest rate on Eurodollar loans is equal to (a) the rate obtained by dividing (i)
the one-month LIBOR for the relevant interest period (but in no event less than 4%) by (ii) a percentage equal to (1) 100% minus
(2) the Eurodollar Reserve Percentage (as determined by the Board of Governors of the Federal Reserve System) for the relevant
period, plus (b) the applicable margin of 10%. The per annum interest rate on base rate loans is equal to (A) the higher of (x)
the Federal Funds Effective Rate (equal to the weighted average of the rates on overnight federal funds transactions with members
of the Federal Reserve System) plus 0.50%, (y) the rate of interest as publicly announced by Wells Fargo Bank as its &ldquo;prime
rate&rdquo; or (z) the one-month LIBOR plus 1.0%, plus the applicable margin of 10%.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest under the loans is payable monthly
in cash, but as long as no default or event of default has occurred or is continuing, interest payments due to certain lenders
for any period prior to June 25, 2013, may, at the option of the Plant Owners, be deferred and added to the principal balance of
the Tranche A-1 Loan due June 30, 2016. The Plant Owners are also required to pay an unused line fee of 2.0% per annum and other
customary fees and expenses associated with the credit facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Plant Owners&rsquo; obligations are secured by a security interest in their assets and equity interests
in favor of the lenders. The Restated Credit Agreement contains numerous customary representations, warranties, affirmative and
negative covenants and other customary terms and conditions, including events of default (including upon the occurrence of an event
of default with respect to any indebtedness owed by the Company) and remedies in favor of the lenders. The Restated Credit Agreement
also contains restrictions on the creation or incurrence of additional indebtedness (other than pursuant to the Credit Agreement
described below) and on distributions of funds from the Plant Owners to any affiliates of the Plant Owners, including the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">The
Restated Credit Agreement also contains financial covenants concerning certain of the Plant Owners&rsquo; budgeted expenses. Specifically,
the Plant Owners shall not permit amounts disbursed pursuant to the categories in the budget related to the asset management agreement
among the Plant Owners and the Company and operating disbursements to exceed their respective budgeted amounts by more than 10%.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">The
Plant Owners have the right at any time, and from time to time, but subject to limitations imposed by an intercreditor agreement
(described below), to prepay in whole or in part the revolving loans and Tranche A-1 Loans (and the Tranche A-2 Loans following
the payment in full of the revolving loans and Tranche A-1 Loans). However, in the event of any prepayment of the Tranche A-1 Loans
that have a maturity date of June 30, 2016, the Plant Owners must pay a premium equal to the present value of all interest payments
which would have accrued from the date of such payment through June 30, 2016, calculated using a discount rate, applied quarterly,
equal to the Treasury Rate as of such prepayment date plus 50 basis points. The Restated Credit Agreement also provides for mandatory
prepayments in connection with certain customary events, including any sale of material assets; however, certain mandatory prepayments
are not subject to the prepayment premium.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Credit
Agreement</U></I> &ndash; On October 29, 2012, the Plant Owners entered into a Credit Agreement (&ldquo;Credit
Agreement&rdquo;) with  lenders party to the agreement. The Credit Agreement provides for a revolving credit facility of up to
$10,000,000. The Plant owners may request (with a maximum of 5 requests) increases in the amount of the facility in
increments of not less than $1,000,000, up to a maximum credit limit of $5,000,000. The lenders have no obligation to agree
to such a request. Loans made under the Credit Agreement mature on June 25, 2013 or such later date on or prior to June 25,
2016, as may be agreed to by certain of the lenders holding in excess of 50% of the outstanding principal amount of the loans
and the undisbursed amount of the aggregate lending commitment. Any extension of the maturity date will be in increments of
one calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Plant Owners may elect to receive Eurodollar
loans and/or base rate loans. The per annum interest rate on Eurodollar loans is equal to (a) the rate obtained by dividing (i)
the one-month LIBOR for the relevant interest period (but in no event less than 4%) by (ii) a percentage equal to (1) 100% minus
(2) the Eurodollar Reserve Percentage (as determined by the Board of Governors of the Federal Reserve System) for the relevant
period, plus (b) the applicable margin. The per annum interest rate on base rate loans is equal to (A) the higher of (x) the Federal
Funds Effective Rate (equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal
Reserve System), plus 0.50%, (y) the rate of interest as publicly announced by Wells Fargo Bank as its &ldquo;prime rate&rdquo;
or (z) the one-month LIBOR plus 1.0%, plus the applicable margin. With respect to both the Eurodollar loans and base rate loans,
the applicable margin is 5.5%; provided that for any loans for which interest is paid as capitalized interest, the applicable margin
is deemed to be 8.0% per annum for the period for which interest is so paid.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest under the loans is payable monthly
in cash, but as long as no default or event of default has occurred or is continuing, interest payments due to the lenders may,
at the option of the Plant Owners, be deferred and added as capitalized interest to the principal balance of the loans.<B> </B>The
Plant Owners are also required to pay an unused line fee of 2.0% per annum and other customary fees and expenses associated with
the credit facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Plant Owners&rsquo; obligations are
secured by a security interest in their assets and equity interests in favor of the lenders. The Credit Agreement contains numerous
customary representations, warranties, affirmative and negative covenants and other customary terms and conditions, including events
of default (including upon the occurrence of an event of default with respect to any indebtedness owed by the Company) and remedies
in favor of the lenders. The Credit Agreement also contains restrictions on the creation or incurrence of additional indebtedness
and on distributions of funds from the Plant Owners to any affiliates of the Plant Owners, including the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Credit Agreement also contains financial
covenants concerning certain of the Plant Owners&rsquo; budgeted expenses. Specifically, the Plant Owners shall not permit amounts
disbursed pursuant to the categories in the budget related to the asset management agreement among the Plant Owners and the Company
and operating disbursements to exceed their respective budgeted amounts by more than 10%.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Plant Owners have the right at any
time, and from time to time, but subject to limitations imposed by an intercreditor agreement, to prepay the revolving loans under
the Credit Agreement. The Credit Agreement also provides for mandatory prepayments in connection with certain customary events,
including any sale of material assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Intercreditor Agreement</U></I> &ndash;
On October 29, 2012, the Plant Owners entered into an Intercreditor Agreement (&ldquo;Intercreditor Agreement&rdquo;) with Wells
Fargo Bank, National Association (&ldquo;Agent&rdquo;), as collateral agent. The Intercreditor Agreement provides, among other
things, that the amounts owed by the Plant Owners under the Credit Agreement shall be senior in right and payment to the payment
of amounts owed by the Plant Owners under the Restated Credit Agreement. In addition, pursuant to the terms of the Intercreditor
Agreement, the lenders under the Restated Credit Agreement have agreed to continue, and make certain additional extensions of,
credit to the Plant Owners pursuant to the terms of the Restated Credit Agreement, upon, among other terms and conditions, the
conditions that (i) obligations of Plant Owners under the Restated Credit Agreement shall be secured by a second priority lien
on, and security interests in, the collateral under the Restated Credit Agreement, and (ii) subject to the terms and conditions
contained in the Intercreditor Agreement, the payment of certain obligations under the Restated Credit Agreement shall be subordinate
and subject in right and time of payment to the prior discharge of amounts owed by the Plant Owners under the Credit Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">ITEM 2.&#9;MANAGEMENT&rsquo;S DISCUSSION
AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">The following discussion
and analysis should be read in conjunction with our consolidated financial statements and notes to consolidated financial statements
included elsewhere in this report. This report and our consolidated financial statements and notes to consolidated financial statements
contain forward-looking statements, which generally include the plans and objectives of management for future operations, including
plans and objectives relating to our future economic performance and our current beliefs regarding revenues we might generate and
profits we might earn if we are successful in implementing our business and growth strategies. The forward-looking statements and
associated risks may include, relate to or be qualified by other important factors, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.45pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>fluctuations in the market price of ethanol and its co-products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.5pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.45pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the projected growth or contraction in the ethanol and co-product markets in which we operate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.5pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.45pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our strategies for expanding, maintaining or contracting our presence in these markets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.5pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.45pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to successfully manage and operate third party ethanol production facilities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.5pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.45pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>anticipated trends in our financial condition and results of operations; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.5pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.45pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to distinguish ourselves from our current and future competitors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.5pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">You are cautioned not
to place undue reliance on any forward-looking statements, which speak only as of the date of this report, or in the case of a
document incorporated by reference, as of the date of that document. We do not undertake to update, revise or correct any forward-looking
statements, except as required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">Any of the factors described
immediately above, or referenced from time to time in our filings with the Securities and Exchange Commission or in the &ldquo;Risk
Factors&rdquo; section of this report and our Annual Report on Form 10-K for the year ended December 31, 2011 could cause our financial
results, including our net income or loss or growth in net income or loss to differ materially from prior results, which in turn
could, among other things, cause the price of our common stock to fluctuate substantially.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Overview</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are the leading marketer and producer
of low-carbon renewable fuels in the Western United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We market all the ethanol produced by the
Pacific Ethanol Plants, all the ethanol produced by three other ethanol producers in the Western United States and ethanol purchased
from other third-party suppliers throughout the United States. We also market ethanol co-products, including WDG, for the Pacific
Ethanol Plants. We have extensive customer relationships throughout the Western United States. Our ethanol customers are integrated
oil companies and gasoline marketers who blend ethanol into gasoline. We arrange for transportation, storage and delivery of ethanol
purchased by our customers through our agreements with third-party service providers in the Western United States, primarily in
California, Arizona, Nevada, Utah, Oregon, Colorado, Idaho and Washington. Our WDG customers are dairies and feedlots located near
the Pacific Ethanol Plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have extensive supplier relationships
throughout the Western and Midwestern United States. In some cases, we have marketing agreements with suppliers to market all of
the output of their facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After our recent acquisition of an additional
33% ownership interest in New PE Holdco in July 2012, we now hold a 67% ownership interest in New PE Holdco which indirectly owns
the Pacific Ethanol Plants through its ownership of the Plant Owners. We operate and maintain the Pacific Ethanol Plants under
the terms of an asset management agreement with New PE Holdco and the Plant Owners. We also market ethanol and WDG produced by
the Pacific Ethanol Plants under the terms of separate marketing agreements with the Plant Owners whose facilities are operational.
In addition, we provide operations, maintenance and accounting services for a 250,000 gallon per year cellulosic integrated biorefinery
owned by ZeaChem Inc. in Boardman, Oregon, which is located adjacent to the Pacific Ethanol Columbia plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Pacific Ethanol Plants are comprised
of the four facilities described immediately below, three of which are currently operational. As future market conditions change,
we may increase, decrease or idle production at those facilities which are operational or resume operations of any facility which
is not operational.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; padding-right: 0.05in; padding-left: 0.05in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Facility Name</B></P></TD>
    <TD STYLE="width: 21%; padding-right: 0.05in; padding-left: 0.05in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid"><B>Facility
        Location</B></P></TD>
    <TD STYLE="width: 27%; padding-right: 0.05in; padding-left: 0.05in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Estimated
        Annual Capacity</B><BR>
        <B>(gallons)</B></P></TD>
    <TD STYLE="width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Current
        Operating Status</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 11pt; text-indent: -5.8pt">Magic Valley</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in">Burley, ID</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">60,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Operating</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 11pt; text-indent: -5.8pt">Columbia</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in">Boardman, OR</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">40,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Operating</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 11pt; text-indent: -5.8pt">Stockton</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in">Stockton, CA</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">60,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Operating</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 11pt; text-indent: -5.75pt">Madera</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in">Madera, CA</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">40,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Idled</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 38.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 38.15pt">We earn fees as follows under our asset
management and other agreements with New PE Holdco and the Plant Owners:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 38.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.1pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>ethanol marketing fees of approximately 1% of the net sales price, but not less than $0.015 per gallon and not more than $0.0225
per gallon;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.1pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>corn procurement and handling fees of $0.045 per bushel;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.1pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>WDG fees of 5% of the third-party purchase price, but not less than $2.00 per ton and not more than $3.50 per ton; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.1pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>asset management fees of $75,000 per month for each operating facility and $40,000 per month for each idled facility.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.15pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 38.5pt">We intend to maintain and advance our position
as the leading marketer and producer of low-carbon renewable fuels in the Western United States, in part by expanding our relationships
with customers and third-party ethanol producers to market higher volumes of ethanol and by expanding the market for ethanol by
continuing to work with state governments to encourage the adoption of policies and standards that promote ethanol as a fuel additive
and transportation fuel. Further, we may seek to provide management services for other third-party ethanol production facilities
in the Western United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Critical Accounting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">The preparation of our
financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States
of America, requires us to make judgments and estimates that may have a significant impact upon the portrayal of our financial
condition and results of operations. We believe that of our significant accounting policies, the following require estimates and
assumptions that require complex, subjective judgments by management that can materially impact the portrayal of our financial
condition and results of operations: revenue recognition; consolidation of variable interest entities; warrants carried at fair
value; impairment of long-lived and intangible assets; and allowance for doubtful accounts. These significant accounting principles
are more fully described in &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&mdash;Critical
Accounting Policies&rdquo; in our Annual Report on Form 10-K for the year ended December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Results of Operations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">The following selected
financial information should be read in conjunction with our consolidated financial statements and notes to our consolidated financial
statements included elsewhere in this report, and the other sections of &ldquo;Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations&rdquo; contained in this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">Certain performance metrics
that we believe are important indicators of our results of operations include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>


<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended <BR>September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended <BR>September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 32%; text-align: left; text-indent: -11pt; padding-left: 11pt">Production gallons sold (in millions)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">33.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">38.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">(11.8%</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">106.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">113.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">(6.2%</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -11pt; padding-left: 11pt">Third party gallons sold (in millions)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">73.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">84.6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(12.8%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">232.7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">194.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19.5%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -11pt; padding-left: 11pt">Total gallons sold (in millions)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12.4%</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">338.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">307.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.0%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -11pt; padding-left: 11pt">Average sales price per gallon</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.97</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10.8%</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.79</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12.9%</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -11pt; padding-left: 11pt">Corn cost per bushel &ndash; CBOT equivalent (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.72</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.9%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.73</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.95</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.2%</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -11pt; padding-left: 11pt">Co-product revenues as % of delivered cost of corn</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.1%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.1%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.3%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.2%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.7%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.4%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -11pt; padding-left: 11pt">Average CBOT ethanol price per gallon</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.51</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.78</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9.7%</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.62</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12.6%</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -11pt; padding-left: 11pt">Average CBOT corn price per bushel</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.96</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.5%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.81</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.99</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.6%</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>




<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.95pt"></TD><TD STYLE="width: 18.05pt">(1)</TD><TD STYLE="text-align: left; padding-right: 76.5pt">We exclude transportation&mdash;or &ldquo;basis&rdquo;&mdash;costs in our corn
costs to calculate a Chicago Board of Trade, or CBOT, equivalent price to compare our corn costs to average CBOT corn prices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.5pt 0pt 27pt; text-align: left; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.5pt"><B><I>Net Sales, Cost
of Goods Sold and Gross Profit (Loss)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.5pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.15pt">The following table
presents our net sales, cost of goods sold and gross profit (loss) in dollars and gross profit (loss) as a percentage of net sales
(in thousands, except percentages):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<BR>September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended <BR>September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 12%; text-align: left; padding-left: 1.45pt">Net sales</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">215,860</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">271,649</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">(55,789</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right; padding-left: 1.45pt">(20.5)%</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">619,026</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">659,390</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">(40,364</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right; padding-left: 5.4pt">(6.1)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Cost of goods sold</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">218,300</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">263,461</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(45,161</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-left: 1.45pt">(17.1)%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">633,843</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">647,355</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(13,512</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-left: 5.4pt">(2.1)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Gross profit (loss)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2,440</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,188</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(10,628</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-left: 1.45pt; text-align: center">NM</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(14,817</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,035</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(26,852</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-left: 5.4pt; text-align: center">NM</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 9pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(1.1%</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">3.0%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 1.45pt">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(2.4%</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.8%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><I>Net Sales</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">The decrease in our net
sales for the three months ended September 30, 2012 as compared to the same period in 2011 was due to decreases in our total volume
of ethanol gallons sold and our average sales price per gallon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">Total volume of ethanol
gallons sold decreased by 15.3 million gallons, or 12%, to 107.3 million gallons for the three months ended September 30, 2012
as compared to 122.6 million gallons for the same period in 2011. The total volume of ethanol gallons sold declined due to reduced
production rates caused by industry-wide lower corn crush margins resulting from decreased ethanol demand. The corn crush margin
is the difference between specified index prices for ethanol and corn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">Our average sales price
per gallon decreased 11% to $2.65 for the three months ended September 30, 2012 from an average sales price per gallon of $2.97
for the same period in 2011, which was consistent with the decrease in the average CBOT ethanol price per gallon for the comparable
periods. Our average sales price declined due to decreased ethanol demand. Total volume of ethanol gallons sold increased by 30.9
million gallons, or 10%, to 338.7 million gallons for the nine months ended September 30, 2012 as compared to 307.8 million gallons
for the same period in 2011. The overall increase in gallons sold is primarily due to an increase in third party gallons sold,
predominantly from additional gallons sold through third-party ethanol marketing arrangements, including from the Keyes, California
production facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">Our average sales price
per gallon decreased 13% to $2.43 for the nine months ended September 30, 2012 from an average sales price per gallon of $2.79
for the same period in 2011, consistent with the decrease in the average CBOT ethanol price per gallon for the comparable periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Cost of Goods Sold and Gross Profit (Loss)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our gross margin decreased to negative 1.1%
for the three months ended September 30, 2012 from positive 3.0% for the same period in 2011. Our gross profit (loss) decreased
to a loss of $2.4 million for the three months ended September 30, 2012 from a profit of $8.2 million for the same period in 2011.
The decreases in our gross margin and our gross profit (loss) were due to lower corn crush margins.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our gross margin decreased to negative 2.4%
for the nine months ended September 30, 2012 from positive 1.8% for the same period in 2011. Our gross profit (loss) decreased
to a loss of $14.8 million for the nine months ended September 30, 2012 from a profit of $12.0 million for the same period in 2011.
The decreases in our gross margin and our gross profit in these periods were primarily due to lower corn crush margins. In addition,
for the nine months ended September 30, 2011, we were able to offset approximately $1.5 million of our production costs due to
elevated corn prices with proceeds from the California Ethanol Producer Incentive Program, which were recorded as reductions to
cost of goods sold. We did not receive any such proceeds for the three and nine months ended September 30, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.5pt"><B><I>Selling, General
and Administrative Expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">The following table presents
our selling, general and administrative expenses, or SG&amp;A, in dollars and as a percentage of net sales (in thousands, except
percentages):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<BR>September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended<BR>September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 12%; text-align: left; padding-bottom: 2.5pt; padding-left: 0pt; text-indent: 0pt">Selling, general and administrative expenses</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">2,898</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">3,495</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(597</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(17.1%</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">9,400</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">11,742</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(2,342</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(19.9%</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; text-indent: 0pt; padding-left: 22pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.3%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.3%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.5%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.8%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SG&amp;A decreased $0.6 million to $2.9
million for the three months ended September 30, 2012 as compared to $3.5 million for the same period in 2011. The decrease in
SG&amp;A is primarily due to the following factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a $0.4 million reduction in legal expenses; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a $0.3 million reduction in noncash compensation expenses due to the decreased value of restricted stock awards to our employees
and members of our board of directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SG&amp;A decreased $2.3 million to $9.4
million for the nine months ended September 30, 2012 as compared to $11.7 million for the same period in 2011. The decrease in
SG&amp;A is primarily due to the following factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a $1.3 million reduction in noncash compensation expenses due to the decreased value of restricted stock awards to our employees
and members of our board of directors; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a $1.2 million reduction in legal expenses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><B><I>Fair Value Adjustments
on Convertible Debt and Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">The following table presents
our fair value adjustments on convertible debt and warrants in dollars and as a percentage of net sales (in thousands, except percentages):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<BR>September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended<BR>September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 12%; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Fair value adjustments on convertible debt and warrants</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(900</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">4,113</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(5,013</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; width: 9%">NM</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">352</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">6,968</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(6,616</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(94.9%</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; text-indent: 0pt; padding-left: 11pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(0.4%</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.5%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.1%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.1%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We issued convertible
debt and warrants beginning in the fourth quarter of 2010 for $35.0 million in cash. The convertible debt and warrants were recorded
at fair value. We issued additional warrants in December 2011, July 2012 and September 2012, which were also recorded at fair value.
We recorded an expense of $0.9 million and income of $4.1 million related to the subsequent fair value adjustments of these instruments
for the three months ended September 30, 2012 and 2011, respectively. We recorded income of $0.4 million and $7.0 million related
to the subsequent fair value adjustments of these instruments for the nine months ended September 30, 2012 and 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.5pt"><B><I>Interest Expense,
net</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">The following table presents
our interest expense, net in dollars and as a percentage of net sales (in thousands, except percentages):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<BR>September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended<BR>September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 12%; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Interest expense, net</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">3,378</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">4,071</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(693</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(17.0%</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">9,380</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">11,337</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(1,957</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(17.3%</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 11pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.6%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.5%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.5%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.7%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33pt">Interest expense, net
decreased by $0.7 million to $3.4 million for the three months ended September 30, 2012 from $4.1 million for the same period in
2011. Interest expense, net decreased by $1.9 million to $9.4 million for the nine months ended September 30, 2012 from $11.3 million
for the same period in 2011. The decrease in interest expense, net for these periods is primarily due to decreased average debt
balances, largely due to the retirement of our convertible debt in November 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.5pt"><B><I>Other Expense,
net</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">The following table presents
our other expense, net in dollars and as a percentage of net sales (in thousands, except percentages):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<BR>September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended<BR>September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 12%; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Other expense, net</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">105</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">166</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(61</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(36.7%</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">499</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">709</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(210</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(29.6%</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 11pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.0%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.1%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.1%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.1%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33pt">Other expense, net decreased
by $0.1 million to $0.1 million for the three months ended September 30, 2012 from $0.2 million for the same period in 2011. Other
expense, net decreased by $0.2 million to $0.5 million for the nine months ended September 30, 2012 from $0.7 million for the same
period in 2011. The decreases in other expense, net are primarily due to reductions in bank fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Net (Income) Loss Attributed to Noncontrolling
Interest in Variable Interest Entity</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">The following table presents
the portion of our net (income) loss attributed to noncontrolling interest in variable interest entity in dollars and as a percentage
of net sales (in thousands, except percentages):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<BR>September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended<BR>September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 12%; text-align: left; padding-bottom: 2.5pt">Net (income) loss attributed to noncontrolling interest in variable interest entity</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">3,750</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(217</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">3,967</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; width: 9%">NM</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">20,191</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">9,905</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">10,286</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; width: 9%">NM</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 11pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.7%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(0.1%</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">3.3%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.5%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 1.45pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 33pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 33pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 33pt">Net (income) loss attributed
to noncontrolling interest in variable interest entity relates to our consolidated treatment of New PE Holdco, a variable interest
entity. For the three and nine months ended September 30, 2012 and 2011, we consolidated the entire income statement of New PE
Holdco. However, because we owned less than 100% of New PE Holdco, we reduced our net income (loss) for the amount attributed to
noncontrolling interest in variable interest entity corresponding to the ownership interest that we do not own.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 33pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.5pt"><B><I>Net Income (Loss)
Attributed to Pacific Ethanol</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">The following table presents
our net income (loss) attributed to Pacific Ethanol in dollars and as a percentage of net sales (in thousands, except percentages):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 33pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<BR>September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended<BR>September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 12%; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Net income (loss) attributed to Pacific Ethanol</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(5,971</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">4,352</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(10,323</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; width: 9%">NM</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(13,553</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">5,120</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(18,673</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; width: 9%">NM</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 16.55pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(2.8%</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.6%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(2.2%</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.8%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 1.45pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 33pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 33pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 33pt">Net income attributed to
Pacific Ethanol decreased during the three and nine months ended September 30, 2012 as compared to the same periods in 2011, primarily
due to our lower gross profit resulting from lower corn crush margins and additional losses attributed to Pacific Ethanol from
our increased ownership interest in New PE Holdco, which generated losses at the plant-level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 33pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.5pt"><B><I>Preferred Stock
Dividends and Income (Loss) Available to Common Stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">The following table presents
our preferred stock dividends in dollars for our Series B Cumulative Convertible Preferred Stock, or Series B Preferred Stock,
these preferred stock dividends as a percentage of net sales, and our income (loss) available to common stockholders in dollars
and our income (loss) available to common stockholders as a percentage of net sales (in thousands, except percentages):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<BR>September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended<BR>September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 12%; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Preferred stock dividends</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(319</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(319</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; width: 9%">&mdash;%</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(949</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(946</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">(3</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; width: 9%">(0.3)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 11pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(0.1%</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(0.1%</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(0.1%</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(0.1%</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 1.45pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Income (loss) available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(6,290</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,033</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(10,323</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">NM</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(14,502</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,174</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(18,676</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">NM</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 11pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(2.9%</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.5%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(2.3%</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.6%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 1.45pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 33pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 33pt">Shares of our Series B
Preferred Stock are entitled to quarterly cumulative dividends payable in arrears in an amount equal to 7% per annum of the purchase
price per share of the Series B Preferred Stock. We have recorded dividends on our Series B Preferred Stock in the aggregate amount
of $0.3 million for the three months ended September 30, 2012 and 2011, and $0.9 million, for the nine months ended September 30,
2012 and 2011. We paid the dividends for the three and nine months ended September 30, 2012, however, we accrued and did not pay
any dividends for the three and nine months ended September 30, 2011, resulting in total accrued and unpaid dividends of $6.6 million
as of September 30, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 33pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Liquidity and Capital Resources</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During the nine months ended September 30,
2012, we funded our operations primarily from cash provided by operations, equity financings and borrowings under our credit facilities.
As of September 30, 2012, we had working capital of $6.8 million and cash and cash equivalents of $18.7 million. As of December
31, 2011, we had working capital of $50.5 million and cash and cash equivalents of $8.9 million. Our current available capital
resources consist of cash on hand, amounts available for borrowing under Kinergy&rsquo;s credit facility and amounts available
for borrowing under the Plant Owners&rsquo; credit facility for the operations of the Pacific Ethanol Plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In July 2012, we raised $12.0 million in
gross proceeds from the sale of common stock and warrants. Shortly thereafter, we purchased an additional 33% ownership interest
in New PE Holdco for $20.0 million, paying $10.0 million in cash and issuing $10.0 million in senior unsecured promissory notes,
or Notes, due April 13, 2013. In September 2012, we raised $11.0 million in gross proceeds from the sale of common stock and warrants
and used the proceeds to repay in full the Notes in October 2012. In July 2012, the Plant Owners extended to June 30, 2016 the
maturity date in respect of $46.8 million of the total $86.3 million of the Plant Owners&rsquo; term and revolving debt and increased
its revolving debt by $5.0 million. In October 2012, the Plant Owners secured a new revolving credit facility of up to $10.0 million.
The remaining $39.5 million, together with up to an additional $10.0 million under the new credit facility, is due on June 25,
2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have had and continue to have extensive
communications with holders of the $39.5 million in debt due June 25, 2013 to restructure the existing loans and any additional
loans under the new $10.0 million credit facility. We also continue to explore our capital raising alternatives. We believe that
we will be able to successfully restructure the loans or raise additional capital, or both, prior to the June 25, 2013 maturity
date. However, we can provide no assurances that we will be able to do so, or what the terms of any restructuring or capital raising
transaction might be. If we are unable to timely restructure the $39.5 million in debt (together with any additional debt under
the new credit facility) due June 25, 2013 or raise sufficient capital to repay the debt, we will be in default on that debt and
in cross-default on the $46.8 million in debt extended to June 30, 2016, all of which, totaling $91.3 million plus any
amounts borrowed under the new credit facility, will be accelerated and immediately due and payable on June 25, 2013. As a result,
we and our direct and indirect subsidiaries, including Kinergy and the Plant Owners, will likely experience material adverse effects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our ability to maintain adequate liquidity
depends, in part, upon factors within the ethanol industry beyond our control. These factors, which include, but are not limited
to, the prices of corn, ethanol, natural gas and WDG, as well as regulatory changes and economic and financial conditions in our
industry and the global economy, may affect our ability to generate cash flows from operations and to satisfy our obligations as
they become due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Despite our liquidity risks, we believe
that current and future available capital resources, revenues generated from operations, and other existing sources of liquidity,
including our credit facilities, will be adequate to meet our anticipated capital requirements for the next twelve months. If,
however, our capital requirements or cash flows vary materially from our current projections, or if other unforeseen circumstances
occur, such as a lack of significant improvement or further deterioration of corn crush margins, we may require additional financing
during that period. Our failure to raise capital, if needed, could restrict our growth, hinder our ability to compete and adversely
impact our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><I>Quantitative Quarter-End
Liquidity Status</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">We believe that the following
amounts provide insight into our liquidity and capital resources. The following selected financial information should be read in
conjunction with our consolidated financial statements and notes to consolidated financial statements included elsewhere in this
report, and the other sections of &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo;
contained in this report (dollars in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 49%; text-align: left; padding-left: 1.45pt">Cash and cash equivalents</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">18,671</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">8,914</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">109.5%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">68,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">66,748</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.3%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Total assets of variable interest entity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">163,218</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">173,606</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6.0%</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">62,149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">16,297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NM</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Property and equipment, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">153,109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">159,617</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.1%</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Notes payable, current portion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NM</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Notes payable, noncurrent portion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">68,990</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">93,689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26.4%</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Total liabilities of variable interest entity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">97,444</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">76,478</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.4%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Working capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,816</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,451</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(86.5%</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Working capital ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(72.9%</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Change in Working Capital and Cash Flows</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Working capital decreased to $6.8 million
at September 30, 2012 from $50.5 million at December&nbsp;31, 2011 as a result of an increase in current liabilities of $45.9 million,
partially offset by an increase in current assets of $2.2 million. Current liabilities increased primarily due to an increase in
the current portion of our long-term debt due to the reclassification of $39.4 million of the outstanding balance, as its maturity
date is June 2013. In addition, we recorded $10.0 million in short-term notes payable related to our acquisition of an additional
33% ownership interest in New PE Holdco. On October 1, 2012, we repaid in full the $10.0 million in short-term notes with the proceeds
from our public offering of common stock and warrants in September 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Current assets increased primarily due to
higher cash and cash equivalents of $18.7 million, which includes approximately $10.0 million in net proceeds from our public offering
of common stock and warrants in September 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cash used in operating activities of $11.4
million resulted primarily from a consolidated net loss of $33.7 million and fair value adjustments of $0.4 million, partially
offset by depreciation and amortization of $9.2 million, an increase in accounts payable and accrued expenses of $5.5 million,
a decrease in prepaid inventory of $3.1 million, prepaid expenses and other assets of $1.5 million, inventories of $1.5 million,
accounts receivable of $0.6 million and noncash compensation of $0.7 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cash used in investing activities of $12.1
million resulted from our purchase of an additional 33% ownership interest in New PE Holdco for $20.0 million, $10.0 million of
which was paid in cash, and additions to property and equipment of $2.1 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cash provided by financing activities of
$33.3 million resulted from the net proceeds of our two public offerings of common stock and warrants in the aggregate amount of
$21.0 million, borrowings of $13.2 million and cash payments of dividends in respect of our Series B Preferred Stock of $0.9 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Kinergy Operating Line of Credit</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In May 2012, we extended Kinergy&rsquo;s
operating line of credit. The renewal of Kinergy&rsquo;s credit facility is for an aggregate amount of up to $30.0 million, with
an optional accordion feature for up to an additional $10.0 million. The prior credit facility included an accordion feature of
$5.0 million. The credit facility expires on December 31, 2015. Interest accrues under the credit facility at a rate equal to (i)&nbsp;the
three-month London Interbank Offered Rate (&ldquo;LIBOR&rdquo;), plus (ii) a specified applicable margin ranging between 2.50%
and 3.50%. The credit facility&rsquo;s monthly unused line fee is 0.50% of the amount by which the maximum credit under the facility
exceeds the average daily principal balance. Kinergy is also required to pay customary fees and expenses associated with the credit
facility and issuances of letters of credit. In addition, Kinergy is responsible for a $3,000 monthly servicing fee. Payments that
may be made by Kinergy to Pacific Ethanol as reimbursement for management and other services provided by Pacific Ethanol to Kinergy
are limited to $800,000 per fiscal quarter in 2012, $900,000 per fiscal quarter in 2013, $1,000,000 per fiscal quarter in 2014
and $1,100,000 per fiscal quarter in 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the amended facility includes
the accounts receivable of PAP as additional collateral. Payments that may be made by PAP to Pacific Ethanol as reimbursement for
management and other services provided by Pacific Ethanol to PAP are limited to the extent that quarterly payments would result
in PAP recording less than $100,000 of net income in the quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the fiscal quarter ending June 30, 2012
and each fiscal quarter thereafter, Kinergy and PAP are collectively required to generate aggregate earnings before interest, taxes,
depreciation and amortization, or EBITDA, of $450,000 for the quarter and aggregate EBITDA of $1,100,000 for each two consecutive
quarters. These amounts are required through December 31, 2013. In 2014, the required EBITDA amounts increase to $500,000 per quarter
and $1,300,000 for each two consecutive quarters. Further, for all monthly periods, Kinergy and PAP must collectively maintain
a fixed charge coverage ratio (calculated as a twelve-month rolling EBITDA divided by the sum of interest expense, capital expenditures,
principal payments of indebtedness, indebtedness from capital leases and taxes paid during such twelve-month rolling period) of
at least 2.0 and are prohibited from incurring any additional indebtedness (other than specific intercompany indebtedness) or making
any capital expenditures in excess of $100,000 absent the lender&rsquo;s prior consent. Kinergy and PAP&rsquo;s obligations under
the credit facility are secured by a first-priority security interest in all of their assets in favor of the lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table summarizes Kinergy&rsquo;s
financial covenants and actual results for the periods presented (dollars in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Periods Ended<BR> September 30,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Years Ended<BR> December 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 32%; padding-left: 5.4pt">EBITDA Requirement &ndash; Three Months</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">450</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">350</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">N/A</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">250</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Actual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,590</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">555</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5.4pt">Excess</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,667</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,240</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">305</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">EBITDA Requirement &ndash; Six Months</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">900</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Actual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,047</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,220</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">858</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,387</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5.4pt">Excess</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,947</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,320</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">58</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,487</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Fixed Coverage Ratio Requirement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.10</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Actual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.63</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5.4pt">Excess</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.63</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.03</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pacific Ethanol has guaranteed all of Kinergy&rsquo;s
obligations under the credit facility. As of September 30, 2012, Kinergy had amounts available for borrowing under the credit facility
of $4.2 million and an outstanding balance of $17.2 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Plant Owners&rsquo; Credit Facilities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Amended and Restated Credit Facility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October 29, 2012, the Plant Owners amended
and restated their existing credit facilities with their lenders to provide for a revolving credit facility of up to $40.0 million,
a term loan of $25.0 million (&ldquo;Tranche A-1 Loan&rdquo;) and a term loan of $26.3 million (&ldquo;Tranche A-2 Loan&rdquo;).
Under the credit facilities, $39.5 million of the combined revolving loans and term loans has a maturity date of June 25, 2013
and $51.8 million of the combined revolving loans and term loans has a maturity date of June 30, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Plant Owners may elect to receive Eurodollar
loans and/or base rate loans. The per annum interest rate on Eurodollar loans is equal to (a) the rate obtained by dividing (i)
the one-month LIBOR for the relevant interest period (but in no event less than 4%) by (ii) a percentage equal to (1) 100% minus
(2) the Eurodollar Reserve Percentage (as determined by the Board of Governors of the Federal Reserve System) for the relevant
period, plus (b) the applicable margin of 10%. The per annum interest rate on base rate loans is equal to (A) the higher of (x)
the Federal Funds Effective Rate (equal to the weighted average of the rates on overnight federal funds transactions with members
of the Federal Reserve System) plus 0.50%, (y) the rate of interest as publicly announced by Wells Fargo Bank as its &ldquo;prime
rate&rdquo; or (z) the one-month LIBOR plus 1.0%, plus the applicable margin of 10%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Interest under the loans is payable monthly
in cash, but as long as no default or event of default has occurred or is continuing, interest payments due to certain lenders
for any period prior to June 25, 2013, may, at the option of the Plant Owners, be deferred and added to the principal balance of
the Tranche A-1 Loan due June 30, 2016. The Plant Owners are also required to pay an unused line fee of 2.0% per annum and other
customary fees and expenses associated with the credit facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Plant Owners&rsquo; obligations are
secured by a security interest in their assets and equity interests in favor of the lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The
amended and restated credit facility contains numerous customary representations, warranties, affirmative and negative covenants
and other customary terms and conditions, including events of default (including upon the occurrence of an event of default with
respect to any indebtedness owed by Pacific Ethanol) and remedies in favor of the lenders. The facility also contains restrictions
on the creation or incurrence of additional indebtedness (other than pursuant to the new credit facility described below) and on
distributions of funds from the Plant Owners to any affiliates of the Plant Owners, including Pacific Ethanol. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The
amended and restated credit facility also contains financial covenants concerning certain of the Plant Owners&rsquo; budgeted expenses.
Specifically, the Plant Owners shall not permit amounts disbursed pursuant to the categories in the budget related to the asset
management agreement among the Plant Owners and Pacific Ethanol and operating disbursements to exceed their respective budgeted
amounts by more than 10%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Plant Owners have the right at any time,
and from time to time, but subject to limitations imposed by an intercreditor agreement (described below), to prepay in whole or
in part the revolving loans and Tranche A-1 Loans (and the Tranche A-2 Loans following the payment in full of the revolving loans
and Tranche A-1 Loans). However, in the event of any prepayment of the Tranche A-1 Loans that have a maturity date of June 30,
2016, the Plant Owners must pay a premium equal to the present value of all interest payments which would have accrued from the
date of such payment through June 30, 2016, calculated using a discount rate, applied quarterly, equal to the Treasury Rate as
of such prepayment date plus 50 basis points. The amended and restated credit facility also provides for mandatory prepayments
in connection with certain customary events, including any sale of material assets; however, certain mandatory prepayments are
not subject to the prepayment premium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>New Credit Facility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October 29, 2012, the Plant Owners also
secured a new revolving credit facility of up to $10.0 million with the ability to request incremental increases of up to a maximum
aggregate amount of $5.0 million. The new credit facility matures on June 25, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Plant Owners may elect to receive Eurodollar
loans and/or base rate loans under the new credit facility. The per annum interest rate on the loans is the same as under the amended
and restated credit facility described above; however, the applicable margin under the new credit facility is 5.5% per annum instead
of 10%; provided that for any loans for which interest is paid as capitalized interest, the applicable margin is 8.0% per annum
for the period for which interest is so paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The timing of interest payments, the Plant
Owners&rsquo; ability to capitalize interest, the unused line fees and other customary fees and expenses associated with the new
credit facility are the same as for the amended and restated credit facility described above. The Plant Owners&rsquo; obligations
under the new credit facility are secured by a security interest in their assets and equity interests in favor of the lenders.
The new credit facility contains representations and warranties, events of default and financial covenants identical to those contained
in the amended and restated credit facility. The Plant Owners have the right at any time, and from time to time, but subject to
limitations imposed by an intercreditor agreement, to prepay the revolving loans under the new credit facility. The credit facility
requires mandatory prepayments in connection with certain customary events, including any sale of material assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of September 30, 2012, the Plant Owners
had unused borrowing availability under its revolving credit facility of $0.7 million and an outstanding balance of $38.5 million
due June 25, 2013. Upon securing its new credit facility, the Plant Owners&rsquo; unused borrowing availability under its revolving
credit facilities increased to $10.7 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Intercreditor Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with entering into the amended
and restated credit facility and the new credit facility, the Plant Owners entered into an Intercreditor Agreement with Wells Fargo
Bank, as collateral agent. The Intercreditor Agreement generally provides, among other things, that the amounts owed by the Plant
Owners under the new credit facility shall be senior in right and payment to the payment of amounts owed by the Plant Owners under
the amended and restated credit facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Note Payable to Related Party</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 31, 2009, our Chief Executive Officer
provided funds in an aggregate amount of $1.0 million for general working capital purposes, in exchange for an unsecured promissory
note issued by us. Interest on the unpaid principal amount accrues at a rate of 8.00% per annum. As of December 31, 2011, the remaining
amount of $0.8 million was due and payable on the extended maturity date of March 31, 2012. On March 7, 2012, the maturity date
was further extended to March 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Effects of Inflation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">The impact of inflation
was not significant to our financial condition or results of operations for the three and nine months ended September 30, 2012
and 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Impact of New Accounting Pronouncements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">ITEM 3.&#9;QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">ITEM 4.&#9;CONTROLS AND
PROCEDURES.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -19.5pt"><FONT STYLE="font-weight: normal">Evaluation
of Disclosure Controls and Procedures</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -19.5pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt"><FONT STYLE="background-color: White">We
conducted an evaluation under the supervision and with the participation of our management, including our Chief Executive Officer
and <FONT STYLE="color: black">Chief Financial Officer,</FONT> of the effectiveness of the design and operation of our disclosure
controls and procedures. The term &ldquo;disclosure controls and procedures,&rdquo; as defined in Rules 13a-15(e) and 15d-15(e)
under the Securities Exchange Act of 1934, as amended, or Exchange Act, means controls and other procedures of a company that
are designed to ensure that information required to be disclosed by the company in the reports it files or submits under the Exchange
Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission&rsquo;s
rules and forms. Disclosure controls and procedures also include, without limitation, controls and procedures designed to ensure
that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated
and communicated to the company&rsquo;s management, including its principal executive and principal financial officers, or persons
performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Based on this evaluation,
our Chief Executive Officer and Chief Financial Officer concluded as of September 30, 2012 that our disclosure controls and procedures
were effective at a reasonable assurance level. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt"><FONT STYLE="font-weight: normal"><I>Changes
in Internal Control over Financial Reporting</I></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -19.5pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt">There were no changes during the most recently
completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over
financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt"><I>Inherent Limitations on the Effectiveness
of Controls</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">Management does not expect
that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all errors
and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance
that the objectives of the control systems are met. Further, the design of a control system must reflect the fact that there are
resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations
in a cost-effective control system, no evaluation of internal control over financial reporting can provide absolute assurance that
misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been or will
be detected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">These inherent limitations
include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of a simple error or
mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management
override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of
future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future
conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls
may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 38.5pt"><B>PART II - OTHER
INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">ITEM 1.&#9;LEGAL PROCEEDINGS.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">We are subject to legal
proceedings, claims and litigation arising in the ordinary course of business. While the amounts claimed may be substantial, the
ultimate liability cannot presently be determined because of considerable uncertainties that exist. Therefore, it is possible that
the outcome of those legal proceedings, claims and litigation could adversely affect our quarterly or annual operating results
or cash flows when resolved in a future period. However, based on facts currently available, management believes such matters will
not adversely affect in any material respect our financial position, results of operations or cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in">ITEM
1A.&#9;RISK FACTORS.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to the other information set
forth in this report and the risk factors included below, you should carefully consider the factors discussed under &ldquo;Risk
Factors&rdquo; in our Annual Report on Form 10-K for the year ended December 31, 2011, which could materially affect our business,
financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>We may be unable to restructure
or repay the Plant Owners&rsquo; term and revolving debt in the aggregate amount of up to $49.5 million prior to its June 25, 2013
maturity date. Our inability to timely restructure or repay the debt will likely result in material adverse effects on us and our
direct and indirect subsidiaries, including Kinergy and the Plant Owners, and on each Plant Owner&rsquo;s ability to continue as
a going concern.</I></B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In July 2012, we extended to June
30, 2016 the maturity date in respect of $46.8 million of the Plant Owners&rsquo; term and revolving debt. The Plant Owners&rsquo;
remaining $39.5 million in debt, plus up to an additional $10.0 million in revolving debt, is due on June 25, 2013. The Plant
Owners do not and will likely not have sufficient funds to repay the up to $49.5 million in debt on or prior to its maturity.
We are therefore attempting to restructure the debt or raise additional capital. If we are unable to timely restructure the debt
or raise sufficient capital to repay the debt, we will be in default on that debt and in cross-default on the $46.8 million in
debt extended to June 30, 2016, all of which totaling $91.3 million plus up to an additional $10.0 million in revolving debt,
will be accelerated and immediately due and payable on June 25, 2013. Our inability to restructure or repay the debt prior to
its maturity will likely have a material adverse effect on us and our direct and indirect subsidiaries, including Kinergy and
the Plant Owners, and on each Plant Owner&rsquo;s ability to continue as a going concern. For example, the Plant Owners may be
forced to suspend or curtail their operations and possibly seek protection under the United States Bankruptcy Code. A material
adverse effect on the Plant Owners would likewise materially and adversely harm our business, results of operations and future
prospects.&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><B><I>We have received
a delisting notice from The NASDAQ Stock Market. Our common stock may be involuntarily delisted from trading on The NASDAQ Capital
Market if we fail to regain compliance with the minimum closing bid price requirement of $1.00 per share. A delisting of our common
stock is likely to reduce the liquidity of our common stock and may inhibit or preclude our ability to raise additional financing
and may also materially and adversely impact our credit terms with our vendors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">The quantitative listing
standards of The NASDAQ Stock Market, or NASDAQ, require, among other things, that listed companies maintain a minimum closing
bid price of $1.00 per share. We failed to satisfy this threshold for 30 consecutive trading days and on June 6, 2012, we received
a letter from NASDAQ indicating that we have been provided an initial period of 180 calendar days, or until December 3, 2012, in
which to regain compliance. The letter states that the NASDAQ staff will provide written notification that we have achieved compliance
if at any time before December 3, 2012, the bid price of our common stock closes at $1.00 per share or more for a minimum of 10
consecutive business days unless the NASDAQ staff exercises its discretion to extend this 10 day period. We may be eligible to
receive an additional 180 day compliance period if we meet some of the initial listing requirements of The NASDAQ Capital Market,
notify NASDAQ of our intent to cure the deficiency and it appears to the staff of NASDAQ that it is possible for us to cure the
deficiency. If we do not regain compliance by December 3, 2012, or, if we do not receive an additional compliance period, by 180
days thereafter, the NASDAQ staff will provide written notice that our common stock is subject to delisting. Given the increased
market volatility arising in part from economic turmoil resulting from the ongoing credit crisis, the challenging environment in
the biofuels industry and our lack of liquidity, we may be unable to regain compliance with the closing bid price requirement by
December 3, 2012 or 180 days thereafter. A delisting of our common stock is likely to reduce the liquidity of our common stock
and may inhibit or preclude our ability to raise additional financing and may also materially and adversely impact our credit terms
with our vendors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in">ITEM
2.&#9;UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unregistered Sales of Equity Securities</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.5pt">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>Purchases of Equity Securities
by the Issuer and Affiliated Purchasers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">We granted to certain
employees and directors shares of restricted stock under our 2006 Stock Incentive Plan pursuant to Restricted Stock Agreements
dated and effective as of their respective grant dates by and between us and those employees and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">We were obligated to
withhold minimum withholding tax amounts with respect to vested shares of restricted stock and upon future vesting of shares of
restricted stock granted to our employees. Each employee was entitled to pay the minimum withholding tax amounts to us in cash
or to elect to have us withhold a vested amount of shares of restricted stock having a value equivalent to our minimum withholding
tax requirements, thereby reducing the number of shares of vested restricted stock that the employee ultimately receives. If an
employee failed to timely make such election, we automatically withheld the necessary shares of vested restricted stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">For the three months
ended September 30, 2012, in connection with satisfying our withholding requirements, we withheld the following number of shares
of our common stock and remitted cash payments to cover the minimum withholding tax amounts, thereby effectively repurchasing from
the employees such number of shares of our common stock at the following deemed purchase prices:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Month</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of<BR> Shares Withheld</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Deemed Purchase<BR> Price Per Share</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Aggregate<BR> Purchase Price</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -5.8pt; padding-left: 5.8pt">July</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 49%; text-indent: -5.8pt; padding-left: 5.8pt">August</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">748</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">0.35</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">262</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -5.8pt; padding-left: 5.8pt">September</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1pt solid"></P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.5pt; border-bottom: Black 1pt solid"></P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -5.8pt; padding-left: 41.8pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">748</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">262</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividends</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">For each of the three
and nine months ended September 30, 2012 and 2011, we recorded an aggregate of $0.3 million and $0.9 million, respectively, in
dividends on our Series B Preferred Stock. We declared and paid $0.3 million and $0.9 million in dividends for the three and nine
months ended September 30, 2012, respectively. We have never declared or paid cash dividends on our common stock and do not currently
intend to pay cash dividends on our common stock in the foreseeable future. We currently anticipate that we will retain any earnings
for use in the continued development of our business. The holders of our outstanding Series B Preferred Stock are entitled to dividends
of 7% per annum, payable quarterly, none of which have been paid for the years ended December 31, 2011, 2010 and 2009. Accumulated
and unpaid dividends in respect of our Series B Preferred Stock must be paid prior to the payment of any dividends in respect of
our common stock. On August 21, 2012, we entered into an agreement with the holders of our Series B Preferred Stock, under which
we issued 2.4 million shares of our common stock in payment of $0.7 million of the $7.3 million of accrued and unpaid dividends
at that time. In addition, the holders of the Series B Preferred Stock agreed to forebear from exercising any rights they may have
with respect to the unpaid dividends until January 1, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">ITEM 3.&#9;DEFAULTS UPON
SENIOR SECURITIES.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.5pt">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">ITEM 4.&#9;MINE SAFETY
DISCLOSURES.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.5pt">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">ITEM 5.&#9;OTHER INFORMATION.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><U>2013 Annual Meeting of Stockholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We expect to hold our 2013 annual meeting
of stockholders in May or June 2013 and will hold the meeting at a time, date and location to be determined. The record date and
the time, date and location of the 2013 annual meeting of stockholders will be announced in due course. Because the date of the
2013 annual meeting is expected to change by more than 30 days from the date of the 2012 annual meeting, we desire to inform our
stockholders of the revised deadlines for stockholder proposals to be discussed and voted upon at the 2013 annual meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Proposals by stockholders that are intended
for inclusion in our proxy statement and proxy and to be presented at our 2013 annual meeting must be delivered to our Secretary
at our principal executive offices by Friday, December 21, 2012 in order to be considered for inclusion in our proxy materials.
Those proposals may be included in our proxy materials if they comply with the rules and regulations of the Securities and Exchange
Commission governing stockholder proposals as well as Section 2.14 of our bylaws, as applicable, and as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For all other proposals by stockholders
to be timely, a stockholder&rsquo;s notice must be delivered to, or mailed and received by, our Secretary at our principal executive
offices by Friday, March 8, 2013. The notice must set forth as to each matter the stockholder proposes to bring before the meeting
the information required in Section 2.14 of our bylaws and otherwise comply with that Section, which provides as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.14 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOMINATIONS
AND PROPOSALS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Nominations of persons for election to the board of
directors of the Corporation and the proposal of business to be considered by the stockholders may be made at any meeting of stockholders
only (a) pursuant to the Corporation&rsquo;s notice of meeting, (b) by or at the direction of the board of directors or (c) by
any stockholder of the Corporation who was a stockholder of record at the time of giving of notice provided for in these bylaws,
who is entitled to vote at the meeting and who complies with the notice procedures set forth in this Section 2.14; provided that
stockholder nominations of persons for election to the board of directors of the Corporation at a special meeting may only be made
if the board of directors has determined that directors are to be elected at the special meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">For nominations or other business to be properly brought
before a meeting of stockholders by a stockholder pursuant to clause (c) of the preceding sentence, the stockholder must have given
timely notice thereof in writing to the secretary of the Corporation and such other business must otherwise be a proper matter
for stockholder action. To be timely, a stockholder&rsquo;s notice must be delivered to the secretary of the Corporation not later
than: (A) in the case of an annual meeting, the close of business on the forty-fifth (45th) day before the first anniversary of
the date on which the Corporation first mailed its proxy materials for the prior year&rsquo;s annual meeting of stockholders; provided,
however, that if the date of the meeting has changed more than thirty (30) days from the date of the prior year&rsquo;s meeting,
then in order for the stockholder&rsquo;s notice to be timely it must be delivered to the secretary of the Corporation a reasonable
time before the Corporation mails its proxy materials for the current year&rsquo;s meeting; provided further, that for purposes
of the preceding sentence, a &ldquo;reasonable time&rdquo; shall conclusively be deemed to coincide with any adjusted deadline
publicly announced by the Corporation pursuant to Rule 14a-5(f) or otherwise; and (B) in the case of a special meeting, the close
of business on the seventh (7th) day following the day on which public announcement is first made of the date of the special meeting.
In no event shall the public announcement of an adjournment of a meeting of stockholders commence a new time period for the giving
of a stockholder&rsquo;s notice as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Such stockholder&rsquo;s notice shall set forth (a)
as to each person whom the stockholder proposes to nominate for election or reelection as a director all information relating to
such person that is required to be disclosed in solicitations of proxies for election of directors in an election contest, or is
otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended (or any successor
thereto, &ldquo;Exchange Act&rdquo;) and Rule 14a-11 thereunder (or any successor thereto) (including such person&rsquo;s written
consent to being named in the proxy statement as a nominee and to serving as a director if elected); (b) as to any other business
that the stockholder proposes to bring before the meeting, a brief description of the business desired to be brought before the
meeting, the reasons for conducting such business at the meeting and any material interest in such business of such stockholder
and the beneficial owner, if any, on whose behalf the proposal is made, the text of the proposal or business (including the text
of any resolutions proposed for consideration and in the event that such business includes a proposal to amend the bylaws of the
Corporation, the language of the proposed amendment); and (c) as to the stockholder giving the notice and the beneficial owner,
if any, on whose behalf the nomination or proposal is made (i) the name and address of such stockholder, as they appear on the
Corporation&rsquo;s books, and of such beneficial owner, (ii) the class and number of shares of the Corporation that are owned
beneficially and of record by such stockholder and such beneficial owner, (iii) a representation that the stockholder is a holder
of record of stock of the Corporation entitled to vote at such meeting and intends to appear in person or by proxy at the meeting
to propose such business or nomination, and (iv) a representation whether the stockholder or the beneficial owner, if any, intends
or is part of a group that intends (X) to deliver a proxy statement and/or form of proxy to holders of at least the percentage
of the Corporation&rsquo;s outstanding capital stock required to approve or adopt the proposal or elect the nominee and/or (Y)
otherwise to solicit proxies from stockholders in support of such proposal or nomination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Corporation may require any proposed nominee to
furnish such other information as it may reasonably require to determine the eligibility of such proposed nominee to serve as a
director of the Corporation. Notwithstanding any provision of these bylaws to the contrary, no business shall be conducted at a
meeting of stockholders except in accordance with the procedures set forth in this Section 2.14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">For purposes of this Section 2.14, &ldquo;public announcement&rdquo;
shall include disclosure in a press release reported by the Dow Jones News Service, Associated Press, Reuters, Market Wire or comparable
national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to
Section 13, 14 or 15(d) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Notwithstanding the foregoing provisions of this Section
2.14, a stockholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder
with respect to the matters set forth in this Section 2.14. Nothing in this Section 2.14 shall be deemed to affect any rights (1)
of stockholders to request inclusion of proposals in the Corporation&rsquo;s proxy statement pursuant to Rule 14a-8 under the Exchange
Act, if applicable to the Corporation, or (2) of the holders of any series of preferred stock to elect directors pursuant to any
applicable provisions of the certificate of incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Except as otherwise provided by law, the chairperson
of the meeting shall have the power and duty to determine whether a nomination or any business proposed to be brought before the
meeting was made or proposed, as the case may be, in accordance with the procedures set forth in this Section 2.14 and, if any
proposed nomination or business was not made or proposed in compliance with this Section 2.14, to declare that such nomination
shall be disregarded or that such proposed business shall not be transacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">ITEM 6.&#9;EXHIBITS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 12%; text-align: center">Exhibit<BR>
<U>Number</U></TD>
    <TD STYLE="vertical-align: bottom; width: 88%; text-decoration: underline">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0in">10.1</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Form of Warrant to Purchase Common Stock dated July 3, 2012 (1)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0in">10.2</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Form of Senior Unsecured Note dated July 13, 2012 (2)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0in">10.3</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Letter Agreement dated August 21, 2012 between Pacific Ethanol, Inc. and holders of Series B Preferred Stock (3)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0in">10.4</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Underwriting Agreement dated September 21, 2012 between Pacific Ethanol, Inc. and Lazard Capital Markets LLC (4)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0in">10.5</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Form of Warrant to Purchase Common Stock dated September 26, 2012 (4)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0in">10.6</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Second Amended and Restated Credit Agreement dated October 29, 2012 among Pacific Ethanol Holding Co. LLC, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia , LLC, Pacific Ethanol Stockton LLC, Pacific Ethanol Magic Valley, LLC, the Lenders referred to therein, Wells Fargo Bank, N.A. and Amarillo National Bank (*)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0in">10.7</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Credit Agreement dated October 29, 2012 among Pacific Ethanol Holding Co. LLC, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia , LLC, Pacific Ethanol Stockton LLC, Pacific Ethanol Magic Valley, LLC, the Lenders referred to therein, Wells Fargo Bank, N.A., Credit Suisse Loan Funding LLC and Amarillo National Bank (*)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0in">10.8</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Intercreditor Agreement dated October 29, 2012 among Pacific Ethanol Holding Co. LLC, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia , LLC, Pacific Ethanol Stockton LLC, Pacific Ethanol Magic Valley, LLC and Wells Fargo Bank, N.A. (*)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0in">31.1</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Certifications Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (*)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0in">31.2</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Certifications Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (*)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0in">32.1</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (*)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0in">101.INS</TD>
    <TD STYLE="text-align: left; text-indent: 0in">XBRL Instance Document (*)(5)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0in">101.SCH</TD>
    <TD STYLE="text-align: left; text-indent: 0in">XBRL Taxonomy Extension Schema (*)(5)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0in">101.CAL</TD>
    <TD STYLE="text-align: left; text-indent: 0in">XBRL Taxonomy Extension Calculation Linkbase (*)(5)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0in">101.DEF</TD>
    <TD STYLE="text-align: left; text-indent: 0in">XBRL Taxonomy Extension Definition Linkbase (*)(5)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0in">101.LAB</TD>
    <TD STYLE="text-align: left; text-indent: 0in">XBRL Taxonomy Extension Label Linkbase (*)(5)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0in">101.PRE</TD>
    <TD STYLE="text-align: left; text-indent: 0in">XBRL Taxonomy Extension Presentation Linkbase (*)(5)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(*)</TD><TD>Filed herewith.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Filed as an exhibit to the Registrant&rsquo;s current report on Form 8-K for June 28, 2012 filed with the Securities and Exchange
Commission on June 28, 2012.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Filed as an exhibit to the Registrant&rsquo;s current report on Form 8-K for July 13, 2012 filed with the Securities and Exchange
Commission on July 19, 2012.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Filed as an exhibit to the Registrant&rsquo;s current report on Form 8-K for August 21, 2012 filed with the Securities and
Exchange Commission on August 24, 2012.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Filed as an exhibit to the Registrant&rsquo;s current report on Form 8-K for September 21, 2012 filed with the Securities and
Exchange Commission on September 21, 2012.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Pursuant to applicable securities laws and regulations, we are deemed to have complied with the reporting obligation relating
to the submission of interactive data files in such exhibits and are not subject to liability under any anti-fraud provisions of
the federal securities laws as long as we have made a good faith attempt to comply with the submission requirements and promptly
amend the interactive data files after becoming aware that the interactive data files fail to comply with the submission requirements.
Users of this data are advised that, pursuant to Rule 406T, these interactive data files are deemed not filed and otherwise are
not subject to liability.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.5pt">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 192.5pt; text-indent: -192.5pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><B>PACIFIC ETHANOL, INC.</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: white 3pt solid">Dated: November 14, 2012</TD>
    <TD STYLE="border-bottom: white 3pt solid">By:</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid">/S/ BRYON T. MCGREGOR</TD>
    <TD STYLE="border-bottom: white 3pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bryon T. McGregor</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Principal Financial and Accounting Officer)</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 192.5pt; text-indent: -192.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 192.5pt; text-indent: -192.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 192.5pt; text-indent: -192.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 192.5pt; text-indent: -192.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 192.5pt; text-indent: -192.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 192.5pt; text-indent: -192.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 192.5pt; text-indent: -192.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 192.5pt; text-indent: -192.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 192.5pt; text-indent: -192.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 192.5pt; text-indent: -192.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 192.5pt; text-indent: -192.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 192.5pt; text-indent: -192.5pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBITS FILED WITH THIS REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Exhibit<BR>
<U>Number</U></TD>
    <TD STYLE="vertical-align: top; width: 88%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline">Description</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.6</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Second Amended and Restated Credit Agreement dated October 29, 2012 among Pacific Ethanol Holding Co. LLC, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia , LLC, Pacific Ethanol Stockton LLC, Pacific Ethanol Magic Valley, LLC, the Lenders referred to therein, Wells Fargo Bank, N.A. and Amarillo National Bank</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.7</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Credit Agreement dated October 29, 2012 among Pacific Ethanol Holding Co. LLC, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia , LLC, Pacific Ethanol Stockton LLC, Pacific Ethanol Magic Valley, LLC, the Lenders referred to therein, Wells Fargo Bank, N.A., Credit Suisse Loan Funding LLC and Amarillo National Bank</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.8</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Intercreditor Agreement dated October 29, 2012 among Pacific Ethanol Holding Co. LLC, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia , LLC, Pacific Ethanol Stockton LLC, Pacific Ethanol Magic Valley, LLC and Wells Fargo Bank, N.A.</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">31.1</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Certification Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">31.2</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Certification Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">32.1</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #D9EEFF">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: justify; text-indent: 0in">101.INS</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">XBRL Instance Document (*)</TD></TR>
<TR STYLE="vertical-align: top; background-color: #D9EEFF">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: justify; text-indent: 0in">101.CAL</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">XBRL Taxonomy Extension Schema (*)</TD></TR>
<TR STYLE="vertical-align: top; background-color: #D9EEFF">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: justify; text-indent: 0in">101.SCH</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">XBRL Taxonomy Extension Calculation Linkbase (*)</TD></TR>
<TR STYLE="vertical-align: top; background-color: #D9EEFF">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: justify; text-indent: 0in">101.DEF</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">XBRL Taxonomy Extension Definition Linkbase (*)</TD></TR>
<TR STYLE="vertical-align: top; background-color: #D9EEFF">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: justify; text-indent: 0in">101.LAB</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">XBRL Taxonomy Extension Label Linkbase (*)</TD></TR>
<TR STYLE="vertical-align: top; background-color: #D9EEFF">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: justify; text-indent: 0in">101.PRE</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">XBRL Taxonomy Extension Presentation Linkbase (*)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(*)&#9;Pursuant to applicable securities laws and regulations,
we are deemed to have complied with the reporting obligation relating to the submission of interactive data files in such exhibits
and are not subject to liability under any anti-fraud provisions of the federal securities laws as long as we have made a good
faith attempt to comply with the submission requirements and promptly amend the interactive data files after becoming aware that
the interactive data files fail to comply with the submission requirements. Users of this data are advised that, pursuant to Rule
406T, these interactive data files are deemed not filed and otherwise are not subject to liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">39</P>

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<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>2
<FILENAME>paceth_10q-ex1006.htm
<DESCRIPTION>SECOND AMENDED AND RESTATED CREDIT AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.6</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>SECOND AMENDED AND RESTATED CREDIT AGREEMENT</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><B>dated as of October 29, 2012</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>among</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>PACIFIC ETHANOL HOLDING CO. LLC,<BR>
PACIFIC ETHANOL MADERA LLC,<BR>
PACIFIC ETHANOL COLUMBIA, LLC,<BR>
PACIFIC ETHANOL STOCKTON LLC, and<BR>
PACIFIC ETHANOL MAGIC VALLEY, LLC,<BR>
as Borrowers,</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>PACIFIC ETHANOL HOLDING CO. LLC,<BR>
as Borrowers&rsquo; Agent,</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>THE LENDERS REFERRED TO HEREIN,</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>WELLS FARGO BANK, N.A.,<BR>
as Administrative Agent for the Lenders,</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>WELLS FARGO BANK, N.A.,<BR>
as Collateral Agent for the Senior Secured Parties,</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>and</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>AMARILLO NATIONAL BANK,<BR>
as Accounts Bank</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Page</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="width: 95%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE I</FONT> DEFINITIONS AND INTERPRETATION</TD>
    <TD STYLE="width: 5%; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 1.01</FONT><U> Defined Terms</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 1.02</FONT><U> Principles of Interpretation</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 1.03</FONT><U> UCC Terms</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 1.04</FONT><U> Accounting and Financial Determinations</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 1.05</FONT><U> Joint and Several</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE II</FONT> COMMITMENTS AND BORROWING</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 2.01</FONT><U> Term Loans</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 2.02</FONT><U> Revolving Loans</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 2.03</FONT><U> Prior Credit Agreement and Original Credit Agreement Letters of Credit</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 2.04</FONT><U> Notice of Fundings</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 2.05</FONT><U> Funding of Revolving Loans</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 2.06</FONT><U> Evidence of Indebtedness</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 2.07</FONT><U> Termination or Reduction of Commitments</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 2.08</FONT><U> Defaulting Lenders</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE III</FONT> REPAYMENTS, PREPAYMENTS, INTEREST AND FEES</TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.01</FONT><U> Repayment of Loan Fundings</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.02</FONT><U> Interest Payment Dates</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.03</FONT><U> Interest Rates</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.04</FONT><U> Default Interest Rate</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.05</FONT><U> Interest Rate Determination</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.06</FONT><U> Computation of Interest and Fees</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.07</FONT><U> Optional Prepayment</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.08</FONT><U> Mandatory Prepayment</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.09</FONT><U> Time and Place of Payments</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.10</FONT><U> Fundings and Payments Generally</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">20</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.11</FONT><U> Fees</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">20</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.12</FONT><U> Pro rata Treatment</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.13</FONT><U> Sharing of Payments</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.14</FONT><U> Termination of Interest Rate Protection Agreement in Connection with Any Prepayment</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.15</FONT><U> Prepayment Premium</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE IV</FONT> EURODOLLAR RATE AND TAX PROVISIONS</TD>
    <TD STYLE="text-align: right">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 4.01</FONT><U> Eurodollar Rate Lending Unlawful</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 4.02</FONT><U> Inability to Determine Eurodollar Rates</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 4.03</FONT><U> Increased Eurodollar Loan Costs</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">25</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 4.04</FONT><U> Obligation to Mitigate</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">25</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 4.05</FONT><U> Funding Losses</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 4.06</FONT><U> Increased Capital Costs</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 4.07</FONT><U> Taxes</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">26</TD></TR>
</TABLE>

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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE V</FONT> REPRESENTATIONS AND WARRANTIES</TD>
    <TD STYLE="text-align: right">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.01</FONT><U> Organization; Power and Compliance with Law</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.02</FONT><U> Due Authorization; Non-Contravention</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.03</FONT><U> Governmental Approvals</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.04</FONT><U> Investment Company Act</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.05</FONT><U> Validity of Financing Documents</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.06</FONT><U> Financial Information</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.07</FONT><U> No Material Adverse Effect</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.08</FONT><U> Project Compliance</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.09</FONT><U> Litigation</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.10</FONT><U> Sole Purpose Nature; Business</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.11</FONT><U> Contracts</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.12</FONT><U> Collateral</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.13</FONT><U> Ownership of Properties</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.14</FONT><U> Taxes</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.15</FONT><U> Patents, Trademarks, Etc.</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.16</FONT><U> ERISA Plans</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.17</FONT><U> Property Rights, Utilities, Supplies Etc.</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.18</FONT><U> No Defaults</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.19</FONT><U> Environmental Warranties</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">34</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.20</FONT><U> Regulations T, U and X</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.21</FONT><U> Accuracy of Information</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.22</FONT><U> Indebtedness</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.23</FONT><U> Separateness</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.24</FONT><U> Subsidiaries</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.25</FONT><U> Foreign Assets Control Regulations, Etc.</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.26</FONT><U> Employment Matters</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.27</FONT><U> Solvency</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.28</FONT><U> Legal Name and Place of Business</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.29</FONT><U> No Brokers</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.30</FONT><U> Insurance</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.31</FONT><U> Accounts</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.32</FONT><U> Interest Rate Protection Agreements</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE VI</FONT> CONDITIONS PRECEDENT</TD>
    <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 6.01</FONT><U> Conditions to Closing</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 6.02</FONT><U> Conditions to All Fundings</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>ARTICLE VII COVENANTS</TD>
    <TD STYLE="text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.01</FONT><U> Affirmative Covenants</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.02</FONT><U> Negative Covenants</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">45</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.03</FONT><U> Reporting Requirements</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">52</TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE VIII</FONT> PROJECT ACCOUNTS</TD>
    <TD STYLE="text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.01</FONT><U> Establishment of Project Accounts</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.02</FONT><U> Deposits into and Withdrawals from Project Accounts</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">57</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.03</FONT><U> Revenue Account</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">59</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.04</FONT> <U>Operating Account</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">64</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.05</FONT><U> Maintenance Capital Expense Account</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">64</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.06</FONT><U> Debt Service Reserve Account</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">64</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.07</FONT><U> Insurance and Condemnation Proceeds Accounts</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">65</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.08</FONT><U> Extraordinary Proceeds Account</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">68</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.09</FONT><U> Representations, Warranties and Covenants of Accounts Bank</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">69</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.10</FONT><U> Project Accounts</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">72</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.11</FONT><U> Project Accounts as Deposit Account</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">73</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.12</FONT><U> Duties of Accounts Bank</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">73</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.13</FONT><U> Subordination</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">74</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.14</FONT><U> Borrower Acknowledgments</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">75</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.15</FONT><U> Agreement to Hold In Trust</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">75</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.16</FONT><U> Interest and Investments</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">75</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.17</FONT><U> Accounts Bank Information</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">76</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.18</FONT><U> Notices of Suspension of Accounts</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">77</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE IX</FONT> DEFAULT AND ENFORCEMENT</TD>
    <TD STYLE="text-align: right">78</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 9.01</FONT><U> Events of Default</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">78</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 9.02</FONT><U> Action Upon Bankruptcy</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">84</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 9.03</FONT><U> Action Upon Other Event of Default</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">84</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 9.04</FONT><U> Application of Proceeds</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">85</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE X</FONT> THE AGENTS</TD>
    <TD STYLE="text-align: right">86</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.01</FONT><U> Appointment and Authority</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">86</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.02</FONT><U> Rights as a Lender or Interest Rate Protection Provider</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">88</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.03</FONT><U> Exculpatory Provisions</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">88</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.04</FONT><U> Reliance by Agents</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">91</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.05</FONT><U> Delegation of Duties</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">91</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.06</FONT><U> Resignation or Removal of Agent</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">91</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.07</FONT><U> No Amendment to Duties of Agent Without Consent</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">93</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.08</FONT><U> Non-Reliance on Agent and Other Lenders</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">93</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.09</FONT><U> Collateral Agent May File Proofs of Claim</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">93</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.10</FONT><U> Collateral Matters</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">94</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.11</FONT><U> Copies</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">94</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE XI</FONT> MISCELLANEOUS PROVISIONS</TD>
    <TD STYLE="text-align: right">95</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.01</FONT><U> Amendments, Etc.</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">95</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.02</FONT><U> Applicable Law; Jurisdiction; Etc.</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">97</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.03</FONT><U> Assignments</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">98</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.04</FONT><U> Benefits of Agreement</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">103</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.05</FONT><U> Borrowers&rsquo; Agent</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">104</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.06</FONT><U> Consultants</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">104</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.07</FONT><U> Costs and Expenses</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">104</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.08</FONT><U> Counterparts; Effectiveness</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">105</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.09</FONT><U> Indemnification by the Borrowers</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">105</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.10</FONT><U> Interest Rate Limitation</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">106</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.11</FONT><U> No Waiver; Cumulative Remedies</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">106</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.12</FONT><U> Notices and Other Communications</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">107</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.13</FONT><U> Patriot Act Notice</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">109</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.14</FONT><U> Payments Set Aside</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">110</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.15</FONT><U> Right of Setoff</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">110</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.16</FONT><U> Severability</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">110</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.17</FONT><U> Survival</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">111</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.18</FONT><U> Treatment of Certain Information; Confidentiality</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">111</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.19</FONT><U> Waiver of Consequential Damages, Etc.</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">112</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.20</FONT><U> Waiver of Litigation Payments</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">112</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.21</FONT><U> Security Procedure For Funds Transfers</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">112</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0"><B>SCHEDULES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 1.01(a) &ndash; Commitments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 5.11 &ndash; Contracts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 5.12 &ndash; UCC Filing
Offices</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 5.13(a) &ndash; Site Descriptions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 5.19(a)(i) &ndash; Environmental
Warranties</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 5.19(d)(ii) &ndash; Underground
Storage Tanks</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 5.23 &ndash; Separateness
Provisions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 5.28 &ndash; Legal Names
and Places of Business</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 5.29 &ndash; Broker Fees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 6.01(b)(iii) &ndash; Project
Document Consents</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 6.01(m)A &ndash; Initial
Budget</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 6.01(m)B &ndash; Initial
Annual Forecast</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 7.01(h) &ndash; Insurance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 7.02(a) &ndash; Bonds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 11.12 &ndash; Notice Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule A &ndash; Consent and Direction
Letter</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0"><B>EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit A &ndash; Defined Terms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit B &ndash; Intercreditor Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 2.04A &ndash; Form of Revolving
Funding Notice</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 2.06 &ndash; Form of Note</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 3.03 &ndash; Form of Interest
Period Notice</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 4.07 &ndash; Form of Non-U.S.
Lender Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 7.01(t)A &ndash; Form of
Estoppel Certificate (Stockton)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 7.01(t)B &ndash; Form of
Estoppel Certificate (Boardman)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 7.03(l) &ndash; Form of Operating
Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 8.03 &ndash; Form of Revenue
Account Withdrawal Certificate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 8.04 &ndash; Form of Operating
Account Withdrawal Certificate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 8.06 &ndash; Form of Debt
Service Reserve Release Certificate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 8.07 &ndash; Form of Insurance
and Condemnation Proceeds Request Certificate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 8.08 &ndash; Form of Extraordinary
Proceeds Release Notice</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 11.03 &ndash; Form of Lender
Assignment Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 11.21 &ndash; Security Procedures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">This SECOND AMENDED AND RESTATED CREDIT
AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;), dated as of October 29, 2012, is by and among PACIFIC ETHANOL HOLDING CO. LLC,
a Delaware limited liability company (&ldquo;<U>Pacific Holding</U>&rdquo;), PACIFIC ETHANOL MADERA LLC, a Delaware limited liability
company (&ldquo;<U>Madera</U>&rdquo;), PACIFIC ETHANOL COLUMBIA, LLC, a Delaware limited liability company (&ldquo;<U>Boardman</U>&rdquo;),
PACIFIC ETHANOL STOCKTON LLC, a Delaware limited liability company (&ldquo;<U>Stockton</U>&rdquo;), and PACIFIC ETHANOL MAGIC VALLEY,
LLC, a Delaware limited liability company (&ldquo;<U>Burley</U>&rdquo; and, together with Pacific Holding, Madera, Boardman and
Stockton, the &ldquo;<U>Borrowers</U>&rdquo;), Pacific Holding, as Borrowers&rsquo; Agent, each of the Lenders from time to time
party hereto, WELLS FARGO BANK, N.A., as administrative agent for the Lenders, WELLS FARGO BANK, N.A., as collateral agent for
the Senior Secured Parties and AMARILLO NATIONAL BANK, as accounts bank, and amends and restates the Prior Credit Agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
on May&nbsp;17, 2009 (the &ldquo;<U>Petition Date</U>&rdquo;), the predecessor in interest of each Borrower (collectively, the
&ldquo;<U>Debtors</U>&rdquo;) commenced Chapter&nbsp;11 Case Nos. 09-11713 through 09-11717 (collectively, the &ldquo;<U>Chapter&nbsp;11
Cases</U>&rdquo;) by filing voluntary petitions for reorganization under the Bankruptcy Code with the United States Bankruptcy
Court for the District of Delaware (the &ldquo;<U>Bankruptcy Court</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
prior to the Petition Date, certain Lenders (as defined below) or their predecessors in interest provided financing to each Debtor
pursuant to the Credit Agreement, dated as of February 27, 2007, among each Debtor, the other parties signatory thereto, and each
such Lender or its predecessor in interest (as amended, modified or supplemented through the Petition Date, the &ldquo;<U>Pre-Petition
Credit Agreement</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
after the Petition Date, certain Lenders or their predecessors in interest provided each Debtor a senior secured, superpriority
credit facility to fund the working capital requirements of the Debtors during the pendency of the Chapter&nbsp;11 Cases (as amended,
modified or supplemented to the Closing Date, the &ldquo;<U>DIP Credit Agreement</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
on April 16, 2010 the Debtors filed with the Bankruptcy Court the Debtors&rsquo; Amended Joint Plan of Reorganization Under Chapter
11 of the Bankruptcy Code (as amended, modified or supplemented to the Closing Date, the &ldquo;<U>Reorganization Plan</U>&rdquo;)
providing for payment in full of DIP Advance Claims and related Disclosure Statement (as such term is defined in the Reorganization
Plan);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
on April 23, 2010 the Bankruptcy Court approved the Disclosure Statement for distribution to holders of Claims and Equity Interests
(as each such term is defined in the Reorganization Plan);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
the Reorganization Plan contemplated, among other things, the establishment of the Exit Facility (as such term is defined therein)
the proceeds of which were to be used to (a) satisfy certain claims in the Chapter 11 Cases in respect of the Pre-Petition Credit
Agreement and the DIP Credit Agreement, (b) finance certain costs of the confirmation of the Reorganization Plan, (c) finance the
ownership and operation or Cold Shutdown of four (4) denatured ethanol production facilities located in or near Madera, California,
Boardman, Oregon, Stockton, California and Burley, Idaho and (d) pay certain fees and expenses associated with the Original Credit
Agreement and the Loans, in each case as further described therein;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
on August 1, 2011, the parties thereto entered into the Prior Credit Agreement (prior to the effectiveness of the First Amendment
thereto) to amend and restate the Original Credit Agreement upon the terms and conditions set forth therein, and thereafter the
parties thereto entered in the First Amendment; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
the parties hereto have agreed to amend and restate the Prior Credit Agreement with respect to the obligations set forth therein,
and each such party is willing to amend and restate the Prior Credit Agreement upon the terms and subject to the conditions set
forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOW,
THEREFORE</B></FONT>, the parties hereto agree that upon the occurrence of the Restatement Effective Date, the Prior Credit Agreement
is hereby amended and restated to read in its entirety as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
I<BR>
<BR>
</FONT>DEFINITIONS AND INTERPRETATION</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
1.01 </FONT><U>Defined Terms</U>. Capitalized terms used in this Agreement, including its preamble and recitals, shall, except
as otherwise defined herein or where the context otherwise requires, have the meanings provided in <U>Exhibit A</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
1.02 </FONT><U>Principles of Interpretation</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Unless otherwise
defined or the context otherwise requires, terms for which meanings are provided in this Agreement shall have the same meanings
when used in each Financing Document, notice and other communication delivered from time to time in connection with any Financing
Document.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless the context requires otherwise, any reference in this Agreement to any Transaction Document shall mean such Transaction
Document and all schedules, exhibits and attachments thereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All the agreements, contracts or documents defined or referred to herein shall mean such agreements, contracts or documents
as the same may from time to time be supplemented or amended or the terms thereof waived or modified to the extent permitted by,
and in accordance with, the terms thereof and this Agreement, and shall disregard any supplement, amendment or waiver made in breach
of this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any reference in any Financing Document relating to a Default or an Event of Default that has occurred and is continuing
(or words of similar effect) shall be understood to mean that (i) in the case of a Default only, such Default has not been cured
or remedied, or has not been waived in the manner set forth herein, before becoming an Event of Default and (ii) in the case of
an Event of Default, such Event of Default has not been waived in the manner set forth herein.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;knowledge&rdquo; in relation to the Borrowers, and any other similar expressions, shall mean knowledge of
each of the Borrowers after due inquiry.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Defined terms in this Agreement shall include in the singular number the plural and in the plural number the singular.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The words &ldquo;herein,&rdquo; &ldquo;hereof&rdquo; and &ldquo;hereunder&rdquo; and words of similar import when used in
this Agreement shall, unless otherwise expressly specified, refer to this Agreement as a whole and not to any particular provision
of this Agreement and all references to Articles, Sections, Exhibits and Schedules shall be references to Articles, Sections, Exhibits
and Schedules of this Agreement, unless otherwise specified.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The words &ldquo;include,&rdquo; &ldquo;includes&rdquo; and &ldquo;including&rdquo; are not limiting.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The word &ldquo;or&rdquo; is not exclusive.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any reference to any Person shall include its permitted successors and permitted assigns in the capacity indicated, and
in the case of any Governmental Authority, any Person succeeding to its functions and capacities.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All references in the Financing Documents to the &ldquo;Required Lenders&rdquo; without reference to a Class or Classes
shall refer to the Required Lenders of the Revolving Loan Class and the Required Lenders of the Tranche A-1 Term Loan Class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any reference to an Exhibit or Schedule
to this Agreement, which Exhibit or Schedule is not attached hereto, shall be deemed to be a reference to the corresponding Exhibit
or Schedule, as applicable, of the Original Credit Agreement (or if applicable, the Prior Credit Agreement), which Exhibit or Schedule
shall be deemed modified to refer to this Agreement rather than the Original Credit Agreement and refer to the Administrative Agent
or Collateral Agent, as applicable, and to the applicable provisions under this Agreement rather than under the Original Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
1.03 </FONT><U>UCC Terms</U>. Unless otherwise defined herein, terms used herein that are defined in the UCC shall have the respective
meanings given to those terms in the UCC.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
1.04 </FONT><U>Accounting and Financial Determinations</U>. Unless otherwise specified, all accounting terms used in any Financing
Document shall be interpreted, all accounting determinations and computations hereunder or thereunder shall be made, and all financial
statements required to be delivered hereunder or thereunder shall be prepared, in accordance with GAAP.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
1.05 </FONT><U>Joint and Several</U>. Subject to <U>Section 1.05(b)</U>, the Obligations of each Borrower under this Agreement
and each other Financing Document to which any Borrower is a party shall constitute the joint and several obligations of all Borrowers.
All representations, warranties, undertakings, agreements and obligations of each Borrower expressed or implied in this Agreement
or any other Financing Document shall, unless the context requires otherwise, be deemed to be made, given or assumed by the Borrowers
jointly and severally.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Borrowers, the Administrative Agent and the Lenders hereby confirms that it is the intention of all such Persons
that this Agreement and the other Financing Documents and the Obligations of each Borrower hereunder and thereunder not constitute
a fraudulent transfer or conveyance for purposes of any Debtor Relief Laws, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar foreign, federal or state law, to the extent applicable to this Agreement or such other
Financing Document and the Obligations of each Borrower hereunder and thereunder. To effectuate the foregoing intention, the Administrative
Agent, the Lenders and the Borrowers hereby irrevocably agree that the Obligations of each Borrower at any time shall be limited
to the maximum amount as will result in the Obligations of such Borrower not constituting a fraudulent transfer or conveyance.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
II<BR>
<BR>
</FONT>COMMITMENTS AND BORROWING</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">On the terms, subject to the conditions
and relying upon the representations and warranties herein set forth:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2.01 </FONT><U>Term Loans</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Each Tranche A-1 Lender made,
severally and not jointly, on the terms and conditions of this Agreement, loans (each such loan, a &ldquo;<U>Tranche A-1 Term
Loan</U>&rdquo;) to the Borrowers on the Closing Date, in an aggregate principal amount equal to such Tranche A-1 Lender&rsquo;s
Tranche A-1 Term Loan Commitment. Pursuant to the First Amendment and pursuant to <U>Section 3.02 (<I>Interest Payment Dates</I>)</U>,
the Extending Lenders have agreed to accept certain payments of interest on the Revolving Loans and the Tranche A-1 Term Loans
in the form of additional Tranche A-1 Term Loans, each of which interest payments are deemed to be Tranche A-1 Term Loans hereunder.
The Lenders hereby agree that, as of the Restatement Effective Date, the outstanding principal amounts of the Tranche A-1 Term
Loans (as of the end of the Interest Period immediately prior to the Interest Period in which the Restatement Effective Date occurs)
of each Lender are set forth on <U>Schedule 1.01(a)</U>, it being understood that such amounts do not included any Capitalized
Interest that has accrued on Tranche A-1 Term Loans or Revolving Loans during the Interest Period in which the Restatement Effective
Date occurs. For the avoidance of doubt, the aggregate principal balance of the outstanding Tranche A-1 Term Loans of any Extending
Lender may exceed such Lender&rsquo;s Tranche A-1 Term Loan Commitment, and the aggregate principal balance of the outstanding
Tranche A-1 Term Loans of all Extending Lenders may exceed the Aggregate Term Commitments of Tranche A-1 Lenders that are Extending
Lenders, in each case solely as the result of the payment of Capitalized Interest in accordance with <U>Section 3.02(a) (<I>Interest
Payment Dates</I>)</U>. After giving effect to any Capitalized Interest that has accrued and become a Tranche A-1 Term Loan, the
pro rata allocations among the Lenders shall be adjusted accordingly.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Tranche A-2 Lender was deemed to have made loans (each such loan, a &ldquo;<U>Tranche A-2 Term Loan</U>&rdquo;) to
the Borrowers on the Closing Date, in an aggregate principal amount equal to such Tranche A-2 Lender&rsquo;s Tranche A-2 Term Loan
Commitment. As of the Restatement Effective Date, the outstanding principal amount of the Tranche A-2 Term Loans of each Lender
are set forth on <U>Schedule 1.01(a)</U>.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Proceeds of the Tranche A-1 Term Loans were used solely for the payment of amounts due in respect of DIP Advance Claims.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Pursuant to the Reorganization Plan, Roll-Up Claims were deemed to be converted to Tranche A-2 Term Loans.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Term Loans repaid or prepaid may not be reborrowed.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2.02 </FONT><U>Revolving Loans</U>. (a) Each Revolving Lender agrees, severally and not jointly, on the terms and conditions of
this Agreement, to make loans (each such loan, a &ldquo;<U>Revolving Loan</U>&rdquo;) to the Borrowers, from time to time but
not more frequently than six (6) times each calendar month, until the last Business Day immediately preceding the Maturity Date,
in an aggregate principal amount at any one time outstanding not to exceed the Revolving Loan Commitment of such Revolving Lender;
provided<I>,</I> that the aggregate principal amount of the Revolving Loans of all Lenders at any one time outstanding shall not
exceed the Aggregate Revolving Loan Commitment. Pursuant to the First Amendment, $5,000,000 in &ldquo;Additional Revolving Loans&rdquo;
(as defined in the First Amendment) were made available to the Borrowers. The Lenders hereby agree that, as of the Restatement
Effective Date, all Revolving Loans, including such &ldquo;Additional Revolving Loans&rdquo;, shall be deemed to be held pro rata
among the Revolving Lenders, in accordance with their Revolving Loan Commitment Percentages. The Lenders hereby agree that, as
of the Restatement Effective Date, the outstanding principal amounts of the Revolving Loans of each Lender are set forth on <U>Schedule
1.01(a)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Funding of Revolving Loans shall be in the minimum amount of one hundred thousand Dollars ($100,000).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Proceeds of each Revolving Loan shall be deposited into the Revenue Account (or as otherwise agreed by the Administrative
Agent, at the direction of the Required Lenders, and specified by the Borrowers&rsquo; Agent in the relevant Funding Notice) and
applied solely in accordance with this Agreement and shall be used solely in accordance with the then-current Budget.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Within the limits set forth in <U>Section 2.02(a)</U> and subject to the Intercreditor Agreement, the Borrowers may pay
or prepay and reborrow Revolving Loans.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2.03 </FONT><U>Prior Credit Agreement and Original Credit Agreement Letters of Credit</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
</FONT>The Prior Credit Agreement (prior to the effectiveness of the First Amendment), provided for a letter of credit facility.
No letters of credit are outstanding under the Prior Credit Agreement and no letters of credit may be issued under this Agreement.
The provisions of Section 11.07 and 11.09 shall continue in effect for the benefit of WestLB (in its capacity as issuing bank
under the Prior Credit Agreement (prior to the effectiveness of the First Amendment) and the Original Credit Agreement) and its
Related Parties in respect of any actions taken or omitted to be taken by any of them while WestLB was issuing bank under such
agreements.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2.04 </FONT><U>Notice of Fundings</U>. (a) From time to time, but not more frequently than six times per calendar month (and,
with respect to the Tranche A-1 Term Loans, only on the Closing Date), the Borrowers may propose a Funding by delivering to the
Administrative Agent a properly completed Funding Notice not later than 12:00 noon, New York City time, five (5) Business Days
prior to the proposed Funding Date; provided that in the case of the Loans to be made on the Closing Date such five (5) Business
Days period is hereby waived. Each Funding Notice delivered pursuant to this <U>Section 2.04</U> shall be irrevocable and shall
refer to this Agreement and specify (i) whether such Funding is requested to be of Eurodollar Loans and/or Base Rate Loans, (ii)
the requested Funding Date (which shall be a Business Day), (iii) the amount of such requested Funding and (iv) the Loan(s) with
respect to which such Funding is requested. The Tranche A-2 Term Loans shall initially be Base Rate Loans.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Administrative Agent shall promptly advise (i) each Tranche A-1 Lender of the Term Funding Notice and (ii) each Revolving
Lender of any Revolving Funding Notice, in each case given pursuant to this <U>Section 2.04</U>, and of each such Lender&rsquo;s
portion of the requested Funding.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2.05 </FONT><U>Funding of Revolving Loans</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Subject to <U>Section
2.05(d)</U>, each Funding of Revolving Loans shall consist of Loans made by the Revolving Lenders ratably in accordance with their
respective applicable Revolving Loan Commitment Availability Percentages (subject to <U>Section 2.02(a)</U>), and shall consist
of Eurodollar Loans or Base Rate Loans as the Borrowers may request pursuant to <U>Section 2.04 (<I>Notice of Fundings</I>)</U>;
provided<I>,</I> that the failure of any Lender to make any Loan shall not in itself relieve any other Lender of its obligation
to lend hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to make
any Loan required to be made by such other Lender).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to <U>Section 4.04 (<I>Obligation to Mitigate</I>)</U>, each Lender may (without relieving any Borrower of its obligation
to repay a Loan in accordance with the terms of this Agreement and the Notes) at its option fulfill its Commitment with respect
to any such Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that the use
of such domestic or foreign branch does not result in any increased costs payable by any of the Borrowers hereunder.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to <U>Section 2.05(d)</U>, (i) each Tranche A-1 Lender made a Loan in the amount of its applicable Commitment Percentage
of the Funding of Tranche A-1 Term Loans hereunder on the Closing Date by wire transfer of immediately available funds to the Administrative
Agent, not later than 11:00 a.m., New York City time, and the Administrative Agent shall apply the amounts so received as directed
by the Borrower in the manner set forth in the Funding Notice to the payment of DIP Advance Claims, (ii) each Tranche A-2 Lender
was deemed to have made a Loan in the amount of its applicable Commitment Percentage of the Funding of Tranche A-2 Term Loans hereunder
on the Closing Date in replacement of Roll-Up Claims and (iii) each Revolving Lender shall make a Loan in the amount of its applicable
Revolving Loan Commitment Availability Percentage (subject to <U>Section 2.02(a)</U>) of each Funding of Revolving Loans hereunder
on the proposed Funding Date by wire transfer of immediately available funds to the Administrative Agent, not later than 11:00
a.m. New York City time, and the Administrative Agent shall transfer the amounts so received to the Accounts Bank for deposit into
the Revenue Account in the amount set forth in the Funding Notice (or as otherwise agreed by the Administrative Agent, at the direction
of the Required Lenders, and specified in the relevant Funding Notice); provided<I>,</I> that if a Funding does not occur on the
proposed Funding Date because any condition precedent to such requested Funding herein specified has not been met and not all Lenders
have made their respective Loans on such date, the Administrative Agent shall return any amounts so received to the respective
Lenders without interest.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless the Administrative Agent has been notified in writing by any Revolving Lender prior to a proposed Funding Date that
such Revolving Lender will not make available to the Administrative Agent its portion of the Funding proposed to be made on such
date, the Administrative Agent may assume that such Lender has made such amounts available to the Administrative Agent on such
date and the Administrative Agent in its sole discretion may, in reliance upon such assumption, make available to the Borrowers
a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender and
the Administrative Agent has made such amount available to the Borrowers, the Administrative Agent shall be entitled to recover
such corresponding amount on demand from such Lender and, if such Lender pays such amount (together with the interest noted below),
then the amount so paid shall constitute such Lender&rsquo;s Loan included in such Funding. If such Lender does not pay such corresponding
amount forthwith upon the Administrative Agent&rsquo;s demand, the Administrative Agent shall promptly notify the Borrowers and
the Borrowers shall immediately repay such corresponding amount to the Administrative Agent. The Administrative Agent shall also
be entitled to recover from such Lender or the Borrowers, as the case may be, interest on such corresponding amount in respect
of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrowers to the date
such corresponding amount is recovered by the Administrative Agent, at an interest rate <I>per annum</I> equal to (i) in the case
of a payment made by such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment made by the Borrowers, the
Base Rate plus the Applicable Margin. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its commitment
hereunder. Notwithstanding anything to the contrary in this Agreement or any other Financing Document, the Administrative Agent
may, subject to the Intercreditor Agreement and the rights of the other Senior Secured Parties under the Security Documents and
with prior notice to the Borrowers, apply all funds and proceeds of Collateral available for the payment of any Obligation to repay
any amount owing by any Lender to the Administrative Agent as a result of such Lender&rsquo;s failure to fund its applicable share
of any Funding hereunder. A notice of the Administrative Agent to any Lender or the Borrowers with respect to any amounts owing
under this <U>Section 2.05(d)</U> shall be conclusive, absent manifest error.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2.06 </FONT><U>Evidence of Indebtedness</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Each Loan made
by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent
in the ordinary course of business, including the Register for the recordation of the Loans maintained by the Administrative Agent
in accordance with the provisions of <U>Section 11.03(c) (<I>Assignments</I>)</U>. The accounts or records maintained by the Administrative
Agent and each Lender shall be conclusive evidence, absent manifest error, of the amount of the Loans made by the Lenders to the
Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or
otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event
of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent
in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers agree that in addition to the Register and any other accounts and records maintained pursuant to <U>Section
2.06(a)</U>, the Loans made by each Lender shall be evidenced, in each case when requested by a Lender, by a Note or Notes duly
executed on behalf of each Borrower, dated the Closing Date (or, if later, the date of any such request), payable to the order
of such Lender in a principal amount equal to such Lender&rsquo;s Revolving Loan Commitment, Tranche A-1 Term Loan Commitment or
Tranche A-2 Term Loan Commitment, as applicable. Each Lender may attach schedules to its Note and endorse thereon the date, amount
and maturity of its Loan and payments with respect thereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2.07 </FONT><U>Termination or Reduction of Commitments</U>. (a) Any unused Commitments shall be automatically and permanently
terminated on the Maturity Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event of any prepayment of the Revolving Loans pursuant to <U>Section 3.08 (<I>Mandatory Prepayment</I>)</U>, the
Revolving Loan Commitments shall be automatically and permanently reduced in an amount equal to such prepayment.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any unused Commitments shall be terminated upon the occurrence of an Event of Default if and to the extent required pursuant
to <U>Section 9.02 (<I>Action upon Bankruptcy</I>)</U> or <U>Section 9.03 (<I>Action Upon Other Event of Default</I>)</U> in accordance
with the terms thereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2.08 </FONT><U>Defaulting Lenders</U>. Anything contained herein to the contrary notwithstanding, in the event that any Lender,
other than at the direction or request of any regulatory agency or authority or due to a temporary disruption in the financial
markets generally, defaults (such Lender, and each Affiliate of such Lender that is a Lender, a &ldquo;<U>Defaulting Lender</U>&rdquo;)
in its obligation to fund (a &ldquo;<U>Funding Default</U>&rdquo;) any Loan (in each case, a &ldquo;<U>Defaulted Loan</U>&rdquo;),
then (i) during any Default Period with respect to such Defaulting Lender, such Defaulting Lender shall be a Non-Voting Lender;
and (ii) to the extent permitted by applicable law, during any Default Period and until such time as the Default Excess with respect
to such Defaulting Lender shall have been reduced to zero, (A) any voluntary prepayment of the Loans shall be applied to the outstanding
Loans of Lenders other than Defaulting Lenders prior to the outstanding Loans of the Defaulting Lenders, (B) any mandatory prepayment
of the Loans shall be applied to the outstanding Loans of Lenders other than Defaulting Lenders prior to the outstanding Loans
of the Defaulting Lenders, (C) such Defaulting Lender shall not be entitled to receive any Commitment Fee pursuant to <U>Section
3.11 (<I>Fees</I>)</U> with respect to such Defaulting Lender&rsquo;s Commitment; and (D) availability of Loans pursuant to <U>Section
2.01(a) (<I>Term Loans</I>)</U> and <U>Section 2.02(a) (<I>Revolving Loans</I></U><I>)</I> shall, as at any date of determination,
be calculated as if such Defaulting Lender had funded all Defaulted Loans of such Defaulting Lender. No Commitment of any Lender
shall be increased or otherwise affected, and, except as otherwise expressly provided in this <U>Section 2.08</U>, performance
by the Borrowers of their obligations hereunder and the other Financing Documents shall not be excused or otherwise modified as
a result of any Funding Default or the operation of this <U>Section 2.08</U>. The rights and remedies against a Defaulting Lender
under this <U>Section 2.08</U> are in addition to other rights and remedies which the Borrowers may have against such Defaulting
Lender with respect to any Funding Default and which the Administrative Agent or any Lender may have against such Defaulting Lender
with respect to any Funding Default.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
III<BR>
<BR>
</FONT>REPAYMENTS, PREPAYMENTS, INTEREST AND FEES</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.01 </FONT><U>Repayment of Loan Fundings</U>. The Borrowers unconditionally and irrevocably promise to pay in full to the Administrative
Agent, for the ratable account of each Lender, the aggregate outstanding principal amount of the Loans on the Maturity Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.02 </FONT><U>Interest Payment Dates</U>. (a) Interest accrued on each Loan shall be payable, without duplication:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>on the Maturity Date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>with respect to Eurodollar Loans, the last day of each applicable Interest Period or, if applicable, any date on which such
Eurodollar Loan is converted to a Base Rate Loan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>with respect to Base Rate Loans, on each Monthly Date or, if applicable, any date on which such Base Rate Loan is converted
to a Eurodollar Loan; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>with respect to any Loan, on any date when such Loan is prepaid hereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>provided</U></FONT>
that, notwithstanding the foregoing, so long as no Default or Event of Default has occurred and is continuing, interest otherwise
payable in cash with respect to any period prior to the Original Maturity Date on the Extended Loans pursuant to the foregoing
clauses (ii) or (iii) may, at the option of the Borrowers&rsquo; Agent by written notice to Administrative Agent and Extending
Lenders at least two (2) Business Days prior to the date of the required payment, be paid in the form of new, pro rata Tranche
A-1 Term Loans (which Tranche A-1 Term Loans shall constitute Extended Loans), which shall be deemed incurred by the Borrower on
the relevant interest payment date. Amounts added to the Tranche A-1 Term Loans in accordance with the foregoing proviso shall
be referred to herein as &ldquo;<U>Capitalized Interest</U>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Interest accrued on the Loans or other monetary Obligations after the date such amount is due and payable (whether on the
Maturity Date, any Monthly Date, any Interest Payment Date, upon acceleration or otherwise) shall be payable, subject to the Intercreditor
Agreement, upon demand.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the Intercreditor Agreement, interest hereunder shall be due and payable in accordance with the terms hereof,
before and after judgment, regardless of whether an Insolvency Proceeding exists in respect of any Borrower, and to the fullest
extent permitted by law, the Lenders shall be entitled to receive post-petition interest during the pendency of an Insolvency Proceeding.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.03 </FONT><U>Interest Rates</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Pursuant to each properly
delivered Funding Notice and Interest Period Notice, (i) the Eurodollar Loans shall accrue interest at a rate <I>per annum</I>
during each Interest Period applicable thereto equal to the sum of the Eurodollar Rate for such Interest Period plus the Applicable
Margin and (ii) each Base Rate Loan shall accrue interest at a rate <I>per annum</I> during each Monthly Period equal to the sum
of the Base Rate for such Monthly Period plus the Applicable Margin. Any Revolving Loan made within thirty (30) days of the Maturity
Date shall be a Base Rate Loan.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On or before 12:00 noon, New York City time, at least four (4) Business Days prior to the end of each Interest Period for
each Eurodollar Loan, the Borrowers shall, and at least four (4) Business Days prior to the end of any Monthly Period for any Base
Rate Loans, the Borrowers may, deliver to the Administrative Agent an Interest Period Notice setting forth the Borrowers&rsquo;
election (i) to continue any such Eurodollar Loan as (or convert any such Base Rate Loan to) a Eurodollar Loan or (ii) to convert
any such Eurodollar Loan to a Base Rate Loan at the end of the then-current Interest Period; provided<I>,</I> that if an Event
of Default has occurred and is continuing, all Eurodollar Loans shall automatically convert into Base Rate Loans at the end of
the then-current Interest Periods. Each such election with respect to the Tranche A-1 Term Loans shall also apply to the Tranche
A-2 Term Loans. Upon the waiver or cure of such Event of Default, the Borrowers shall have the option to continue such Loans as
Base Rate Loans and/or to convert such Loans to Eurodollar Loans (by delivery of an Interest Period Notice), subject to the notice
periods set forth above. Notwithstanding anything to the contrary, any portion of the Loans maturing in less than one month may
not be continued as, or converted to, Eurodollar Loans and will automatically convert to Base Rate Loans at the end of the then-current
Interest Period.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Borrowers fail to deliver an Interest Period Notice in accordance with <U>Section 3.03(b)</U> with respect to any
Eurodollar Loan, such Eurodollar Loan shall automatically continue as a Eurodollar Loan.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Eurodollar Loans shall bear interest from and including the first day of the applicable Interest Period to (and excluding)
the last day of such Interest Period at the interest rate determined as applicable to such Eurodollar Loan.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary, the Borrowers shall have, in the aggregate, no more than eight (8) separate Eurodollar
Loans outstanding at any one time. For purposes of the foregoing, all Eurodollar Loans commencing on the same day of a month (notwithstanding
that such Eurodollar Loans commence in different months) shall be considered a single Eurodollar Loan.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Base Rate Loans shall bear interest from and including the first day of each Monthly Period (or the day on which Eurodollar
Loans are converted to Base Rate Loans as required under <U>Section 3.03(b)</U> or under <U>Article IV (<I>Eurodollar Rate and
Tax Provisions</I>)</U>) to (and including) the next succeeding Monthly Date at the interest rate determined as applicable to such
Base Rate Loan.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.04 </FONT><U>Default Interest Rate</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If all or a portion of (i) the principal amount of any Tranche A-1 Term Loan is not paid when due (whether on the Maturity
Date, by acceleration or otherwise), at the election of the Required Lenders of the Tranche A-1 Term Loan Class (which election
may be rescinded by the Required Lenders of the Tranche A-1 Term Loan Class) such overdue amount shall bear interest at a rate
<I>per annum</I> equal to the rate that would otherwise be applicable thereto <U>plus</U> two percent (2%), (ii) the principal
amount of any Tranche A-2 Term Loan is not paid when due (whether on the Maturity Date, by acceleration or otherwise), at the election
of the Required Lenders of the Tranche A-2 Term Loan Class (which election may be rescinded by the Required Lenders of the Tranche
A-2 Term Loan Class) such overdue amount shall bear interest at a rate <I>per annum</I> equal to the rate that would otherwise
be applicable thereto <U>plus</U> two percent (2%), (iii) the principal amount of any Revolving Loan is not paid when due (whether
on the Maturity Date, by acceleration or otherwise), at the election of the Required Lenders of the Revolving Loan Class (which
election may be rescinded by the Required Lenders of the Revolving Loan Class) such overdue amount shall bear interest at a rate
<I>per annum</I> equal to the rate that would otherwise be applicable thereto <U>plus</U> two percent (2%) or (iv) any Obligation
(other than principal on the Loans) is not paid when due (whether on the Maturity Date, by acceleration or otherwise), at the election
of the Required Lenders of the Revolving Loan Class and the Required Lenders of the Tranche A-1 Term Loan Class (which election
may be rescinded by the Required Lenders of the Revolving Loan Class and the Required Lenders of the Tranche A-1 Term Loan Class)
such overdue amount shall bear interest at a rate <I>per annum</I> equal to the rate then applicable to Base Rate Loans <U>plus</U>
two percent (2%) (the rate in effect plus such two percent (2%) <I>per annum</I>, the &ldquo;<U>Default Rate</U>&rdquo;), in each
case, with respect to clauses (i), (ii), (iii) and (iv) above, from the date of such non-payment until such amount is paid in full
(after as well as before judgment).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the occurrence and during the continuance of any Event of Default (other than an Event of Default specified in <U>Section
3.04(a)</U>), at the election of the Required Lenders of the Tranche A-1 Term Loan Class (which election may be rescinded by the
Required Lenders of the Tranche A-1 Term Loan Class) the Borrowers shall pay interest (after as well as before judgment) on the
Tranche A-1 Term Loans at a rate per annum equal to the rate then applicable to Base Rate Loans <U>plus</U> two percent (2%) until
such Event of Default is cured or waived.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the occurrence and during the continuance of any Event of Default (other than an Event of Default specified in <U>Section
3.04(a)</U>), at the election of the Required Lenders of the Tranche A-2 Term Loan Class (which election may be rescinded by the
Required Lenders of the Tranche A-2 Term Loan Class) the Borrowers shall pay interest (after as well as before judgment) on the
Tranche A-2 Term Loans at a rate per annum equal to the rate then applicable to Base Rate Loans <U>plus</U> two percent (2%) until
such Event of Default is cured or waived.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the occurrence and during the continuance of any Event of Default (other than an Event of Default specified in <U>Section
3.04(a)</U>), at the election of the Required Lenders of the Revolving Loan Class (which election may be rescinded by the Required
Lenders of the Revolving Loan Class) the Borrowers shall pay interest (after as well as before judgment) on the Revolving Loans
at a rate per annum equal to the rate then applicable to Base Rate Loans <U>plus</U> two percent (2%) until such Event of Default
is cured or waived.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.05 </FONT><U>Interest Rate Determination</U>. The Administrative Agent shall determine the interest rate applicable to the Loans
in accordance with the terms of this Agreement, and shall give prompt notice to the Borrowers and the Lenders of such determination,
and its determination thereof shall be conclusive in the absence of manifest error.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.06 </FONT><U>Computation of Interest and Fees</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) All computations
of interest for Base Rate Loans when the Base Rate is determined by Wells Fargo&rsquo;s &ldquo;prime rate&rdquo; shall be made
on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All computations of interest for Eurodollar
Loans and for Base Rate Loans when the Base Rate is determined by the Federal Funds Effective Rate shall be made on the basis
of a 360-day year and actual days elapsed.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion
thereof, for the day on which the Loan or such portion is paid; provided<I>,</I> that any Loan that is repaid on the same day on
which it is made shall bear interest for one (1) day.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for
all purposes, absent manifest error.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.07 </FONT><U>Optional Prepayment</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Subject to the Intercreditor
Agreement, the Borrowers shall have the right at any time, and from time to time, to prepay the Revolving Loans and the Tranche
A-1 Term Loans (and, following payment in full of the Revolving Loans and the Tranche A-1 Term Loans, the Tranche A-2 Term Loans),
in whole or in part, upon not fewer than three (3) Business Days&rsquo; prior written notice to the Administrative Agent from
the Borrowers&rsquo; Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any partial prepayment of such Loans shall be in a minimum amount of five hundred thousand Dollars ($500,000) and in integral
multiples of one hundred thousand Dollars ($100,000) in excess thereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each notice of prepayment given by the Borrowers&rsquo; Agent under this <U>Section 3.07</U> shall specify the prepayment
date and the portion of the principal amount of such Loans to be prepaid. All prepayments under this <U>Section 3.07</U> shall
be made by the Borrowers to the Administrative Agent for the account of the applicable Lenders and shall be accompanied by accrued
interest on the principal amount being prepaid to but excluding the date of payment and by any additional amounts required to be
paid under <U>Section 4.05 (<I>Funding Losses</I>)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Amounts of principal prepaid under this <U>Section 3.07</U> shall be allocated by the Administrative Agent as follows, subject
to the terms of the Intercreditor Agreement:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>Until such time as the (A) Revolving Loans that do not constitute Extended Loans and the Tranche A-1 Term Loans that do not
constitute Extended Loans have been finally and fully paid and (B) Tranche A-2 Loans have been finally and fully paid:</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>first</U></FONT>,
to the payment of all fees then due and payable to the Agents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>second</U></FONT>,
to the payment of all costs, fees, expenses and indemnities then due and payable to the Senior Secured Parties, including fees
and expenses of attorneys and Consultants reimbursable hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>third</U></FONT>,
subject only to <U>Section 3.02(a)</U>, to the payment of all accrued and unpaid interest then due and payable in cash on the Revolving
Loans and the Tranche A-1 Term Loans <I>pro rata </I>among the Revolving Lenders (other than any Defaulting Lender) and the Tranche
A-1 Lenders based on their respective outstanding principal amounts on the date of such prepayment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>fourth</U></FONT>,
to the payment of principal of the Revolving Loans and the Tranche A-1 Term Loans <I>pro rata </I>among the Revolving Lenders (other
than any Defaulting Lender) and the Tranche A-1 Lenders based on their respective outstanding principal amounts on the date of
such prepayment; provided that, notwithstanding the foregoing provisions of this clause <U>fourth</U>, that portion of any principal
prepayment under this clause &ldquo;<U>fourth</U>&rdquo; that is a Voluntary Permanent Reduction Payment that would otherwise be
allocated to any Tranche A-1 Term Loans that are Extended Loans or Revolving Loans that are Extended Loans pursuant to this clause
<U>fourth</U> shall be deemed to be declined by the Extending Lenders and shall be allocated instead (x) <U>first</U>, to the payment
of principal of the Revolving Loans (excluding any Revolving Loan that is an Extended Loan), along with a corresponding reduction
in the Revolving Loan Commitments of the non-Extending Lenders, and the Tranche A-1 Term Loans (excluding any Tranche A-1 Term
Loan that is an Extended Loan) <I>pro rata </I>among the Revolving Lenders (other than any Defaulting Lender or any Extending Lender)
and the Tranche A-1 Lenders (other than any Extending Lender) based on their respective outstanding principal amounts on the date
of such prepayment, and (y) <U>second</U>, in accordance with clauses <U>fifth</U>,<U> sixth</U>,<U> seventh</U>, <U>eighth</U>,<U>
ninth, </U>and<U> tenth</U> of this <U>Section 3.07(d)(i)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>fifth</U></FONT>,
to the payment of all accrued and unpaid interest then due and payable in cash on the Revolving Loans <I>pro rata</I> among the
Defaulting Lenders based on their respective outstanding principal amounts on the date of such prepayment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>sixth</U></FONT>,
to the payment of principal of Revolving Loans <I>pro rata</I> among the Defaulting Lenders based on their respective outstanding
principal amounts on the date of such prepayment and a corresponding reduction in the Revolving Loan Commitments; provided that,
notwithstanding the foregoing provisions of this clause <U>sixth</U>, that portion of any principal prepayment under this clause
&ldquo;<U>sixth</U>&rdquo; that is a Voluntary Permanent Reduction Payment that would otherwise be allocated to any Extending Lender
that is a Revolving Lender pursuant to this clause <U>sixth</U> shall be deemed declined by such Extending Lender and shall be
allocated instead (x) <U>first</U>, to the payment of principal of the Revolving Loans held by Defaulting Lenders (other than any
Revolving Loan that is an Extended Loan), along with a corresponding reduction in the Revolving Loan Commitments of the Defaulting
Lenders that are non-Extending Lenders, <I>pro rata</I> among the Defaulting Lenders (other than any Extending Lender that is a
Defaulting Lender) based on their respective outstanding principal amounts on the date of such prepayment and (y) <U>second</U>,
in accordance with clauses <U>seventh</U>, <U>eighth</U>, <U>ninth</U> and <U>tenth</U> of this <U>Section 3.07(d)(i)</U>);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>seventh</U></FONT>,
to the payment of all accrued and unpaid interest then due and payable on the Tranche A-2 Term Loans <I>pro rata</I> among the
Tranche A-2 Lenders based on their respective outstanding principal amounts on the date of such prepayment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>eighth</U></FONT>,
to the payment of principal of the Tranche A-2 Term Loans <I>pro rata</I> among the Tranche A-2 Lenders based on their respective
outstanding principal amounts on the date of such prepayment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>ninth</U></FONT>,
to the payment of principal of the Tranche A-1 Term Loans that are Extended Loans <I>pro rata</I> among the Extending Lenders based
on their respective outstanding principal amounts on the date of such prepayment (accompanied with the prepayment premium required
by <U>Section 3.15 (<I>Prepayment Premium</I>)</U> with respect to such payment); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>tenth</U></FONT>,
to the Borrowers.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>From and after the date upon which each of the (A) Revolving Loans and the Tranche A-1 Term Loans that do not constitute Extended
Loans have been finally and fully paid and (B) Tranche A-2 Loans have been finally and fully paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>First</U></FONT>,
to the payment of all fees then due and payable to the Agents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>second</U></FONT>,
to the payment of all costs, fees, expenses and indemnities then due and payable to the Senior Secured Parties, including fees
and expenses of attorneys and Consultants reimbursable hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>third</U></FONT>,
subject only to <U>Section 3.02(a)</U>, to the payment of all accrued and unpaid interest then due and payable in cash on the Revolving
Loans and the Tranche A-1 Term Loans <I>pro rata</I> among the Revolving Lenders (other than any Defaulting Lender) and the Tranche
A-1 Lenders based on their respective outstanding principal amounts on the date of such prepayment;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>fourth</U></FONT>,
to the payment of principal of the Revolving Loans <I>pro rata </I>among the Revolving Lenders (other than any Defaulting Lender)
based on their respective outstanding principal amounts on the date of such prepayment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>fifth</U></FONT>,
to the payment of principal of the Tranche A-1 Term Loans (accompanied with any prepayment premium required by <U>Section 3.15<I>
(Prepayment Premium)</I></U><I> </I>with respect to such payment) <I>pro rata </I>among the Tranche A-1 Lenders based on their
respective outstanding principal amounts on the date of such prepayment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>sixth</U></FONT>,
to the payment of all accrued and unpaid interest then due and payable in cash on the Revolving Loans <I>pro rata </I>among the
Defaulting Lenders based on their respective outstanding principal amounts on the date of such prepayment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>seventh</U></FONT>,
to the payment of principal of Revolving Loans <I>pro rata </I>among the Defaulting Lenders based on their respective outstanding
principal amounts on the date of such prepayment; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>eighth</U></FONT>,
to the Borrowers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">provided, that in the case of each of the foregoing clauses
(i) and (ii), after giving effect to any such prepayments that have been applied to one or more Lenders and such prepayments that
have been waived by one or more Lenders, the <I>pro rata</I> allocations among the Lenders shall be adjusted accordingly and the
Administrative Agent shall give notice of the new outstanding balance of the Loans to each Lender.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Amounts prepaid pursuant to this <U>Section 3.07</U> may not be reborrowed provided that, notwithstanding anything to the
contrary set forth elsewhere herein, amounts prepaid in accordance with this <U>Section 3.07</U> in respect of the Revolving Loans
(other than any prepayment which is a Voluntary Permanent Reduction Payment) may be reborrowed within the limits of <U>Section
2.02(a)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.08 </FONT><U>Mandatory Prepayment</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Subject to the Intercreditor
Agreement, the Borrowers shall be required to prepay the Loans:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>upon receipt by any of the Borrowers of Insurance Proceeds, as required pursuant to <U>Sections 8.07(d)(ii) and (e) (<I>Insurance
and Condemnation Proceeds Accounts</I>)</U>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>upon receipt by any of the Borrowers of Condemnation Proceeds, as required pursuant to <U>Sections 8.07(d)(ii) and (e) (<I>Insurance
and Condemnation Proceeds Accounts</I>)</U>;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>upon receipt of any Project Document Termination Payments, as required pursuant to <U>Section 8.08(c)(ii) (<I>Extraordinary
Proceeds Account</I>)</U>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>upon receipt of proceeds of any asset disposal (other than proceeds received from the sale of Products) that are not used for
replacement in accordance with <U>Section 7.02(f)(i) (<I>Negative Covenants &ndash; Asset Dispositions</I>)</U>, as required pursuant
to <U>Section&nbsp;8.08(b)(ii) (<I>Extraordinary Proceeds Account</I>)</U>; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>on each Monthly Date, as required pursuant to <U>Section&nbsp;8.03(b)(xviii) (<I>Revenue Account)</I></U>.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers shall provide Administrative Agent (which shall promptly provide such notice to the Lenders) with not less
than four (4) Business Days&rsquo; notice of any intended prepayment pursuant to this <U>Section&nbsp;3.08</U>, such notice to
specify the date and amount of such intended prepayment. All prepayments under this <U>Section 3.08</U> shall be made by the Borrowers
to the Administrative Agent for the account of the applicable Lenders and shall be accompanied by accrued interest on the principal
amount being prepaid to but excluding the date of payment and by any additional amounts required to be paid under <U>Section 4.05
(<I>Funding Losses</I>)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Amounts of principal required to be prepaid under this <U>Section 3.08</U> shall be allocated by the Administrative Agent
and applied as follows, subject to the Intercreditor Agreement:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>Until such time as the (A) Revolving Loans that do not constitute Extended Loans and the Tranche A-1 Term Loans that do not
constitute Extended Loans have been finally and fully paid and (B) Tranche A-2 Loans have been finally and fully paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>first</U></FONT>,
to the payment of all fees then due and payable to the Agents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>second</U></FONT>,
to the payment of all costs, fees, expenses and indemnities then due and payable to the Senior Secured Parties, including fees
and expenses of attorneys and Consultants reimbursable hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>third</U></FONT>,
subject only to <U>Section 3.02(a)</U>, to the payment of all accrued and unpaid interest then due and payable in cash on the Revolving
Loans and the Tranche A-1 Term Loans <I>pro rata </I>among the Revolving Lenders (other than any Defaulting Lender) and the Tranche
A-1 Lenders based on their respective outstanding principal amounts on the date of such prepayment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>fourth</U></FONT>,
to the payment of principal of the Revolving Loans and the Tranche A-1 Term Loans <I>pro rata </I>among the Revolving Lenders (other
than any Defaulting Lender) and the Tranche A-1 Lenders based on their respective outstanding principal amounts on the date of
such prepayment; provided that, notwithstanding the foregoing provisions of this clause <U>fourth</U>, any principal prepayment
under this clause &ldquo;<U>fourth</U>&rdquo; that would otherwise be allocated to any Tranche A-1 Term Loans that are Extended
Loans or Revolving Loans that are Extended Loans pursuant to this clause <U>fourth,</U> may be declined by any Extending Lender
that provides notice to the Administrative Agent at least two (2) Business Days&rsquo; prior to the date of such prepayment of
its election to decline such prepayment, and any such payment so declined shall be allocated instead (x) <U>first</U>, to the payment
of principal of the Revolving Loans (excluding any Revolving Loan that is an Extended Loan of a Lender that has declined such payment),
along with a corresponding reduction in the Revolving Loan Commitments of the such Lenders, and the Tranche A-1 Term Loans (excluding
any Tranche A-1 Term Loan that is an Extended Loan of a Lender that has declined such prepayment) <I>pro rata </I>among the Revolving
Lenders (other than any Defaulting Lender or any Extending Lender that has declined such prepayment) and the Tranche A-1 Lenders
(other than any Extending Lender that has declined such prepayment) based on their respective outstanding principal amounts on
the date of such prepayment, and (y) <U>second</U>, in accordance with clauses <U>fifth</U>,<U> sixth</U>,<U> seventh</U>, <U>eighth</U>,<U>
ninth </U>and<U> tenth</U> of this <U>Section 3.08(c)(i)</U>;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>fifth</U></FONT>,
to the payment of all accrued and unpaid interest then due and payable on the Tranche A-2 Term Loans <I>pro rata</I> among the
Tranche A-2 Lenders based on their respective outstanding principal amounts on the date of such prepayment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>sixth</U></FONT>,
to the payment of principal of the Tranche A-2 Term Loans <I>pro rata</I> among the Tranche A-2 Lenders based on their respective
outstanding principal amounts on the date of such prepayment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>seventh</U></FONT>,
to the payment of all accrued and unpaid interest then due and payable in cash on the Revolving Loans <I>pro rata</I> among the
Defaulting Lenders based on their respective outstanding principal amounts on the date of such prepayment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>eighth</U></FONT>,
to the payment of principal of Revolving Loans <I>pro rata</I> among the Defaulting Lenders based on their respective outstanding
principal amounts on the date of such prepayment and a corresponding reduction in the Revolving Loan Commitments; provided that,
notwithstanding the foregoing provisions of this clause <U>eighth</U>, any principal prepayment under this clause &ldquo;<U>eighth</U>&rdquo;
that would otherwise be allocated to any Extending Lender that is a Revolving Lender pursuant to this clause <U>eighth</U>, may
be declined by any Extending Lender that provides notice to the Administrative Agent at least two (2) Business Days&rsquo; prior
to the date of such prepayment of its election to decline such prepayment, and any such payment so declined shall be allocated
instead (x) <U>first</U>, to the payment of principal of the Revolving Loans held by Defaulting Lenders (other than any Revolving
Loan that is an Extended Loan held by a Lender that has declined such payment), along with a corresponding reduction in the Revolving
Loan Commitments of the Defaulting Lenders that have not declined such prepayment, <I>pro rata</I> among the Defaulting Lenders
(other than any Extending Lender that is a Defaulting Lender that has declined such prepayment) based on their respective outstanding
principal amounts on the date of such prepayment and (y) <U>second</U>, in accordance with clauses <U>ninth</U> and <U>tenth</U>
of this <U>Section 3.08(c)(i)</U>);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>ninth</U></FONT>,
to the payment of principal of the Tranche A-1 Term Loans that are Extended Loans <I>pro rata</I> among the Tranche A-1 Lenders
based on their respective outstanding principal amounts on the date of such prepayment (accompanied with the prepayment premium
required by <U>Section 3.15 (<I>Prepayment Premium</I>)</U> with respect to such payment); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>tenth</U></FONT>,
to the Borrowers.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>From and after the date upon which each of the (A) Revolving Loans and the Tranche A-1 Term Loans that do not constitute Extended
Loans have been finally and fully paid and (B) Tranche A-2 Loans have been finally and fully paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>First</U></FONT>,
to the payment of all fees then due and payable to the Agents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>second</U></FONT>,
to the payment of all costs, fees, expenses and indemnities then due and payable to the Senior Secured Parties, including fees
and expenses of attorneys and Consultants reimbursable hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>third</U></FONT>,
subject only to Section 3.02(a), to the payment of all accrued and unpaid interest then due and payable in cash on the Revolving
Loans and the Tranche A-1 Term Loans <I>pro rata</I> among the Revolving Lenders (other than any Defaulting Lender) and the Tranche
A-1 Lenders based on their respective outstanding principal amounts on the date of such prepayment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>fourth</U></FONT>,
to the payment of principal of the Revolving Loans <I>pro rata </I>among the Revolving Lenders (other than any Defaulting Lender)
based on their respective outstanding principal amounts on the date of such prepayment;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>fifth</U></FONT>,
to the payment of principal of the Tranche A-1 Term Loans (accompanied with any prepayment premium required by <U>Section 3.15<I>
(Prepayment Premium)</I></U><I> </I>with respect to such payment) <I>pro rata </I>among the Tranche A-1 Lenders based on their
respective outstanding principal amounts on the date of such prepayment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>sixth</U></FONT>,
to the payment of all accrued and unpaid interest then due and payable in cash on the Revolving Loans <I>pro rata </I>among the
Defaulting Lenders based on their respective outstanding principal amounts on the date of such prepayment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>seventh</U></FONT>,
to the payment of principal of Revolving Loans <I>pro rata </I>among the Defaulting Lenders based on their respective outstanding
principal amounts on the date of such prepayment; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>eighth</U></FONT>,
to the Borrowers.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>Any mandatory prepayment under this <U>Section 3.08</U> which results in the prepayment of principal of the Revolving Loans
in accordance with clause <I><U>fourth,</U></I> <I><U>eighth</U>,<U> ninth</U> </I>or<I> <U>eleventh </U></I>of <U>Section 3.08(d)(i)
</U>or clause <I><U>fourth</U></I> or clause <I><U>seventh</U></I> of <U>Section 3.08(d)(ii)</U> shall, notwithstanding anything
to the contrary set forth elsewhere in this Agreement (other than each Extending Lender&rsquo;s right to waive a reduction of its
Commitments pursuant to this <U>Section 3.08</U>), result in a corresponding reduction in the Revolving Loan Commitments of the
Revolving Lenders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">provided, that in the case of each of the foregoing clauses
(i), (ii) and (iii), after giving effect to any such prepayments that have been applied to one or more Lenders and such prepayments
that have been waived by one or more Lenders, the <I>pro rata</I> allocations among the Lenders shall be adjusted accordingly and
the Administrative Agent shall give notice of the new outstanding balance of the Loans to each Lender.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Amounts prepaid pursuant to this <U>Section 3.08</U> may not be reborrowed.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.09 </FONT><U>Time and Place of Payments</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) The Borrowers
shall make each payment (including any payment of principal of or interest on any Loan or any Fees or other Obligations) hereunder
and under any other Financing Document without setoff, deduction or counterclaim not later than 12:00 noon New York City time
on the date when due in Dollars in immediately available funds to the Administrative Agent at the account as may from time to
time be specified by the Administrative Agent to the Borrowers. Funds received after 12:00 noon New York City time shall be deemed
to have been received by the Administrative Agent on the next succeeding Business Day.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Administrative Agent shall promptly remit in immediately available funds to each Senior Secured Party its share, if
any, of any payments received by the Administrative Agent for the account of such Senior Secured Party, in accordance with the
terms hereof and subject to the terms of the Intercreditor Agreement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Whenever any payment (including any payment of principal of or interest on any Loan or any Fees or other Obligations) hereunder
or under any other Financing Document shall become due, or otherwise would occur, on a day that is not a Business Day, such payment
shall (except as otherwise required by the proviso to the definition of &ldquo;Interest Period&rdquo; with respect to Eurodollar
Loans) be made on the immediately succeeding Business Day, and such increase of time shall in such case be included in the computation
of interest or Fees, if applicable.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.10 </FONT><U>Fundings and Payments Generally</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Unless the
Administrative Agent has received notice from the Borrowers prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders hereunder that the Borrowers will not make such payment, the Administrative Agent may assume
that the Borrowers have made such payment on such date in accordance with this Agreement and may, in reliance upon such assumption,
distribute to the Lenders the amount due. If the Borrowers have not in fact made such payment, then each of the Lenders severally
agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender in immediately available
funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date
of payment to the Administrative Agent, at the greater of (i) the Federal Funds Effective Rate and (ii) a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation. A notice of the Administrative Agent
to any Lender with respect to any amount owing under this <U>Section 3.10(a)</U> shall be conclusive, absent manifest error.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Nothing herein shall be deemed to obligate any Lender to obtain funds for any Loan in any particular place or manner or
to constitute a representation by any Lender that it has obtained or will obtain funds for any Loan in any particular place or
manner.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers hereby authorize each Lender, if and to the extent payment owed to such Lender is not made when due under
this Agreement or under the Notes held by such Lender, to charge from time to time against any or all of any Borrower&rsquo;s accounts
with such Lender (other than, in the event that the Account Bank is also a Lender, any Project Account) any amount so due.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.11 </FONT><U>Fees</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) From and including the Closing Date
until the Maturity Date, the Borrowers agree to pay to the Administrative Agent, for the account of the Revolving Lenders, on
each Monthly Date, a commitment fee (a &ldquo;<U>Commitment Fee</U>&rdquo;) equal to two percent (2.0%) <I>per annum</I> on the
average daily amount by which the Aggregate Revolving Loan Commitment exceeds the outstanding amount of Revolving Loans during
the calendar month then ended. All Commitment Fees shall be computed on the basis of the actual number of days elapsed in a year
of 365 or 366 days, as pro-rated for any partial quarter, as applicable.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Closing Date, the Borrowers paid to the Administrative Agent, for the account of the Revolving Lenders, a facility
fee equal to two percent (2.0%) of the Aggregate Revolving Loan Commitment.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Closing Date, the Borrowers paid to the Administrative Agent, for the account of the Tranche A-1 Lenders, a facility
fee equal to two percent (2.0%) of the Aggregate Term Commitment for Tranche A-1 Term Loans.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Closing Date, the Borrowers paid to the Administrative Agent, for the account of the Administrative Agent, a structuring
fee equal to one percent (1.0%) of the Aggregate Revolving Loan Commitment.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Restatement Effective Date, the Borrowers shall pay to the Administrative Agent, for the account of each Consenting
Lender, a consent fee equal to a quarter of a percent (0.25%) of the Commitments held by such Consenting Lender.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Borrower agrees to pay to the Administrative Agent, for the account of the Agents, additional fees in the amounts and
at the times from time and time agreed to in writing by the Borrowers and the respective Agent, including pursuant to the Fee Letters.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Fees shall be paid on the dates due, in immediately available funds. Once paid, none of the Fees shall be refundable
under any circumstances.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.12 </FONT><U>Pro rata Treatment</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Except as otherwise expressly
provided herein (including <U>Section 4.01 (<I>Eurodollar Rate Lending Unlawful</I>)</U>, <U>Section 2.07 (<I>Termination or Reduction
of Commitments</I>),</U> <U>Section 2.08 (<I>Defaulting Lenders</I>)</U>), <U>Section 3.07 (<I>Optional Prepayment</I>)</U> and
<U>Section 3.08 (<I>Mandatory Prepayment</I>)</U>, each Funding of Revolving Loans shall be allocated by the Administrative Agent
<I>pro rata</I> among the Revolving Lenders in accordance with their respective Revolving Loan Commitment Availability Percentages
and each reduction of commitments of any type shall be allocated by the Administrative Agent <I>pro rata</I> among the applicable
Lenders in accordance with their respective applicable Commitment Percentages.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as required under <U>Section 2.08 (<I>Defaulting Lenders</I></U><I>)</I>, <U>Section 3.07 (<I>Optional Prepayment</I>)</U>,
<U>Section&nbsp;3.08 (<I>Mandatory Prepayment</I>)</U> or <U>Article IV (<I>Eurodollar Rate and Tax Provisions</I>)</U>, each payment
or prepayment of principal of the Loans shall be allocated by the Administrative Agent <I>pro rata</I> among the applicable Lenders
in accordance with the respective principal amounts of their outstanding Loans of the type being repaid, each payment of interest
on the Loans shall be allocated by the Administrative Agent <I>pro rata</I> among the applicable Lenders in accordance with the
respective interest amounts outstanding on their outstanding Loans of the type in respect of which interest is being paid, and
each payment of fees on the Commitments shall be allocated by the Administrative Agent <I>pro rata</I> among the applicable Lenders
in accordance with their respective Commitments (or Revolving Loan Commitment Availability Percentages, in the case of Commitment
Fees), of the type to which such fees relate.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Lender agrees that in computing such Lender&rsquo;s portion of any Funding to be made hereunder, the Administrative
Agent may, in its discretion, round each Lender&rsquo;s percentage of such Funding to the next higher or lower whole Dollar amount.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.13 </FONT><U>Sharing of Payments</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) If any Lender shall
obtain any payment or other recovery (whether voluntary, involuntary, by application of setoff or otherwise) on account of any
Loan (other than pursuant to the terms of <U>Article IV (<I>Eurodollar Rate and Tax Provisions</I>)</U>) in excess of its <I>pro
rata</I> share of payments then or therewith obtained by all Lenders (other than as a result of the waiver by any Lender of its
right to received payment pursuant to <U>Section 3.07</U> or <U>Section 3.08</U>) holding Loans of such type, such Lender shall
purchase from the other Lenders such participations in Loans made by them as shall be necessary to cause such purchasing Lender
to share the excess payment or other recovery ratably with each of them; provided, that if all or any portion of the excess payment
or other recovery is thereafter recovered from such purchasing Lender, the purchase shall be rescinded and each Lender that has
sold a participation to the purchasing Lender shall repay to the purchasing Lender the purchase price to the ratable extent of
such recovery together with an amount equal to such selling Lender&rsquo;s ratable share (according to the proportion of (x) the
amount of such selling Lender&rsquo;s required repayment to the purchasing Lender to (y) the total amount so recovered from the
purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so
recovered. Each Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this <U>Section
3.13</U> may, to the fullest extent permitted by law, exercise all its rights of payment (including pursuant to <U>Section 11.15
(<I>Right of Setoff)</I></U>) with respect to such participation as fully as if such Lender were the direct creditor of the Borrowers
in the amount of such participation.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If under any applicable bankruptcy, insolvency or other similar law, any Lender receives a secured claim in lieu of a setoff
to which this <U>Section 3.13</U> applies, such Lender shall, to the extent practicable, exercise its rights in respect of such
secured claim in a manner consistent with the rights of the Lenders entitled under this <U>Section 3.13</U> to share in the benefits
of any recovery on such secured claim.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.14 </FONT><U>Termination of Interest Rate Protection Agreement in Connection with Any Prepayment</U>. The Borrowers shall, in
connection with any prepayment made by the Borrowers pursuant to <U>Section 3.07 (<I>Optional Prepayment</I>)</U> or <U>Section
3.08 (<I>Mandatory Prepayment</I>)</U>, terminate an aggregate notional amount under the Interest Rate Protection Agreements (if
any) equal to the amount (if any) by which the aggregate notional amount under the Interest Rate Protection Agreements would exceed
the aggregate outstanding principal amount of the Loans immediately after giving effect to such prepayment; and in each case,
such termination shall be made within five (5) Business Days of the date of such prepayment (or, to the extent that the aggregate
notional amount under the Interest Rate Protection Agreements exceeds the aggregate outstanding principal of the Loans by no more
than ten percent (10%), within thirty (30) days following such prepayment). The amount of any Swap Termination Value due in respect
of the Interest Rate Protection Agreements terminated in accordance with the immediately foregoing sentence shall be made by the
Borrowers from amounts available with which to make such prepayment.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.15 </FONT><U>Prepayment Premium</U>. In the event any repayment or prepayment of the Extended Loans that are Tranche A-1 Loans
is made prior to the Maturity Date of the Extended Loans (but excluding any repayments or prepayments (1) of any loans held by
an Affiliated Lender or (2) as a result of any mandatory prepayment pursuant to <U>Section 3.08(a)</U> unless such prepayment
results from an asset sale or disposition that is not permitted under <U>Section 7.02(f)</U>), including as a result of the termination
of this Agreement and repayment of the Obligations at any time prior to the Maturity Date of the Extended Loans, for any reason,
including (i) termination upon the election of the Required Lenders to terminate after the occurrence and during the continuation
of an Event of Default (or, in the case of the occurrence of any Event of Default described in <U>Section 9.01(h)</U> with respect
to any Borrower, automatically upon the occurrence thereof), (ii) foreclosure and sale of Collateral, (iii) sale of the Collateral
in any insolvency proceeding, or (iv) restructure, reorganization, or compromise of the Obligations by the confirmation of a plan
of reorganization or any other plan of compromise, restructure, or arrangement in any insolvency proceeding, then, in view of
the impracticability and extreme difficulty of ascertaining the actual amount of damages to the Extending Lenders or profits lost
by the Extending Lenders as a result of such early payment or termination, and by mutual agreement of the Borrowers and the Extending
Lenders as to a reasonable estimation and calculation of the lost profits or damages of the Extending Lenders, the Borrowers shall
pay, subject to the Intercreditor Agreement, <I>pro rata </I>among the Extending Lenders that hold Tranche A-1 Term Loans based
on their respective outstanding principal amounts on the date of such prepayment the Make-Whole Amount, measured as of the date
of such payment or termination. Borrowers&rsquo; Agent shall calculate the Make-Whole Amount and provide such calculation to Administrative
Agent and Extending Lenders at least two (2) Business Days before the date any such prepayment is made; provided that such calculation
shall be subject to the review and approval of the Extending Lenders. In the event Extending Lenders do not object to Borrowers&rsquo;
Agent&rsquo;s calculation of the Make-Whole Amount within thirty (30) days of receipt thereof, such calculation shall be deemed
approved by Extending Lenders. Notwithstanding the foregoing, or the pendency of any objection to Borrowers&rsquo; Agent&rsquo;s
calculation of the Make-Whole Amount, Administrative Agent shall disburse any such prepayment (together with the Make-Whole Amount
which has been delivered to Administrative Agent by Borrowers at the time of the prepayment) to Extending Lenders upon Administrative
Agent&rsquo;s receipt thereof. In no event shall the Administrative Agent have any duty, responsibility or liability with respect
to the calculations of the Make-Whole Amount, which calculation shall be the sole responsibility of Borrowers&rsquo; Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For the purposes of this <U>Section 3.15</U>,
&ldquo;<U>Make-Whole Amount</U>&rdquo; means, as of any date of determination, with respect to any payment of the Extended Loans
that are Tranche A-1 Loans, an amount equal to the &ldquo;present value&rdquo; as of the date of such payment of all interest payments
which would have accrued, from the date of such payment through the Maturity Date of the Extended Loans, on an amount equal to
such Tranche A-1 Loans being paid, such interest to be calculated on such amount at the rate of interest in effect on such payment
date; &ldquo;<U>present value</U>&rdquo; shall be computed using a discount rate, applied quarterly, equal to the Treasury Rate
as of such prepayment date plus 50 basis points; and &ldquo;<U>Treasury Rate</U>&rdquo; shall mean, as of any prepayment date,
the yield to maturity as of such prepayment date of United States Treasury securities with a constant maturity (as compiled and
published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business
Days prior to the prepayment date (or, if such Statistical Release is no longer published, any publicly available source of similar
market data)) most nearly equal to the period from the prepayment date to the Maturity Date of the Extended Loans; provided, however,
that if the period from the prepayment date to Maturity Date of the Extended Loans is not equal to the constant maturity of a United
States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation
(calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which
such yields are given, except that if the period from the prepayment date to Maturity Date of the Extended Loans is less than one
year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year
shall be used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
IV<BR>
<BR>
</FONT>EURODOLLAR RATE AND TAX PROVISIONS</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4.01 </FONT><U>Eurodollar Rate Lending Unlawful</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) If any
Lender reasonably determines (which determination shall, upon notice thereof to the Borrowers and the Administrative Agent, be
conclusive and binding on the Borrowers absent manifest error) that the introduction of or any change in or in the interpretation
of any Law after the Closing Date makes it unlawful, or any central bank or other Governmental Authority asserts after the Closing
Date that it is unlawful, for such Lender to make, maintain or fund any Loan as a Eurodollar Loan, the obligations of such Lender
to make, maintain or fund any Loan as a Eurodollar Loan shall, upon such determination, forthwith be suspended until such Lender
shall notify the Borrowers and the Administrative Agent that the circumstances causing such suspension no longer exist, and all
Eurodollar Loans of such Lender shall automatically convert into Base Rate Loans at the end of the then-current Interest Periods
with respect thereto or sooner, if required by such Law or assertion. Upon any such conversion the Borrowers shall pay any accrued
interest on the amount so converted and, if such conversion occurs on a day other than the last day of the then-current Interest
Period for such affected Eurodollar Loans, such Lender shall be entitled to make a request for, and the Borrowers shall pay, compensation
for breakage costs under <U>Section 4.05 (<I>Funding Losses</I>)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If such Lender notifies the Borrowers and the Administrative Agent that the circumstances giving rise to the suspension
described in <U>Section 4.01(a)</U> no longer apply, the Borrowers may elect (by delivering an Interest Period Notice) to convert
the principal amount of any such Base Rate Loan to a Eurodollar Loans in accordance with this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4.02 </FONT><U>Inability to Determine Eurodollar Rates</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a)
In the event, and on each occasion, that on or before the day that is three (3) Business Days prior to the commencement of any
Interest Period for any Eurodollar Loan, (A) the Administrative Agent shall have determined in good faith that adequate and reasonable
means do not exist for ascertaining LIBOR or (B) the Required Lenders shall have determined in good faith and notified the Administrative
Agent in writing that (i) Dollar deposits in the amount of such Loan and with an Interest Period similar to such Interest Period
are not generally available in the London interbank market, or (ii) the rate at which such Dollar deposits are being offered will
not adequately and fairly reflect the cost to any Lender of making, maintaining or funding the principal amount of such Loan during
such Interest Period, then in either case the Administrative Agent shall forthwith notify the Borrowers and the Lenders of such
determination, whereupon each such Eurodollar Loan will automatically, on the last day of the then-existing Interest Period for
such Eurodollar Loan, convert into a Base Rate Loan. In the event of any such determination pursuant to <U>Section 4.02(a)(A)
or (B)(i)</U>, any Funding Notice delivered by the Borrowers shall be deemed to be a request for a Base Rate Loan until the Administrative
Agent or the Required Lenders, as the case may be, determines that the circumstances giving rise to such notice no longer exist.
In the event of any determination pursuant to <U>Section 4.02(a)(B)(ii)</U>, each affected Lender shall, and is hereby authorized
by the Borrowers to, fund its portion of the Loans as a Base Rate Loan. Each determination by the Administrative Agent or the
Required Lenders, as the case may be, hereunder shall be conclusive absent manifest error.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the Administrative Agent&rsquo;s or the Required Lenders&rsquo; determination, as the case may be, that the condition
that was the subject of a notice under <U>Section 4.02(a)</U> has ceased, the Administrative Agent shall forthwith notify the Borrower
and the Lenders of such determination, whereupon the Borrowers may elect (by delivering an Interest Period Notice) to convert any
such Base Rate Loan to a Eurodollar Loan on the last day of the then-current Monthly Period in accordance with this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4.03 </FONT><U>Increased Eurodollar Loan Costs</U>. If after the Closing Date, the adoption of any applicable Law or any change
therein, or any change in the interpretation or administration thereof by any Governmental Authority charged with the interpretation
or administration thereof, or compliance by any Lender (or its Eurodollar Office) with any request or directive (whether or not
having the force of law) of any Governmental Authority would increase the cost (other than with respect to Taxes, which are addressed
in <U>Section 4.07 (<I>Taxes</I>)</U>) to such Lender of, or result in any reduction in the amount of any sum receivable by such
Lender (whether of principal, interest or any other amount) in respect of, making, maintaining or funding (or of its obligation
to make, maintain or fund) the Loans as Eurodollar Loans, then the Borrowers agree to pay directly to such Lender the amount of
any such increase or reduction. Such Lender shall promptly notify the Administrative Agent and the Borrowers in writing of the
occurrence of any such event, such notice to state in reasonable detail the reasons (including the basis for determination) therefor
and the additional amount required to compensate fully such Lender for such increased cost or reduced amount. Such additional
amounts shall be payable by the Borrowers directly to such Lender within thirty (30) days of delivery of such notice, and such
notice shall be binding on the Borrowers absent manifest error.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4.04 </FONT><U>Obligation to Mitigate</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Each Lender agrees
after it becomes aware of the occurrence of an event that would entitle it to give notice pursuant to <U>Section 4.01 (<I>Eurodollar
Rate Lending Unlawful</I>)</U>, <U>4.03 (<I>Increased Eurodollar Loan Costs</I>)</U>, or <U>4.06 (<I>Increased Capital Costs</I>)
</U>or to receive additional amounts pursuant to <U>Section 4.07 (<I>Taxes</I>)</U>, such Lender shall use reasonable efforts
to make, fund or maintain its affected Loan through another lending office if as a result thereof the increased costs would be
avoided or materially reduced or the illegality would thereby cease to exist and if, in the opinion of such Lender, the making,
funding or maintaining of such Loan through such other lending office would not be disadvantageous to such Lender, contrary to
such Lender&rsquo;s normal banking practices or violate any applicable Law.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No change by a Lender in its Domestic Office or Eurodollar Office made for such Lender&rsquo;s convenience shall result
in any increased cost to the Borrowers.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any Lender demands compensation pursuant to <U>Section 4.03 (<I>Increased Eurodollar Loan Costs</I>)</U> or <U>4.06 (<I>Increased
Capital Costs</I>)</U> with respect to any Eurodollar Loan, the Borrowers may, at any time upon at least three (3) Business Day&rsquo;s
prior notice to such Lender through the Administrative Agent, elect to convert such Loan into a Base Rate Loan. Thereafter, unless
and until such Lender notifies the Borrowers that the circumstances giving rise to such notice no longer apply, all such Eurodollar
Loans by such Lender shall bear interest as Base Rate Loans. If such Lender notifies the Borrowers that the circumstances giving
rise to such notice no longer apply, the Borrowers may elect (by delivering an Interest Period Notice) to convert the principal
amount of each such Base Rate Loan to a Eurodollar Loans in accordance with this Agreement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4.05 </FONT><U>Funding Losses</U>. In the event that any Lender incurs any loss or expense (including any loss or expense incurred
by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to make, continue or maintain
any portion of the principal amount of any Loan as a Eurodollar Loan, and any customary administrative fees charged by such Lender
in connection with the foregoing, but excluding any lost profits) as a result of (a) any conversion or repayment or prepayment
of the principal amount of any Loans on a date other than the scheduled last day of the Interest Period applicable thereto, whether
pursuant to <U>Sections 3.07 (<I>Optional Prepayment</I>)</U>, <U>3.08 (<I>Mandatory Prepayment</I>)</U>, <U>4.01(a) (<I>Eurodollar
Rate Lending Unlawful</I>)</U> or otherwise or (b) the Borrowers failing to make a Funding in accordance with any Funding Notice;
then, upon the written notice (including the basis for determination) of such Lender to the Borrowers (with a copy to the Administrative
Agent), the Borrowers shall, within thirty (30) days of receipt thereof, pay to the Administrative Agent for the account of such
Lender such amount as will (in the reasonable determination of such Lender) reimburse such Lender for such loss or expense. Such
written notice shall be binding on the Borrowers absent manifest error.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4.06 </FONT><U>Increased Capital Costs</U>. If after the Closing Date any change in, or the introduction, adoption, effectiveness,
interpretation, reinterpretation or phase-in of, any applicable Law or guideline, or request (whether or not having the force
of law) of any Governmental Authority affects the amount of capital required to be maintained by any Lender, and such Lender reasonably
determines that the rate of return on its capital as a consequence of its Loan is reduced to a level below that which such Lender
could have achieved but for the occurrence of any such circumstance then, in any such case upon notice from time to time by such
Lender to the Borrowers, the Borrowers shall pay within thirty (30) days after such demand directly to such Lender additional
amounts sufficient to compensate such Lender for such reduction in rate of return. A statement of such Lender as to any such additional
amount or amounts (including the basis for determination) shall be binding on the Borrowers absent manifest error.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4.07 </FONT><U>Taxes</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payments Free of Taxes</U>. Any and all payments by or on account of any Obligations shall be made free and clear of,
and without deduction for, any Taxes, unless required by Law; provided, that if any Borrower shall be required to deduct any Indemnified
Taxes from any such payment, then (i) the sum payable shall be increased as necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this <U>Section 4.07</U>) the Agent or Lender (as the case may
be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrowers shall make
such deductions and (iii) the Borrowers shall pay the full amount deducted to the relevant Governmental Authority in accordance
with applicable Law.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Other Taxes by the Borrowers</U>. In addition, the Borrowers shall timely pay any Indemnified Taxes arising
from any payment made under any Financing Document or from the execution, delivery or enforcement of, or otherwise with respect
to, any Financing Document and not collected by withholding at the source as contemplated by <U>Section&nbsp;4.07(a)</U> to the
relevant Governmental Authority in accordance with applicable Law.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification by the Borrowers</U>. The Borrowers shall indemnify each Agent and each Lender, within thirty (30) days
after written demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on
or attributable to amounts payable under this <U>Section 4.07</U>) paid by such Agent or Lender, as the case may be, and any penalties,
interest, additions to tax and reasonable expenses arising therefrom or with respect thereto (other than those resulting from the
gross negligence or willful misconduct of such Agent or Lender), whether or not such Indemnified Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability (including
the basis of determination) delivered to the Borrowers by a Lender or Agent, as the case may be, shall be conclusive absent manifest
error.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Evidence of Payments</U>. As soon as reasonably practicable after any payment of Indemnified Taxes by any Borrower to
a Governmental Authority, such Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Foreign Lenders</U>. Each Lender (including any Participant and any other Person to which any Lender transfers its interests
in this Agreement as provided under <U>Section&nbsp;11.03 (<I>Assignments</I>)</U>) that is not a United States Person (a &ldquo;<U>Non-U.S.
Lender</U>&rdquo;) shall deliver to the Borrowers and the Administrative Agent two (2) copies of U.S. Internal Revenue Service
Form W-8ECI, Form W-8BEN, Form W-8EXP or Form W-8IMY (with supporting documentation), or any subsequent versions thereof or successors
thereto, properly completed and duly executed by such Non-U.S. Lender and claiming, to the extent applicable, complete exemption
from, or a reduced rate of, U.S. federal withholding tax on all payments of interest by the Borrowers under the Financing Documents,
together with, in the case of a Non-U.S. Lender that is relying on an exemption pursuant to Section 871(h) or 881(c) of the Code,
a statement substantially in the form of <U>Exhibit 4.07</U>. Such forms shall be delivered by each Non-U.S. Lender on or before
the date it becomes a party to this Agreement. In addition, each Non-U.S. Lender shall deliver such forms promptly upon the obsolescence
or invalidity of any form previously delivered by such Non-U.S. Lender. Each Non-U.S. Lender shall promptly notify the Borrowers
and the Administrative Agent at any time it determines that it is no longer in a position to provide any previously delivered certificate
to the Borrowers (or any other form of certification adopted by U.S. taxing authorities for such purpose). The Borrowers shall
not be obligated to pay any additional amounts in respect of U.S. federal income taxes pursuant to this <U>Section 4.07</U> (or
make an indemnification payment pursuant to this <U>Section 4.07</U>) to any Lender (or any Participant or other Person to which
any Lender transfers its interests in this Agreement as provided under <U>Section 11.03 (<I>Assignments</I>)</U>) if the obligation
to pay such additional amounts (or such indemnification) would not have arisen but for a failure by such Lender to comply with
this <U>Section 4.07(e)</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In no event shall the Administrative
Agent or the Collateral Agent have any duty, obligation or liability with respect to the payment of any Taxes.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
V<BR>
<BR>
</FONT>REPRESENTATIONS AND WARRANTIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">In order to induce each Agent, each Lender
and each other party hereto (other than the Borrowers and the Borrowers&rsquo; Agent) to enter into this Agreement and to induce
each Lender to make the Loans hereunder, each Borrower represents and warrants to each Agent and each Lender as set forth in this
<U>Article V</U> on the date hereof, on the Closing Date, on the date of each Funding Notice and on each Funding Date (in each
case, except to the extent such representations and warranties expressly relate to a future date or as otherwise provided in <U>Article
VI (<I>Conditions Precedent</I>)</U>).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.01 </FONT><U>Organization; Power and Compliance with Law</U>. Each of the Borrowers (a) is a limited liability company duly
formed, validly existing and in good standing under the laws of the State of Delaware, (b) is duly qualified to do business as
is now being conducted and as is proposed to be conducted by such Borrower and is in good standing as a foreign limited liability
company in each jurisdiction where the nature of its business requires such qualification (other than any such failure to be so
qualified or in good standing that could not reasonably be expected to have a Material Adverse Effect) and (c) has all requisite
limited liability company power and authority required as of the date this representation is made or deemed repeated to enter
into and perform its obligations under each Transaction Document to which it is a party and to conduct its business as currently
conducted by it.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.02 </FONT><U>Due Authorization; Non-Contravention</U>. The execution, delivery and performance by each of the Borrowers of each
Transaction Document to which it is a party are within such Borrower&rsquo;s limited liability company powers, have been duly
authorized by all necessary limited liability company action, and do not:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>contravene such Borrower&rsquo;s Organic Documents (including its Borrower LLC Agreement);</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>contravene in any material respect any Law binding on or affecting such Borrower;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) in the case of any Financing Document, contravene any Contractual Obligation binding on or affecting such Borrower or
(ii) in the case of any Project Document, contravene any Contractual Obligation binding on or affecting such Borrower (other than
in the case of this <U>Section 5.02(c)(ii)</U> any contravention which could not reasonably be expected to have a Material Adverse
Effect);</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>require any consent or approval under such Borrower&rsquo;s Organic Documents that has not been obtained;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>require any consent or approval under any Contractual Obligations binding on or affecting such Borrower other than any approvals
or consents which have been obtained (and, in the case only of the execution, delivery and performance of the Project Documents,
any other approvals or consents the failure of which to obtain could not reasonably be expected to have a Material Adverse Effect);
or</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>result in, or require the creation or imposition of, any Lien on any of such Borrower&rsquo;s properties other than Permitted
Liens.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.03 </FONT><U>Governmental Approvals</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Governmental Approvals that are required to be obtained by any Borrower in connection with (i) the due execution, delivery
and performance by such Borrower of the Financing Documents to which it is a party and (ii) the grant by the Borrowers and the
Pledgor of the Liens granted under the Security Documents and the validity, perfection and enforceability thereof have been obtained,
are in full force and effect, are properly in the name of the appropriate Person, and are final and Non-Appealable.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Necessary Project Approvals are in full force and effect, are properly in the name of the appropriate Person, and are
final and Non-Appealable except as a result of the Cold Shutdown of the Madera Plant.&nbsp; There is no action, suit, investigation
or proceeding pending or to the knowledge of each Borrower, threatened that could reasonably be expected to result in the modification,
rescission, termination or suspension of any Necessary Project Approval that could reasonably be expected to have<FONT STYLE="color: black">
a Material Adverse Effect.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The information set forth in each application (including any updates or supplements thereto) submitted by or on behalf of
any Borrower in connection with each Necessary Project Approval was accurate and complete in all material respects at the time
of submission and continues to be accurate in all material respects and complete in all respects to the extent required for the
continued effectiveness of such Necessary Project Approval.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.04 </FONT><U>Investment Company Act</U>. None of the Borrowers is, and after giving effect to the Loans and the application
of the proceeds of the Loans as described herein none of the Borrowers will be, an &ldquo;investment company&rdquo; or a company
&ldquo;controlled&rdquo; by an &ldquo;investment company,&rdquo; within the meaning of the Investment Company Act of 1940, as
amended.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.05 </FONT><U>Validity of Financing Documents</U>. Each Financing Document to which any Borrower is a party has been duly authorized,
validly executed and delivered, and constitutes the legal, valid and binding obligations of such Borrower enforceable in accordance
with its respective terms, except as the enforceability hereof or thereof may be limited by (a) bankruptcy, insolvency, reorganization,
or other similar laws affecting the enforcement of creditors&rsquo; rights generally and (b) general equitable principles (whether
considered in a proceeding in equity or at law).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.06 </FONT><U>Financial Information</U>. Each of the financial statements delivered pursuant to <U>Section 6.01(h) (<I>Conditions
to Closing &ndash; Financial Statements</I>)</U> and <U>Section 7.03 (<I>Reporting Requirements</I>)</U> has been prepared in
accordance with GAAP, and fairly presents in all material respects the consolidated financial condition of the Borrowers as at
the dates thereof and the results of their operations for the period then ended (subject, in the case of unaudited financial statements,
to changes resulting from audit and normal year-end adjustments and the absence of footnotes).</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.07 </FONT><U>No Material Adverse Effect</U>. Since April 16, 2010 no Material Adverse Effect has occurred and is continuing.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.08 </FONT><U>Project Compliance</U>. (a) Each Plant is owned and maintained in material compliance with all applicable Laws
and the requirements of all Necessary Project Approvals.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Plant is owned and maintained in compliance in all material respects with all of the Borrowers&rsquo; Contractual Obligations
(including the Project Documents applicable to such Plant, taking into account any cure or grace periods thereunder and the Borrower&rsquo;s
right to replace Project Documents as set forth in <U>Section 9.01(i) (<I>Events of Default &ndash; Project Document Defaults;
Termination</I>)</U>) (except, (i) in the case of Contractual Obligations other than Project Documents, to the extent such failure
to comply could not reasonably be expected to result in a Material Adverse Effect with respect to such Plant or Borrower and (ii)
the cessation of operations and Cold Shutdown of the Madera Plant).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.09 </FONT><U>Litigation</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) No action, suit, proceeding or
investigation has been instituted or threatened against any of Pacific Holding, the Pledgor, or any Plant or Borrower (including
in connection with any Necessary Project Approval) that, individually or in the aggregate, has had or could reasonably be expected
to have a Material Adverse Effect on any Plant or Borrower; and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no action, suit, proceeding or investigation has been instituted or threatened against any Major Project Party that is party
to any Project Document with Pacific Holding or that relates to any Borrower or Plant that, individually or in the aggregate, has
had or could reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.10 </FONT><U>Sole Purpose Nature; Business</U>. None of the Borrowers has conducted nor is conducting any business or activities
other than businesses and activities relating to the ownership, development, testing, financing, construction, operation and maintenance
of the Project as contemplated by the Transaction Documents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.11 </FONT><U>Contracts</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All contracts, agreements, instruments, letters, understandings, or other documentation to which any Borrower is a party
or by which it or any of its properties is bound as of the Original Closing Date (other than the Existing Financing Documents),
including the Project Documents (including all documents amending, supplementing, interpreting or otherwise modifying or clarifying
such agreements and instruments) are listed in <U>Schedule 5.11(i)</U>. All material contracts, agreements, instruments, letters,
understandings, or other documentation to which any Borrower entered into after the Original Closing Date (other than the Financing
Documents and the Existing Financing Documents), including any such Project Documents (including all documents amending, supplementing,
interpreting or otherwise modifying or clarifying such agreements and instruments), are listed in <U>Schedule 5.11(ii)</U>, provided,
that for the purposes of this <U>Section 5.11(a)</U>, any such contract, agreement, instrument, letter, understanding, or other
document that would reasonably be expected to provide for aggregate payments to or from, or aggregate liabilities of, the Loan
Parties, equal to or in excess of five hundred thousand Dollars ($500,000) and each Project Document entered into since June 25,
2010 shall be deemed to be material.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Necessary Project Contracts are in full force and effect except such Necessary Projects Contracts the invalidity of
which could not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As of any date (after the Closing Date) on which this representation is made or deemed repeated, there are no material contracts,
agreements, instruments, or documents between any Borrower and any other Person relating to any Borrower or the Project other than
(i) the Transaction Documents, (ii) the agreements listed in <U>Schedule 5.11</U>, and (iii) any other agreements permitted by
this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.12 </FONT><U>Collateral</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) The Collateral includes all of
the Equity Interests in and all of the tangible and intangible assets of each Borrower (except, with respect to any asset the
assignment of which is not permitted, as otherwise expressly provided in the applicable Security Agreement).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The respective Liens and security interests granted to the Collateral Agent (for the benefit of the Senior Secured Parties)
pursuant to the Security Documents in effect on each date this representation is made or deemed repeated (x) immediately prior
to the Restatement Effective Date, (i) constituted, as to personal property included in the Collateral, a valid first-priority
security interest in such personal property and (ii) constituted, as to the Mortgaged Property included in the Collateral, a valid
first-priority Lien of record in the Mortgaged Property, in each case subject only to Permitted Liens and (y) as of the Restatement
Effective Date and thereafter, subject to the Intercreditor Agreement (i) constitute, as to personal property included in the Collateral,
a valid security interest in such personal property and (ii) constitute, as to the Mortgaged Property included in the Collateral,
a valid Lien of record in the Mortgaged Property, in each case subject only to Permitted Liens.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The security interests granted to the Collateral Agent (for the benefit of the Senior Secured Parties) pursuant to the Security
Documents in the Collateral consisting of personal property will be perfected as specified in the Intercreditor Agreement, (i)
with respect to any property that can be perfected by filing, upon the filing of UCC financing statements in the filing offices
identified in <U>Schedule 5.12</U>, (ii) with respect to any Project Account or Local Account Collateral that can be perfected
solely by control, upon execution of this Agreement and the Blocked Account Agreements, respectively and (iii) with respect to
any property (if any) that can be perfected solely by possession, pursuant to the Intercreditor Agreement, upon the Collateral
Agent receiving possession thereof, and in each case such security interest will be, as to Collateral perfected under the UCC or
otherwise as aforesaid, superior and prior to the rights of all third Persons now existing or hereafter arising whether by way
of mortgage, lien, security interests, encumbrance, assignment or otherwise, in each case subject only to Permitted Liens. All
such action as is necessary has been taken to establish and perfect the Collateral Agent&rsquo;s rights in and to the Collateral
covered by the Security Documents on the date this representation is made or deemed repeated to the extent the Collateral Agent&rsquo;s
security interest can be perfected by filing, including any recordation, filing, registration, giving of notice or other similar
action. No filing, recordation, re-filing or re-recording other than those listed on <U>Schedule 5.12</U> (as the same may be updated
at the written request of the Borrowers&rsquo; Agent, with the written agreement of the Administrative Agent, following any change
in applicable law) is necessary to perfect (or maintain the perfection of) the interest, title or Liens of the Security Documents
(to the extent the Collateral Agent&rsquo;s security interest can be perfected by filing or recording), and on and as of each relevant
date which this representation and warranty is made or deemed repeated, all such filings or recordings have been made with respect
to each Security Document then in effect. The Borrowers and the Pledgor have properly delivered or caused to be delivered to the
Collateral Agent, or provided the Collateral Agent control of, all Collateral that requires perfection of the Liens and security
interests described above by possession or control, in each case in accordance with the Intercreditor Agreement. All or substantially
all of the Collateral (other than the Project Account Collateral, the Local Account Collateral, certificates, securities, investments,
chattel paper, books and records and general intangibles), including the Mortgaged Property, is or will (when acquired) be located
on the Sites.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.13 </FONT><U>Ownership of Properties</U>. (a) Madera has a good and valid fee ownership interest in the Site for the Madera
Plant (except as contemplated by <U>Section 7.02(f) (<I>Negative Covenants &ndash; Asset Dispositions</I>)</U>). Boardman has
a good and valid leasehold interest or valid fee ownership in the Site for the Boardman Plant (except as contemplated by <U>Section&nbsp;7.02(f)
(<I>Negative Covenants &ndash; Asset Dispositions</I>)</U>). Burley has a good and valid fee ownership interest in the Site for
the Burley Plant (except as contemplated by <U>Section 7.02(f) (<I>Negative Covenants &ndash; Asset Dispositions</I>)</U>). Stockton
has a good and valid leasehold interest or valid fee ownership in the Site for the Stockton Plant (except as contemplated by <U>Section
7.02(f) (<I>Negative Covenants &ndash; Asset Dispositions</I>)</U>). Each such Site is described on <U>Schedule 5.13(a)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as contemplated by <U>Section 7.02(f) (<I>Negative Covenants &ndash; Asset Dispositions</I></U><I>), </I>the Borrowers
have a good and valid ownership interest, leasehold interest, license interest or other right of use in all other property and
assets (tangible and intangible) included in the Collateral (other than the collateral pledged pursuant to the Pacific Holding
Pledge Agreement). Such ownership interests, leasehold interest, license interest or other rights of use are and will be sufficient
(along with the Kirby Equipment) to permit operation of the Plants substantially in accordance with the Project Documents applicable
to each such Plant. None of said properties or assets are subject to any Liens or, to the knowledge of each Borrower, any other
claims of any Person, including any easements, rights of way or similar agreements affecting the use or occupancy of the Project,
any Plant or any Site, other than Permitted Liens and, with respect to claims, to the extent permitted by <U>Section 5.09 (<I>Litigation</I>)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Equity Interests in each of Madera, Boardman, Stockton and Burley are owned by Pacific Holding.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Equity Interests in Pacific Holding are owned by the Pledgor.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The properties and assets of each of the Borrowers are separately identifiable and are not commingled with the properties
and assets of any other Person (other than any Borrower) and are readily distinguishable from one another (except to the extent
otherwise contemplated by the Transaction Documents).</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the Borrowers has any leasehold interest in, and none of the Borrowers is lessee of, any real property other than
the Leased Premises.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.14 </FONT><U>Taxes</U>. (a) Each Borrower has (i) filed all Tax Returns required by law to have been filed by it and (ii) has
paid all Taxes thereby shown to be owing, as and when the same are due and payable, other than in the case of this <U>Section
5.14(a)(ii)</U>, (A) Taxes that are subject to a Contest or (B) the nonpayment of immaterial Taxes in an aggregate amount not
in excess of twenty-five thousand Dollars ($25,000) at any one time outstanding (taking into account any interest and penalties
that could accrue or be applicable to such past-due Taxes), and provided that such Taxes are no more than forty-five (45) days
past due.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the Borrowers is or will be taxable as a corporation for federal, state or local tax purposes.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Borrower is a party to any tax sharing agreement with any Person.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.15 </FONT><U>Patents, Trademarks, Etc.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">Pacific Holding and each other Borrower
has obtained and holds in full force and effect all material patents, trademarks, copyrights and other such material rights or
adequate licenses therein (including on the Closing Date the license with respect to the use of the Pacific Ethanol name granted
pursuant to the Asset Management Agreement), free from unduly burdensome restrictions, that are necessary for the ownership, construction,
operation and maintenance of the Project.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.16 </FONT><U>ERISA Plans</U>. None of the Borrowers nor any ERISA Affiliate has (or within the five year period immediately
preceding the Closing Date had) any liability in respect of any Plan or Multiemployer Plan. None of the Borrowers has any contingent
liability with respect to any post-retirement benefit under any &ldquo;welfare plan&rdquo; (as defined in Section 3(1) of ERISA),
other than liability for continuation coverage under Part 6 of Title I of ERISA.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.17 </FONT><U>Property Rights, Utilities, Supplies Etc.</U>&nbsp;&nbsp;(a)&nbsp;All material property interests, utility services, means of transportation, facilities and other materials necessary for the use
and operation of the Project (including, as necessary, gas, roads, rail transport, electrical, water and sewage services and facilities)
are available to each Plant.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no material materials, supplies or equipment necessary for operation or maintenance of each Plant that are not
available at the relevant Site on commercially reasonable terms consistent with the Budget.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.18 </FONT><U>No Defaults</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) No Event of Default has occurred
and is continuing.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of Pacific Holding or any other Borrower is in any breach of, or in any default under, any of such Borrower&rsquo;s
Contractual Obligations that has had or could reasonably be expected to have a Material Adverse Effect with respect to such Borrower.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.19 </FONT><U>Environmental Warranties</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set forth on <U>Schedule 5.19(a)(i)</U>, (i) Each Borrower is in compliance in all material respects with all
applicable Environmental Laws, (ii) each Borrower has all Environmental Approvals required to operate its business as presently
conducted or as reasonably anticipated to be conducted and is in compliance in all material respects with the terms and conditions
thereof, (iii) no Borrower nor any of its Environmental Affiliates has received any written communication (other than any such
communication that the Administrative Agent has agreed in writing is not materially adverse) from a Governmental Authority that
alleges that any Borrower or any Environmental Affiliate is not in compliance in all material respects with all Environmental Laws
and Environmental Approvals, and (iv) there are no circumstances that may prevent or interfere in the future with any Borrower&rsquo;s
compliance in all material respects with all applicable Environmental Laws and Environmental Approvals.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There is no Environmental Claim pending, or to the knowledge of each Borrower, threatened against any Borrower. No Environmental
Affiliate has taken any action or violated any Environmental Law that to the knowledge of a Borrower could reasonably be expected
to result in an Environmental Claim.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no present or past actions, activities, circumstances, conditions, events or incidents, including the release,
emission, discharge, presence or disposal of any Material of Environmental Concern, that could reasonably be expected to form the
basis of any Environmental Claim against any Borrower or any Environmental Affiliate.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Without in any way limiting the generality of the foregoing, (i) there are no on-site or off-site locations in which any
Borrower or, to the knowledge of each Borrower, any Environmental Affiliate has stored, disposed or arranged for the disposal of
Materials of Environmental Concern that could reasonably be expected to form the basis of an Environmental Claim, (ii) none of
the Borrowers knows of any underground storage tanks located or to be located on property owned or leased by any Borrower except
as identified on <U>Schedule&nbsp;5.19(d)(ii)</U> (as the same may be updated in writing by the Borrowers&rsquo; Agent with the
written approval of the Administrative Agent), (iii) there is no asbestos or lead paint contained in or forming part of any building,
building component, structure or office space owned or leased by any Borrower except in such form, condition and quantity as could
not reasonably be expected to result in an Environmental Claim, and (iv) no polychlorinated biphenyls (PCBs) are or will be used
or stored at any property owned or leased by any Borrower, except in such form, condition and quantity as could not reasonably
be expected to result in an Environmental Claim.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the Borrowers has received any letter or request for information under Section 104 of the CERCLA, or comparable
state laws, and to the knowledge of the Borrowers, none of the operations of the Borrowers is the subject of any investigation
by a Governmental Authority evaluating whether any remedial action is needed to respond to a release or threatened release of any
Material of Environmental Concern at any Plant or Site or at any other location, including any location to which any Borrower has
transported, or arranged for the transportation of, any Material of Environmental Concern with respect to the Project.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.20 </FONT><U>Regulations T, U and X</U>. None of the Borrowers is engaged in the business of extending credit for the purpose
of purchasing or carrying margin stock, and no proceeds of any Loan will be used for any purpose that violates, or would be inconsistent
with, F.R.S. Board Regulation T, U or X. Terms for which meanings are provided in F.R.S. Board Regulation T, U or X or any regulations
substituted therefore, as from time to time in effect, are used in this <U>Section 5.20</U> with such meanings.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.21 </FONT><U>Accuracy of Information</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) All factual information
heretofore or contemporaneously furnished by or on behalf of any Borrower in this Agreement, in any other Transaction Document
or otherwise in writing to any Senior Secured Party, any Consultant, or counsel for purposes of or in connection with this Agreement
and the other Financing Documents or any transaction contemplated hereby or thereby (other than projections, budgets and other
&ldquo;forward-looking&rdquo; information all of which has been prepared on a reasonable basis and in good faith) was, as of the
date furnished, when taken as a whole (and after giving effect to any supplement of such information) (i) true and accurate in
every material respect and (ii) not incomplete by omitting to state any material fact necessary to make such information not misleading
in any material respect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The assumptions constituting the basis on which the Borrowers prepared the Budget that is in effect on each date this representation
is made or deemed repeated and the numbers set forth therein were developed and consistently utilized in good faith and are reasonable
and represent each Borrower&rsquo;s best judgment as of the date prepared as to the matters contained therein, based on all information
known to the Borrowers.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers reasonably believe that the use, ownership, operation and maintenance of the Project are technically feasible
and, except for factors effecting the ethanol industry in general and not relating specifically to the Plants or the Project, economically
feasible.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.22 </FONT><U>Indebtedness</U>. The Obligations are, after giving effect to the Financing Documents and the transactions contemplated
thereby, the only outstanding Indebtedness of the Borrowers other than Permitted Indebtedness. Other than with respect to the
Senior Obligations, subject to the Intercreditor Agreement, the Obligations rank at least <I>pari passu</I> with all other Indebtedness
of any Borrower.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.23 </FONT><U>Separateness</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Each Borrower maintains separate
bank accounts and separate books of account from each other Borrower and from the Pledgor (other than the Project Accounts maintained
in accordance with this Agreement). The separate liabilities of each Borrower are readily distinguishable from the liabilities
of each Affiliate of the Borrowers, including the Pledgor (except to the extent otherwise contemplated by the Transaction Documents).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Borrower conducts its business solely in its own name in a manner not misleading to other Persons as to its identity.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Borrower is in compliance with the provisions set forth on <U>Schedule&nbsp;5.23</U>.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.24 </FONT><U>Subsidiaries</U>. Madera, Boardman, Stockton and Burley have no Subsidiaries. Pacific Holding has no Subsidiaries
other than Madera, Boardman, Stockton and Burley.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.25 </FONT><U>Foreign Assets Control Regulations, Etc. </U>&nbsp;&nbsp;(a)&nbsp;&nbsp;The use of the proceeds of the Loan by the Borrowers will not violate the Trading with the Enemy Act, as amended, or any of the
foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or
any enabling legislation or executive order relating thereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the Borrowers:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>is or will become a Person or entity described by section 1 of Executive Order 13224 of September 24, 2001 Blocking Property
and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (12 C.F.R. 595), and none of the
Borrowers engages in dealings or transactions with any such Persons or entities; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>is in violation of the Patriot Act.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.26 </FONT><U>Employment Matters</U>. None of the Borrowers has or has had any employees or former employees.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.27 </FONT><U>Solvency</U>. Each of the Borrowers is and, upon the incurrence of any Obligations by the Borrowers and after giving
effect to the transactions contemplated hereby, will be, Solvent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.28 </FONT><U>Legal Name and Place of Business</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) The exact
legal name and jurisdiction of formation of each Borrower is as set forth below, and none of the Borrowers has had any other legal
names in the previous five (5) years except as set forth on <U>Schedule 5.28</U>:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>Pacific Holding: Pacific Ethanol Holding Co. LLC, a limited liability company organized and existing under the laws of the
State of Delaware;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>Madera: Pacific Ethanol Madera LLC, a limited liability company organized and existing under the laws of the State of Delaware;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>Boardman: Pacific Ethanol Columbia, LLC, a limited liability company organized and existing under the laws of the State of
Delaware;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>Stockton: Pacific Ethanol Stockton LLC, a limited liability company organized and existing under the laws of the State of Delaware;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>Burley: Pacific Ethanol Magic Valley, LLC, a limited liability company organized and existing under the laws of the State of
Delaware.</TD></TR></TABLE>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The sole place of business and chief executive office of each Borrower is as set forth on <U>Schedule 5.28</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The information set forth in <U>Sections
5.28(a)</U> and <U>(b)</U> and on <U>Schedule 5.28</U> may be changed from time to time by the Borrowers upon thirty (30) days&rsquo;
prior written notice to the Administrative Agent and the Collateral Agent, subject in each case to the Borrowers&rsquo; obligations
hereunder to provide the Collateral Agent with a perfected first-priority Lien on the Collateral (subject to Permitted Liens).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.29 </FONT><U>No Brokers</U>. None of the Borrowers has any obligation to pay any finder&rsquo;s, advisory, brokers or investment
banking fee, except for the fees payable pursuant to <U>Section 3.11 (<I>Fees</I>)</U> and those identified on <U>Schedule 5.29</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.30 </FONT><U>Insurance</U>. All insurance required to be obtained and maintained pursuant to the Transaction Documents by Pacific
Holding and each other Borrower is in full force and effect as of each date this representation is made or deemed repeated and
complies with the insurance requirements set forth on <U>Schedule 7.01(h)</U>. All premiums then due and payable on all such insurance
have been paid. To the knowledge of each Borrower, all insurance required to be obtained and maintained by any Major Project Party
to protect, directly or indirectly, against loss or liability to any Borrower, any Plant or any Senior Secured Party, as of the
date this representation is made or deemed repeated, pursuant to any Project Document relating to any such Plant has been obtained,
is in full force and effect and complies with the insurance requirements set forth on <U>Schedule 7.01(h)</U> (where applicable)
and is otherwise in all material respects in accordance with such Project Document.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.31 </FONT><U>Accounts</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. No Borrower has, nor is the beneficiary of,
any bank account other than the Project Accounts</FONT>. As of the Restatement Effective Date, no Borrower has any Local Accounts.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.32 </FONT><U>Interest Rate Protection Agreements</U>. On the Restatement Effective Date there are no Interest Rate Protection
Agreements.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
VI<BR>
<BR>
</FONT>CONDITIONS PRECEDENT</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
6.01 </FONT><U>Conditions to Closing</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. The effectiveness of this Agreement
shall be subject to the satisfaction of each of the following conditions precedent</FONT>, which the Borrowers, by their execution
and delivery of this Agreement, hereby certify to have been satisfied:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of Financing Documents</U>. The Administrative Agent shall have received each of the following fully executed
documents, each of which shall be originals, portable document format (&ldquo;<U>pdf</U>&rdquo;) or facsimiles, executed and delivered
by each party thereto:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>this Agreement;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>the Intercreditor Agreement; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>the Senior Credit Agreement and each other Senior Financing Document.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing Fees; Expenses</U>. The Administrative Agent shall have received for its own account all fees due and payable
pursuant to <U>Section 3.11 (<I>Fees</I>)</U> and all reasonable costs and expenses (including reasonable and documented legal
fees and expenses) for which invoices have been presented, in each case, required to be paid on or before the Restatement Effective
Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Senior Closing Date</U>. The concurrent occurrence of the &ldquo;Closing Date&rdquo; as defined in the Senior Credit
Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
6.02 </FONT><U>Conditions to All Fundings</U>. The obligation of each Lender to make available each Funding of its Loans, shall
be subject to the fulfillment of the following conditions precedent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Funding Notice</U>. The Administrative Agent shall have received a duly executed Funding Notice, as required by and in
accordance with <U>Section 2.04 (<I>Notice of Fundings</I>)</U>, which shall certify that:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>the Borrowers are in compliance with all conditions set forth in this <U>Section 6.02</U>, and each other applicable Section
of this <U>Article&nbsp;VI</U>, on and as of the proposed Funding Date, before and after giving effect to such Funding and to the
application of the proceeds therefrom;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>all representations and warranties made by each of the Borrowers and the Pledgor in this Agreement and each of the Financing
Documents to which it is a party are true and correct in all material respects on and as of such Funding Date (except with respect
to representations and warranties that expressly refer to an earlier date), before and after giving effect to such Funding and
to the application of the proceeds therefrom; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>since April 16, 2010, no Material Adverse Effect has occurred and is continuing.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Government Approvals</U>. Each Borrower that owns a Plant shall have all Necessary Project Approvals required as of the
date of such requested Funding to operate such Plant (in Cold Shutdown in the case of the Madera Plant), and the Administrative
Agent shall have received a duly executed certificate of an Authorized Officer of the relevant Borrowers certifying that each such
Necessary Project Approval is in full force and effect and is final and Non-Appealable.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Default or Event of Default</U>. No Default or Event of Default has occurred and is continuing, or would result from
such Funding.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties</U>. All representations and warranties made by each of the Borrowers and the Pledgor
in this Agreement and each of the Financing Documents to which it is a party shall be true and correct in all material respects
on and as of such Funding Date (except with respect to representations and warranties that expressly refer to an earlier date),
before and after giving effect to such Funding and to the application of the proceeds therefrom.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Litigation</U>.</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>No action, suit, proceeding or investigation shall have been instituted or threatened against any of Pacific Holding, the Pledgor,
or any Plant or Borrower that, individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse
Effect; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>no action, suit, proceeding or investigation shall have been instituted or threatened against any Project Party that is party
to any Project Document with Pacific Holding or that relates to any Borrower or Plant that, individually or in the aggregate, has
had or could reasonably be expected to have a Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Abandonment, Taking, Total Loss</U>. (i) No Event of Abandonment or Event of Total Loss shall have occurred and be continuing
with respect to any Plant, (ii) no Event of Taking relating to any Equity Interests in Pacific Holding or any other Borrower shall
have occurred and be continuing, or (iii) no Event of Taking with respect to a material part of any Plant shall have occurred.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restatement Effective Date</U>. The Restatement Effective Date shall have occurred.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fees; Expenses</U>. The Administrative Agent shall have received for its own account, or for the account of each Lender
and Agent entitled thereto, all fees due and payable as of the date of such Funding pursuant to <U>Section 3.11 (<I>Fees</I>)</U>,
and all costs and expenses (including reasonable and documented costs, fees and expenses of legal counsel) for which invoices have
been presented.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
VII<BR>
<BR>
</FONT>COVENANTS</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
7.01 </FONT><U>Affirmative Covenants</U>. Each Borrower agrees with each Agent and each Lender that, until the Discharge Date,
each of the Borrowers will perform the obligations set forth in this <U>Section 7.01</U> applicable to it.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Laws</U>. Each Borrower shall comply in all material respects with all Laws (other than Environmental
Laws) applicable to it or to its business or property.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Environmental Matters</U>.</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>The Borrowers shall (A) comply in all material respects with all Environmental Laws, (B) keep the Project free of any Lien
imposed pursuant to any Environmental Law, (C) pay or cause to be paid when due and payable by any Borrower any and all costs required
in connection with any Environmental Laws, including the cost of identifying the nature and extent of the presence of any Materials
of Environmental Concern in, on or about the Project or on any real property owned or leased by any Borrower or on the Mortgaged
Property, and the cost of delineation, management, remediation, removal, treatment and disposal of any such Materials of Environmental
Concern, and (D) use their best efforts to ensure that no Environmental Affiliate takes any action or violates any Environmental
Law that could reasonably be expected to result in an Environmental Claim.</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>The Borrowers shall not use or allow the Project to generate, manufacture, refine, produce, treat, store, handle, dispose of,
transfer, process or transport Materials of Environmental Concern other than in compliance in all material respects with Environmental
Laws.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Operations and Maintenance; Operating Status</U>. Each Borrower owning a Plant shall own, operate and maintain (or cause
to be operated and maintained) such Plant in all material respects in accordance with (A) the terms and provisions of the Transaction
Documents except as a result of the Cold Shutdown of the Madera Plant, (B) all applicable Governmental Approvals and Laws and (C)
Prudent Ethanol Operating Practice. Pacific Holding shall conduct its business in all material respects in accordance with all
applicable Governmental Approvals and Laws.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Properties</U>.</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>Each Borrower shall keep, or cause to be kept, in good working order and condition, ordinary wear and tear excepted, all of
its material properties and equipment that are necessary or useful in the proper conduct of its business.</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>The Borrowers shall not permit any Plant or any material portion thereof to be removed, demolished or materially altered, unless
such material portion that has been removed, demolished or materially altered has been replaced or repaired as permitted under
this Agreement.</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>Each Borrower shall do or cause to be done all things necessary to preserve and keep in full force and effect (A) its limited
liability company existence and (B) its material patents, trademarks, trade names, copyrights, franchises and similar rights.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Obligations</U>. Each Borrower shall pay and discharge as the same shall become due and payable (i) all tax
liabilities, assessments and governmental charges or levies upon it or its properties or assets, (A) unless the same are subject
to a Contest or (B) other than the nonpayment of immaterial Taxes in an aggregate amount not in excess of twenty-five thousand
Dollars ($25,000) at any one time outstanding (taking into account any interest and penalties that could accrue or be applicable
to such past-due Taxes), and provided that such Taxes are no more than forty-five (45) days past due, (ii) all of its obligations
and liabilities under its Contractual Obligations (other than any such failure that could not reasonably be expected to have a
Material Adverse Effect and that would not otherwise result in an Event of Default) and (iii) all lawful claims that, if unpaid,
would by law become a Lien upon its properties (other than Permitted Liens), unless the same are subject to a Contest.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governmental Approvals</U>. Pacific Holding and each other Borrower shall maintain in full force and effect, in the name
of the relevant Borrower, all Necessary Project Approvals (other than any such failure to maintain or obtain that could not reasonably
be expected to have a Material Adverse Effect on the relevant Borrower or Plant).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Use of Proceeds and Cash Flow</U>.</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>All proceeds of the Revolving Loans shall be used solely to fund the amounts set forth in the Budget and, in each case only
to the extent specified in the Budget (subject to the Permitted Variance), (a) operating expenses, limited capital expenditures
and other amounts for general and ordinary course purposes of the Borrowers, (b) current interest and fees payable pursuant to
the Financing Documents and (c) such other administrative payments, including the cumulative budgeted professional fees, as may
be authorized and approved by the Required Lenders.</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>All proceeds of the Tranche A-1 Term Loans shall be applied to pay amounts due in respect of DIP Advance Claims.</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>The Borrowers shall cause all Cash Flow, Insurance Proceeds and Condemnation Proceeds to be applied in accordance with <U>Article&nbsp;VIII
(<I>Project Accounts</I>)</U>.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Insurance</U>. Without cost to any Senior Secured Party, the applicable Borrower shall at all times obtain and maintain,
or cause to be obtained and maintained, the types and amounts of insurance listed and described on <U>Schedule 7.01(h)</U>, in
accordance with the terms and provisions set forth therein for each Plant and the applicable Borrower, and shall obtain and maintain
in all material respects such other insurance as may be required pursuant to the terms of any Transaction Document. In the event
the Borrowers fail to take out or maintain the full insurance coverage required by this <U>Section 7.01(h)</U>, the Administrative
Agent may (but shall not be obligated to) take out the required policies of insurance and pay the premiums on the same. All amounts
so advanced by the Administrative Agent shall become an Obligation and the Borrowers shall forthwith pay such amounts to the Administrative
Agent, together with interest from the date of payment by the Administrative Agent at the Default Rate.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Books and Records; Inspections</U>. Each Borrower shall keep proper books of record and account in which complete, true
and accurate entries in conformity with GAAP and all requirements of Law shall be made of all financial transactions and matters
involving the assets and business of such Borrower, and shall maintain such books of record and account in material conformity
with applicable requirements of any Governmental Authority having regulatory jurisdiction over such Borrower. Each Borrower shall
keep books and records separate from the books and records of any other Person (including any Affiliates of the Borrowers) that
accurately reflect all of its business affairs, transactions and the documents and other instruments that underlie or authorize
all of its limited liability company actions. Each Borrower shall permit officers and designated representatives of the Administrative
Agent or any Consultant to visit and inspect any of the properties of such Borrower (including the respective Plant), to examine
its limited liability company, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss
its affairs, finances and accounts with its members, managers, directors, officers and independent public accountants, all at the
expense of the Borrowers and at such reasonable times during normal business hours and as often as may be reasonably desired, upon
reasonable advance notice to such Borrower; provided that if a Default or Event of Default has occurred and is continuing, any
Agent, or Consultant (or, in the case of any Event of Default, any Lender) (or any of their respective officers or designated representatives)
may do any of the foregoing at the expense of the Borrowers at any time during normal business hours and without advance notice.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Existence</U>. Each Borrower will continue to preserve, renew and keep in full force and effect its entity
status in the jurisdiction of its formation and take all actions to maintain its rights, privileges and franchises necessary or
desirable in the normal course of its business.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Budgets</U>.</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>The Borrowers, not later than seven (7) days before the date that is the first day of the Fiscal Quarter commencing October
1, 2010 and each date falling every ninety (90) days thereafter (each such date, a &ldquo;<U>Period Start Date</U>&rdquo;), shall
adopt a budget containing, among other things, rolling cash flow forecast, setting forth in reasonable detail the projected cash
flow for each Plant and on an aggregate basis for the Project for the period starting on the then current Period Start Date and
ending on the earlier of (A) thirteen (13) weeks after the then current Period Start Date and (B) the Maturity Date, and provide
a copy of such forecast at such time to the Administrative Agent. Each such forecast shall become effective upon approval of the
Required Lenders of the Revolving Loan Class (acting in consultation with the Financial Advisor, if any) (each such approved forecast,
and the Initial Budget, a &ldquo;<U>Budget)</U>.&rdquo;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>Each Budget delivered to the Administrative Agent pursuant to this <U>Section 7.01(k)</U> shall be accompanied by a memorandum
or worksheet detailing all changes in material assumptions used in the preparation of such Budget, shall contain a line item for
each expense category reasonably requested by the Required Lenders of the Revolving Loan Class and shall specify for each Fiscal
Quarter and for each such expense category the amount budgeted for such category for such Fiscal Quarter.</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>Subject to <U>Section 7.02(w)</U>, the Borrowers shall comply with the Budget subject to the Permitted Variance.</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>No later than forty-five (45) days in advance of the beginning of each calendar year, the Borrowers shall prepare a document
substantially in the form of the Initial Annual Forecast setting forth in reasonable detail the projected requirements for Operation
and Maintenance Expenses and Maintenance Capital Expenses for such calendar year on a monthly basis for each Plant and provide
a copy of such document to the Administrative Agent.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Project Documents</U>. Each Borrower shall use its reasonable best efforts to preserve, protect and defend its rights
under each Project Document to which it is a party except where the failure to do so could not reasonably be expected to have a
Material Adverse Effect. Each Borrower shall use its reasonable best efforts to exercise all material rights, discretion and remedies
under each Project Document in accordance with its terms and in a manner consistent with and subject to such Borrower&rsquo;s obligations
under the Financing Documents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Preservation of Title; Acquisition of Additional Property</U>.</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>The Borrowers shall preserve and maintain (A) good, marketable and insurable fee interest in each Site (excluding the Leased
Premises) and valid easement interest to its easement interest in each Site (excluding the Leased Premises), (B) a good, legal
and valid leasehold interest in each Leased Premises, and (C) good, legal and valid title to all of its other respective material
properties and assets, in each case free and clear of all Liens other than Permitted Liens.</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>No Borrower shall acquire or commence to lease any real property interests without the prior written consent of the Required
Lenders.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Liens; Creation of Liens</U>.</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>The Borrowers shall take or cause to be taken all action necessary or desirable to maintain and preserve the Lien of the Security
Documents and the priority thereof, in each case in accordance with the Intercreditor Agreement.</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>The Borrowers shall take all actions required to cause each Additional Project Document to be or become subject to the Lien
of the Security Documents (whether by amendment to any Security Agreement or otherwise).</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>Simultaneously with the making of any investment in Cash Equivalents, each Borrower shall take or cause to be taken all actions
to require such Cash Equivalent in the Project Accounts or any Local Account with respect to which a Blocked Account Agreement
has been entered into to be or become subject to a perfected Lien in favor of the Senior Secured Parties, in each case in accordance
with the Intercreditor Agreement.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certificate of Formation</U>. Each Borrower shall observe in all material respects all of the separateness and other
provisions and procedures of its certificate of formation and Borrower LLC Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Separateness</U>. Each Borrower shall comply at all times with the separateness provisions set forth on <U>Schedule 5.23</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Further Assurances</U>. Upon written request of the Administrative Agent, the Borrowers shall promptly perform or cause
to be performed any and all acts and execute or cause to be executed any and all documents (including UCC financing statements
and UCC continuation statements):</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>that are necessary or advisable for compliance with <U>Section&nbsp;7.01(n)(i) (<I>Affirmative Covenants &ndash; Maintenance
of Liens; Creation of Liens</I></U>);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>for the purposes of ensuring the validity and legality of this Agreement or any other Financing Document and the rights of
the Lenders and the Agents hereunder or thereunder; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>for the purposes of facilitating the proper exercise of rights and powers granted to the Lenders or the Agents under this Agreement
or any other Financing Document.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>First Priority Ranking</U>. The Borrowers shall cause their payment obligations with respect to the Loans to constitute
direct senior secured obligations of each Borrower and, except with respect to the Senior Obligations, to rank no less than <I>pari
passu</I> in priority of payment, in right of security and in all other respects to all other Indebtedness (other than as contemplated
by <U>Section 8.03(b)</U> <U>(<I>Revenue Account</I>)</U> with respect to payment priorities) of the Borrowers, in each case subject
to the Intercreditor Agreement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Quarterly Meetings</U>. At least once per calendar quarter, upon request of the Required Lenders, at mutually acceptable
times (and with telephonic conferences being acceptable), the Borrowers&rsquo; Agent shall, and shall procure that representatives
of the Borrower&rsquo;s professionals (including any counsel and financial advisors) as may be requested by the Required Lenders,
meet together with the Lenders to update the Lenders on the status of the Borrowers and to discuss any other issues in connection
therewith as may be requested by the Required Lenders.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Estoppel Certificates</U>. Stockton and Boardman shall use commercially reasonable efforts to obtain a fully executed
estoppel certificate substantially in the form attached hereto as <U>Exhibits 7.01(t)A and B</U>, respectively.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
7.02 </FONT><U>Negative Covenants</U>. Each Borrower agrees with each Agent and each Lender that, until the Discharge Date, each
of the Borrowers will perform the obligations set forth in this <U>Section 7.02</U> applicable to it.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Restrictions on Indebtedness of the Borrowers. The Borrowers will not create, incur, assume or suffer to exist any Indebtedness
except:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>the Obligations;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>to the extent constituting Indebtedness, and contingent obligations under or in respect of performance bonds, bid bonds, appeal
bonds, indemnification obligations, obligations to pay insurance premiums, take or pay obligations and similar obligations in each
case incurred in the ordinary course of business and otherwise permitted under this Agreement and not in connection with Indebtedness
for borrowed money, with respect to bonds, (a) bonds existing on the Restatement Effective Date and set forth on <U>Schedule 7.02(a)</U>
and replacements or extensions thereof that do not increase the face amount thereof (except to the extent a bond in the amount
of such increase would be permitted pursuant to the following clause (b), and (b) other bonds in an aggregate amount not to exceed
two hundred thousand Dollars ($200,000) at any one time outstanding;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>to the extent constituting Indebtedness, Indebtedness arising from the honoring by a bank or other financial institution of
a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business or other cash management
services in the ordinary course of business; provided that such Indebtedness is extinguished within ten (10) Business Days of its
incurrence and the aggregate amount of all such Indebtedness does not exceed, at any time, one hundred thousand Dollars ($100,000);</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>Capitalized Lease Liabilities with payments in any Fiscal Year, taken in the aggregate for the Project, in an amount not to
exceed two million Dollars ($2,000,000);</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>Permitted Commodity Hedges;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)</FONT></TD><TD>Indebtedness (which may include Capitalized Lease Liabilities without reduction of the basket in the foregoing clause (a)(iv))
incurred at the time of such purchase or lease to finance the purchase or lease of enhancements to the Borrowers&rsquo; production
facilities consisting of bolt-on product yield enhancement equipment or processing and separation equipment for corn oil and corn
syrup in an aggregate principal amount not to exceed fourteen million Dollars ($14,000,000); and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vii)</FONT></TD><TD>Indebtedness under the Senior Financing Documents.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liens</U>. No Borrower shall create, incur, assume or suffer to exist any Lien upon any of its property, revenues or
assets (including its Equity Interests), whether now owned or hereafter acquired, except:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>Liens in favor, or for the benefit, of the Collateral Agent pursuant to the Security Documents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>Liens for taxes, assessments and other governmental charges that are not yet due or the payment of which is the subject of
a Contest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>Liens of carriers, warehousemen, mechanics and materialmen incurred in the ordinary course of business for sums not yet due
or the payment of which is the subject of a Contest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>minor defects or irregularities in title and similar matters if the same do not materially detract from the operation or use
of such property in the ordinary conduct of the business of the applicable Borrower, including any such exceptions and encumbrances
which are approved by the Administrative Agent;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>cash collateral for bonds permitted under <U>Section 7.02(a)(ii) (<I>Negative Covenants &ndash; Restrictions on Indebtedness
of the Borrowers</I>)</U> or otherwise; provided that such cash collateral does not exceed an amount equal to the sum of (A) the
amount of cash collateral for bonds on deposit on the Restatement Effective Date and set forth on <U>Schedule 7.02(a)</U> and (B)
two hundred thousand dollars ($200,000);</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)</FONT></TD><TD>Liens arising with respect to a Local Account for which a Blocked Account Agreement has been entered into or otherwise arising
by virtue of any statutory or common law provisions relating to banker&rsquo;s liens, rights of set-off or similar rights; provided
that such Liens either (A) are subordinated to the Liens of the Senior Secured Parties or (B) with respect only to Local Accounts
for which a Blocked Account Agreement has been entered into, are in an aggregate total amount not in excess of one hundred thousand
Dollars ($100,000);</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vii)</FONT></TD><TD>easements granted by any Borrower to any utility serving such Borrower&rsquo;s Plant as required for the operation of such
Plant; provided<I>,</I> that in each such case:</TD></TR></TABLE>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(A)</FONT></TD><TD>such easement will not adversely affect the costs under any Budget;</TD></TR></TABLE>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(B)</FONT></TD><TD>such easement will not adversely affect the operations of any Plant; and</TD></TR></TABLE>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(C)</FONT></TD><TD>such easement has been approved by the Administrative Agent;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(viii)</FONT></TD><TD>Liens in respect of Capitalized Lease Liabilities with respect to office equipment permitted by <U>Section 7.02(a)(iv)<I>(Negative
Covenants-Restrictions on Indebtedness)</I></U>;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ix)</FONT></TD><TD>purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal
property entered into in the ordinary course of business and otherwise permitted under this Agreement;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(x)</FONT></TD><TD>cash collateral for Permitted Commodity Hedges; provided that such cash collateral does not exceed the aggregate limits set
forth in the Commodity Hedging Policy;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xi)</FONT></TD><TD>purchase money security interests in equipment acquired by any Borrower using Indebtedness permitted by <U>Section 7.02(a)(vi)
(<I>Negative Covenants-Restrictions on Indebtedness</I>)</U>; provided, that such security interests do not apply to any other
property or assets of any Loan Party or any Subsidiary besides those acquired or leased pursuant to such transaction (it being
agreed that transactions with the same vendor may be cross-collateralized); and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xii)</FONT></TD><TD>Liens in favor, or for the benefit, of the Senior Collateral Agent pursuant to the Senior Security Documents.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Permitted Investments</U>. The Borrowers shall not make any investments, loans or advances (whether by purchase of stocks,
bonds, notes or other securities, loans, extensions of credit, advances or otherwise) except for investments in (i) Cash Equivalents,
(ii) investments received in connection with the bankruptcy of suppliers or customers of the Borrowers (provided that such investments
are subject to a first priority perfected Lien in favor of the Collateral Agent) and (iii) in the case of Pacific Holding, investments
in the other Borrowers. The Borrowers shall select Cash Equivalents having such maturities as shall cause the Project Accounts
to have a cash balance as of any day sufficient to cover the transfers made from the Project Accounts on such day in accordance
with this Agreement, the other Financing Documents, the Project Documents and any Additional Project Documents.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Change in Business</U>. No Borrower shall (i) enter into or engage in any business other than the ownership, operation
(including the Cold Shutdown of the Madera Plant), maintenance, use and financing of the Plants or the Project as contemplated
by the Transaction Documents or (ii) change in any material respect the scope of any Plant or the Project from that which exists
as of the Closing Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Equity Issuances</U>. No Borrower shall issue any Equity Interests unless such Equity Interests are immediately pledged
to the Collateral Agent (for the benefit of the Senior Secured Parties) on a first priority perfected basis pursuant to the Pledge
Agreements or, if necessary, a supplement thereto or a pledge and security agreement in substantially the form of the Pledge Agreements.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Asset Dispositions</U>. No Borrower shall sell, lease, assign, transfer or otherwise dispose of assets (other than Products),
whether now owned or hereafter acquired, except:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>disposal of assets that are promptly replaced in accordance with the then-current Budget;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>to the extent that such assets are uneconomical, obsolete or no longer useful or no longer usable in connection with the operation
or maintenance of the Project;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>disposal of assets with a fair market value of, or, if greater, at a disposal price of, less than fifty thousand Dollars ($50,000)
in the aggregate during any Fiscal Year; provided<I>,</I> that such disposal does not, and would not reasonably be expected to,
adversely affect the operation or maintenance of any Plant;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>transfers of assets among the Plants; provided, that (A) the aggregate total fair market value of all such transferred assets
does not exceed five hundred thousand Dollars ($500,000) in any Fiscal Year, and (B) each such transfer does not, and would not
reasonably be expected to, adversely affect the operations of the Plant from which such assets are transferred; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>as permitted by <U>Section 7.02(c) <I>(Negative Covenants</I>-<I>Permitted Investments</I>)</U>.</TD></TR></TABLE>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Consolidation, Merger</U>. No Borrower will (i) directly or indirectly liquidate, wind up, terminate, reorganize or dissolve
itself (or suffer any liquidation, winding up, termination, reorganization or dissolution) or otherwise wind up; or (ii) acquire
(in one transaction or a series of related transactions) all or any substantial part of the assets, property or business of, or
any assets that constitute a division or operating unit of, the business of any Person or otherwise merge or consolidate with or
into any other Person.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transactions with Affiliates</U>. No Borrower shall enter into or cause, suffer or permit to exist any arrangement or
contract with any of its Affiliates or any other Person that owns, directly or indirectly, any Equity Interest in any Borrower
unless such arrangement or contract (i) is fair and reasonable to such Borrower and (ii) is an arrangement or contract that is
on arm&rsquo;s-length basis and contains terms no less favorable than those that would be entered into by a prudent Person in the
position of such Borrower with a Person that is not one of its Affiliates.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accounts</U>. The Borrowers shall not maintain, establish or use any deposit account, securities account (as each such
term is defined in the UCC) or other banking account other than the Project Accounts and any Local Account identified to the Administrative
Agent in writing, each of which shall be subject to a Blocked Account Agreement. The Borrowers shall not change the name or account
number of any of the Project Accounts or Local Accounts without the prior written consent of the Administrative Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsidiaries</U>. Pacific Holding shall not create or acquire any Subsidiary other than Madera, Boardman, Stockton or
Burley nor enter into any partnership or joint venture. Each of Madera, Boardman, Stockton and Burley shall not create or acquire
any Subsidiary or enter into any partnership or joint venture.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>ERISA</U>. No Borrower will engage in any prohibited transactions under Section 406 of ERISA or under Section 4975 of
the Code. No Borrower will incur any obligation or liability in respect of any Plan, Multiemployer Plan or employee welfare benefit
plan providing post-retirement welfare benefits (other than a plan providing continue coverage under Part 6 of Title I of ERISA)
in each such case without the prior written consent of the Administrative Agent (unless the aggregate total obligations or liabilities
of the Borrowers that could reasonably be expected to arise, due to no fault of the Borrowers, in connection therewith would not
exceed five hundred thousand Dollars ($500,000)).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taxes</U>. No Borrower shall make any election to be treated as an association taxable as a corporation for federal,
state or local tax purposes.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Project Documents</U>. Other than changes approved in the Existing Pledgor Consent and changes that individually and
in the aggregate could not reasonably be expected to have a Material Adverse Effect, no Borrower shall direct or consent or agree
to (i) any amendment, modification, supplement, waiver to, or extension of the term of, or (ii) any termination, repudiation, cancellation
or rejection of, any Project Document to which it is a party and that is contemplated by the then-current Budget without the prior
written consent of the Required Lenders of the Revolving Loan Class and the Required Lenders of the Tranche A-1 Term Loan Class.
Except for collateral assignments to the Collateral Agent and/or, to, or for the benefit of, the Senior Collateral Agent pursuant
to the Senior Security Documents, no Borrower shall assign any of its rights under any Project Document to which it is a party
to any Person, or consent to the assignment of any obligations under any such Project Document by any other party thereto.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Project Documents; Senior Financing Documents</U>. None of Pacific Holding or any other Borrower shall (i)
enter into any Additional Project Document that is not contemplated by the then-current Budget except with the prior written approval
of the Administrative Agent or (ii) except as permitted under the Intercreditor Agreement, amend any Senior Financing Documents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Suspension or Abandonment</U>. No Borrower owning a Plant shall (i) permit or suffer to exist an Event of Abandonment
relating to such Plant or (ii) order or consent to any suspension of work in excess of sixty (60) days under any Project Document
relating to such Plant (provided that Cold Shutdown shall not constitute a suspension of work), in each such case without the prior
written approval of the Required Lenders of the Revolving Loan Class and the Required Lenders of the Tranche A-1 Term Loan Class.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Use of Proceeds; Margin Regulations</U>. No Borrower shall use any proceeds of any Loan other than in accordance with
the provisions of <U>Article II (<I>Commitments and Funding</I>)</U> and <U>Section 7.01(g) (<I>Affirmative Covenants &ndash; Use
of Proceeds and Cash Flow</I>)</U>. No Borrower shall use any part of the proceeds of any Loan to purchase or carry any Margin
Stock (as defined in Regulation U) or to extend credit to others for the purpose of purchasing or carrying any Margin Stock. No
Borrower shall use the proceeds of any Loan in a manner that could violate or be inconsistent with the provisions of Regulations
T, U or X. Notwithstanding anything to the contrary set forth in this Agreement, following the occurrence of a Stockton Revenue
Event, no proceeds of any Loan shall be used to fund operations at the Stockton Plant if (i) holders of in excess of fifty percent
(50.00%) of the outstanding principal amount of the Revolving Loans (or in excess of fifty percent (50.00%) of the outstanding
principal amount of the Revolving Loans and the undisbursed amount of the Aggregate Revolving Loan Commitment) (excluding the principal
amounts of any Revolving Loans made by, and any Revolving Loan Commitments of, any Non-Voting Lenders) affirmatively vote to, or
the Senior Required Lenders issue a direction to, terminate such use or (ii) such vote does not occur and either the Majority Condition
or the Plurality Condition exists and the Required Minority Lenders affirmatively vote to, or the Senior Required Lenders issue
a direction to, terminate such use.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Environmental Matters</U>. Except to the extent not reasonably expected to result in an Environmental Claim and in compliance
with all applicable Laws, the Borrowers shall not permit (i) any underground storage tanks to be located on any property owned
or leased by any Borrower, (ii) any asbestos to be contained in or form part of any building, building component, structure or
office space owned by any Borrower, (iii) any polychlorinated biphenyls (PCBs) to be used or stored at any property owned by any
Borrower, (iv) any other Materials of Environmental Concern to be used, stored or otherwise be present at any property owned by
any Borrower, other than Materials of Environmental Concern necessary for the operation of the Project and used in accordance with
Prudent Ethanol Operating Practice or (v) any other Materials of Environmental Concern to be used, stored or otherwise be present
at any property leased by any Borrower.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restricted Payments</U>. The Borrowers shall not make any Restricted Payments.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Budget</U>. Except as set forth in this Agreement, no Borrower shall make any change in the Budget.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Commodity Hedging Arrangements</U>. The Borrowers shall not enter into any Commodity Hedging Arrangements (other than
any Permitted Commodity Hedge) without the prior written consent of the Required Lenders of the Revolving Loan Class and the Required
Lenders of the Tranche A-1 Term Loan Class.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Interest Rate Protection Agreements</U>. The Borrowers shall not enter into any Interest Rate Protection Agreement without
the prior written consent of the Required Lenders of the Revolving Loan Class and the Required Lenders of the Tranche A-1 Term
Loan Class.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accounting Changes</U>. No Borrower shall make any change in (i) its accounting policies or reporting practices, except
as required by GAAP or as otherwise notified to the Administrative Agent in writing (provided that the Borrowers shall provide
an historical reconciliation for the prior audited period addressing any such change in accounting practices), or (ii) its Fiscal
Year without the prior written consent of the Administrative Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial Covenants</U>.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers shall not permit amounts disbursed pursuant to the category in the Budget entitled &ldquo;Asset Management
Agreement&rdquo; (excluding the line item entitled &ldquo;Asset Management Fee&rdquo;) in any Budget Period to exceed the amounts
set forth in the line item entitled &ldquo;Total Asset Management Agreement&rdquo; (excluding &ldquo;Asset Management Fee&rdquo;)
for such Budget Period in the Initial Budget by more than ten percent (10%).</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers shall not permit amounts disbursed pursuant to the category in the Budget entitled &ldquo;Operating Disbursements&rdquo;
(reduced by the amount of any portion of such disbursements made in respect of purchases of corn or natural gas) to exceed the
amount set forth in the line item entitled &ldquo;Total Operating Disbursements&rdquo; (reduced by the amount of any portion of
such line item budgeted for purchases of corn or natural gas) for such Budget Period in the then applicable Budget by more than
ten percent (10%).</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Site Specific Bond</U>. The Borrowers shall not permit the face amount of the Site Specific Bond to exceed $1,000,000.
Upon any release of cash collateral for the Site Specific Bond held pursuant to the Cash Collateral Agreement, such released amounts
shall be trasferred directly to the Administrative Agent in accordance with the Cash Collateral Agreement as in effect on the date
hereof and applied as a repayment of Revolving Loans in accordance with the terms hereof, subject to the Intercreditor Agreement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
7.03 </FONT><U>Reporting Requirements</U>. The Borrowers will furnish to the Administrative Agent, who shall distribute copies
of the following to each Lender:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>as soon as available and in any event within forty-five (45) days after the end of the first three Fiscal Quarters of each
Fiscal Year, consolidated and consolidating balance sheets of Pacific Holding and consolidated and consolidating statements of
income and cash flows of Pacific Holding for such Fiscal Quarter and for the period commencing at the end of the previous Fiscal
Year and ending with the end of such Fiscal Quarter;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>as soon as available and in any event within one hundred (100) days after the end of each Fiscal Year, a copy of the annual
audit report for such Fiscal Year for Pacific Holding including therein balance sheets as of the end of such Fiscal Year and statements
of income and cash flows of Pacific Holding (on a consolidated and consolidating basis) for such Fiscal Year, and accompanied by
an unqualified opinion of the Auditors stating that all such financial statements present fairly in all material respects the financial
position of each Borrower (as applicable) for the periods indicated in conformity with GAAP applied on a basis consistent with
prior periods (except as otherwise contemplated by <U>Section 7.02(v) (<I>Negative Covenants &ndash; Accounting Changes</I>)</U>),
which report and opinion shall not be subject to any &ldquo;going concern&rdquo; or like qualification or exception or any qualification
or exception as to the scope of such audit;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>concurrently with the delivery of the financial statements referred to in <U>Sections 7.03(a)</U> and <U>(b)</U> a certificate,
executed by an Authorized Officer of the applicable Loan Party stating that:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>such financial statements fairly present in all material respects the financial condition and results of operations of such
Person on the dates and for the periods indicated in accordance with GAAP subject, in the case of interim financial statements,
to the absence of notes and normally recurring year-end adjustments;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>such Authorized Officer has reviewed the terms of the Financing Documents and has made, or caused to be made under his or her
supervision, a review in reasonable detail of the business and financial condition of such Person during the accounting period
covered by such financial statements; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>as a result of such review such Authorized Officer has concluded that no Default or Event of Default has occurred during the
period covered by such financial statements through and including the date of such certificate or, if any Default or Event of Default
has occurred, specifying the nature and extent thereof and, if continuing, the action that the Borrowers have taken and propose
to take in respect thereof;</TD></TR></TABLE>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>promptly upon receipt, copies of any detailed audit reports, management letters or recommendations submitted to any Borrower
(or the audit or finance committee of any Borrower) by the Auditors in connection with the accounts or books of any Borrower, or
any audit of any Borrower;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>as soon as possible and in any event within five (5) days after the occurrence of any Default or Event of Default, including
pursuant to <U>Section 9.01(e)</U> with respect to Indebtedness under the Senior Credit Agreement, a statement of an Authorized
Officer of the Borrowers&rsquo; Agent setting forth details of such Default or Event of Default and the action that the Borrowers
have taken and propose to take with respect thereto;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>within five (5) days after any Borrower obtains knowledge thereof a statement of an Authorized Officer of the Borrowers&rsquo;
Agent setting forth details of:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>any litigation or governmental proceeding pending or threatened in writing against any Borrower or the Pledgor;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>any litigation or governmental proceeding pending or threatened in writing against any Project Party that has or could reasonably
be expected to have a Material Adverse Effect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>any other event, act or condition that has or could reasonably be expected to have a Material Adverse Effect; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>notification of any event of force majeure or similar event under a Project Document which is expected to continue for more
than five (5) days or, to the knowledge of any Borrower, result in increased costs of at least one hundred thousand Dollars ($100,000);</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>promptly after delivery or receipt thereof, copies of all material notices or documents given or received by any Borrower,
pursuant to any of the Project Documents including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>any written notice alleging any breach or default thereunder; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>any written notice regarding, or request for consent to, any assignment, termination, modification, waiver or variation thereof;</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>as soon as possible and in any event within five (5) Business Days after any Borrower knows, or has reason to know, that
any of the events described below have occurred, a duly executed certificate of an Authorized Officer of the Borrowers&rsquo; Agent
setting forth the details of each such event and the action that the Borrowers propose to take with respect thereto, together with
a copy of any notice or filing from the PBGC, Internal Revenue Service, Department of Labor or that may be required by the PBGC
or other U.S. Governmental Authority with respect to each such event:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>any Termination Event with respect to an ERISA Plan or a Multiemployer Plan has occurred or will occur that could reasonably
be expected to result in any material liability to any Borrower;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>any condition exists with respect to a Plan that presents a material risk of termination of a Plan (other than a standard termination
under Section 4041(b) of ERISA) or imposition of an excise tax or other material liability on any Borrower;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>an application has been filed for a waiver of the minimum funding standard under Section 412 of the Code or Section 302 of
ERISA under any Plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>any Borrower or any Plan fiduciary has engaged in a &ldquo;prohibited transaction,&rdquo; as defined in Section 4975 of the
Code or as described in Section 406 of ERISA, that is not exempt under Section 4975 of the Code and Section 408 of ERISA that could
reasonably be expected to result in material liability to any Borrower;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>there exists any Unfunded Benefit Liabilities under any ERISA Plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)</FONT></TD><TD>any condition exists with respect to a Multiemployer Plan that presents a risk of a partial or complete withdrawal (as described
in Section 4203 or 4205 of ERISA) from a Multiemployer Plan that could reasonably be expected to result in any liability to any
Borrower;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vii)</FONT></TD><TD>a &ldquo;default&rdquo; (as defined in Section 4219(c)(5) of ERISA) occurs with respect to payments to a Multiemployer Plan
and such default could reasonably be expected to result in any liability to any Borrower;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(viii)</FONT></TD><TD>a Multiemployer Plan is in &ldquo;reorganization&rdquo; (as defined in Section 418 of the Code or Section 4241 of ERISA) or
is &ldquo;insolvent&rdquo; (as defined in Section 4245 of ERISA);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ix)</FONT></TD><TD>any Borrower and/or any ERISA Affiliate has incurred any potential withdrawal liability (as defined in accordance with Title
IV of ERISA); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(x)</FONT></TD><TD>there is an action brought against any Borrower or any ERISA Affiliate under Section 502 of ERISA with respect to its failure
to comply with Section 515 of ERISA;</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>as soon as possible and in any event within five (5) Business Days after the receipt by any Borrower of a demand letter
from the PBGC notifying such Borrower of its final decision finding liability and the date by which such liability must be paid,
a copy of such letter, together with a duly executed certificate of the president or chief financial officer of such Borrower setting
forth the action that such Borrower proposes to take with respect thereto;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>promptly and in any event within five (5) Business Days after the existence of any of the following conditions, a duly executed
certificate of an Authorized Officer of the Borrowers&rsquo; Agent specifying in detail the nature of such condition and, if applicable,
the Borrowers&rsquo; proposed response thereto:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>receipt by any Borrower of any written communication from a Governmental Authority or any written communication from any other
Person or other source of written information, including (to the extent not privileged) reports prepared by any Borrower, that
alleges or indicates that any Borrower or an Environmental Affiliate is not in compliance in all material respects with applicable
Environmental Laws or Environmental Approvals;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>any Borrower obtains knowledge that there exists any Environmental Claim pending or threatened in writing against any Borrower
or an Environmental Affiliate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>any Borrower obtains knowledge of any release, threatened release, emission, discharge or disposal of any Material of Environmental
Concern or obtains knowledge of any material non-compliance with any Environmental Law that, in either such case, could reasonably
be expected to form the basis of an Environmental Claim against any Borrower or any Environmental Affiliate; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>any Removal, Remedial or Response action taken by any Borrower or any other person in response to any Material of Environmental
Concern in, at, on or under, a part of or about the Borrowers&rsquo; properties or any other property or any notice, claim or other
information that any of the Borrowers might be subject to an Environmental Claim;</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Borrowers will maintain and make available for inspection by the Administrative Agent, the Consultants and, if an Event
of Default has occurred and is continuing, the Lenders, and each of their respective agents and employees, on reasonable notice
during regular business hours, accurate and complete records of all non-privileged correspondence, investigations, studies, sampling
and testing conducted, and any and all remedial actions taken, by any Borrower or, to the best of any Borrower&rsquo;s knowledge
and to the extent obtained by any Borrower, by any Governmental Authority or other Person in respect of Materials of Environmental
Concern that could reasonably be expected to form the basis of an Environmental Claim on or affecting any Plant or the Project;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>within twenty-five (25) days after the end of each calendar month, an Operating Statement certified as complete and correct
by an Authorized Officer of the Borrower Agent regarding the operation and performance of each Plant for such month. Such Operating
Statements shall contain (i) line items corresponding to the Budget showing in reasonable detail all actual expenses related to
the operation and maintenance of each Plant compared to the budgeted expenses for such period, (ii) information showing the amount
of ethanol and other Products produced by each Plant during such period and (iii) information showing (A) the amount of ethanol
sold by the Borrowers from each Plant pursuant to the Ethanol Offtake Agreements, (B) the amount of Distillers Grains sold by the
Borrowers from each Plant pursuant to the DG Offtake Agreements, and (C) the amount, if any, of other sales of ethanol and/or Distillers
Grains, together with an explanation of any such sale and identification of the purchaser, and (D) the amount, if any, of other
Products sold by the Borrowers from the Plants, together with an explanation of any such sale and identification of the purchaser;
and</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>true, correct and complete copies of each Necessary Project Approval requested by the Administrative Agent; and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>other information reasonably requested by the Administrative Agent or any Lender, through the Administrative Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
VIII<BR>
<BR>
</FONT>PROJECT ACCOUNTS</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.01 </FONT><U>Establishment of Project Accounts</U>. The Accounts Bank has established and maintains, in the name of the Borrowers&rsquo;
Agent and on the books and records of the Accounts Bank&rsquo;s offices located in Amarillo, Texas the accounts set forth below:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a special, segregated, Dollar-denominated account entitled &ldquo;Amarillo Control - Pacific Ethanol Holding Co. LLC Revenue
Account&rdquo;, Account No. 128864 (the &ldquo;<U>Revenue Account</U>&rdquo;);</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a special, segregated, Dollar-denominated account entitled &ldquo;Amarillo Control - Pacific Ethanol Holding Co. LLC Operating
Account&rdquo;, Account No. 128872 (the &ldquo;<U>Operating Account</U>&rdquo;);</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a special, segregated, Dollar-denominated account entitled &ldquo;Amarillo Control - Pacific Ethanol Holding Co. LLC Maintenance
Capital Expense Account&rdquo;, Account No. 128880 (the &ldquo;<U>Maintenance Capital Expense Account</U>&rdquo;);</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a special, segregated, Dollar-denominated account entitled &ldquo;Amarillo Control - Pacific Ethanol Holding Co. LLC Debt
Service Reserve Account&rdquo;, Account No. 129070 (the &ldquo;<U>Debt Service Reserve Account</U>&rdquo;);</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a special, segregated, Dollar-denominated account entitled &ldquo;Amarillo Control - Pacific Ethanol Holding Co. LLC Madera
Insurance and Condemnation Proceeds Account&rdquo;, Account No. 129097 (the &ldquo;<U>Madera Insurance and Condemnation Proceeds
Account</U>&rdquo;);</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a special, segregated, Dollar-denominated account entitled &ldquo;Amarillo Control - Pacific Ethanol Holding Co. LLC Boardman
Insurance and Condemnation Proceeds Account&rdquo;, Account No. 129100 (the &ldquo;<U>Boardman Insurance and Condemnation Proceeds
Account</U>&rdquo;);</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a special, segregated, Dollar-denominated account entitled &ldquo;Amarillo Control - Pacific Ethanol Holding Co. LLC Stockton
Insurance and Condemnation Proceeds Account&rdquo;, Account No. 129119 (the &ldquo;<U>Stockton Insurance and Condemnation Proceeds
Account</U>&rdquo;);</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a special, segregated, Dollar-denominated account entitled &ldquo;Amarillo Control - Pacific Ethanol Holding Co. LLC Burley
Insurance and Condemnation Proceeds Account&rdquo;, Account No. 129135 (the &ldquo;<U>Burley Insurance and Condemnation Proceeds
Account</U>&rdquo;); and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a special, segregated, Dollar-denominated account entitled &ldquo;Amarillo Control - Pacific Ethanol Holding Co. LLC Extraordinary
Proceeds Account&rdquo;, Account No. 129143 (the &ldquo;<U>Extraordinary Proceeds Account</U>&rdquo;).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.02 </FONT><U>Deposits into and Withdrawals from Project Accounts</U>. (a) Amounts shall be deposited into and withdrawn from
the Project Accounts in strict accordance with this <U>Article VIII</U>, subject to the Intercreditor Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Accounts Bank will only be required to transfer funds hereunder on a &ldquo;same day&rdquo; basis if it has received
written notice of such proposed transfer, together with all certificates, notices, directions and other documents required under
this Agreement to be delivered to the Accounts Bank relating thereto, not later than 3:00 pm New York City time on the Business
Day of such transfer and, if such notice or any such related document is received by the Accounts Bank after such time, such transfer
will be undertaken prior to 12:00 noon New York City time on the next Business Day succeeding the date of receipt by Accounts Bank
of all such documentation.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any transfer, withdrawal, deposit, investment or payment of any funds by the Accounts Bank or any other action to be
taken by the Accounts Bank under this Agreement is to be made or taken on a day other than a Business Day, such transfer, withdrawal,
deposit, investment, payment or other action will be made or taken on the next succeeding Business Day.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any instruction, direction, notice, certificate, request or requisition given to the Accounts Bank by any Borrower with
respect to the transfer, withdrawal, deposit, investment or payment of any funds under this Agreement or with respect to any other
obligations to be performed by the Accounts Bank under this Agreement (i) must be in writing and signed by an Authorized Officer
of the Borrowers&rsquo; Agent, (ii) in referencing any of the Project Accounts, must refer to the specific Project Account name
and number, (iii) shall constitute a representation by the Borrowers that all conditions set forth in this Agreement for such withdrawal
have been satisfied, whether or not those conditions are explicitly stated to be so satisfied and (iv) shall be copied to the Administrative
Agent, the Collateral Agent, the Senior Administrative Agent and the Senior Collateral Agent. Notwithstanding anything contained
in this Agreement or any other Financing Document to the contrary, the Accounts Bank may rely and shall be protected in acting
or refraining from acting upon any instruction, direction, notice, certificate, request or requisition of Borrowers&rsquo; Agent,
the Senior Administrative Agent or the Senior Collateral Agent or, from and after the Senior Discharge Date or if and when a payment
to or on behalf of the Senior Secured Parties is permitted hereunder, subject to the Intercreditor Agreement, the Administrative
Agent or Collateral Agent.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the Project Accounts shall go into overdraft, and the Accounts Bank shall not comply with any request or direction
to the extent that it would cause any of the Project Accounts to do so.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Borrower hereby acknowledges that it has irrevocably instructed each Project Party, and agrees that it shall so instruct
each future Project Party, to make all payments due and payable to any Borrower under any Project Document, directly to the Accounts
Bank for deposit in, or to be credited in the manner set forth in this <U>Article VIII</U>. Each Borrower further agrees that it
shall irrevocably instruct each other Person from whom such Borrower is entitled to receive Cash Flow, Insurance Proceeds and Condemnation
Proceeds, to make all payments due and payable to any Borrower from such Person directly to the Accounts Bank for deposit, and
to be credited, in the manner set forth in this <U>Article VIII</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Accounts Bank shall not be charged with knowledge of any Notice of Suspension, Default or Event of Default hereunder
or under the Senior Credit Agreement unless the Accounts Bank has received such Notice of Suspension or other written notice of
such Default or Event of Default from the Senior Administrative Agent or the Senior Collateral Agent (in either case, at the direction
of the Required Senior Lenders) or the Administrative Agent or the Collateral Agent (in either case, at the direction of the Required
Lenders) or an Authorized Officer of the Borrowers&rsquo; Agent or any Borrower.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Accounts Bank shall not be charged with the knowledge that any transfer or withdrawal from any Project Account would
result in the occurrence of a Default or Event of Default hereunder or under the Senior Credit Agreement, unless it has received
written notice thereof from the Senior Administrative Agent or the Senior Collateral Agent (with respect to any Default or Event
of Default under the Senior Credit Agreement), the Administrative Agent, the Collateral Agent or an Authorized Officer of the Borrowers&rsquo;
Agent or any Borrower.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything contained in this Agreement or any other Financing Document to the contrary, the Accounts Bank
shall have no obligation to (i) make any payment, transfer or withdrawal from any Project Account until it has received written
direction to make such payment, transfer or withdrawal from (x) the Senior Collateral Agent, the Senior Administrative Agent, the
Required Senior Lenders, or (y) from and after the Senior Discharge Date or if and when a payment to or on behalf of the Senior
Secured Parties is permitted by the Intercreditor Agreement, the Administrative Agent, the Collateral Agent or the Required Lenders,
or (z) if this Agreement explicitly provides that any such direction may be made by the Borrowers&rsquo; Agent, the Borrowers&rsquo;
Agent or (ii) determine whether any payment, transfer or withdrawal from any Project Account made in accordance with any written
direction from the Senior Collateral Agent, the Senior Administrative Agent, the Required Senior Lenders, the Administrative Agent,
the Collateral Agent, the Required Lenders or the Borrowers&rsquo; Agent complies with the terms of this Agreement. The Accounts
Bank shall have no liability for, nor any responsibility or obligation to confirm, the use or application by any Borrower, Borrowers&rsquo;
Agent, Administrative Agent, Collateral Agent, the Senior Administrative Agent, the Senior Collateral Agent, the Required Lenders,
the Required Senior Lenders or any other recipient of amounts withdrawn or transferred from any Project Account.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.03 </FONT><U>Revenue Account</U>. (a) Each Borrower shall cause the following amounts to be paid into the Revenue Account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>all Cash Flow;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>except as set forth in <U>Section 8.08(a)(i) (<I>Extraordinary Proceeds Account</I>)</U>, all proceeds from the sale or disposition
of any assets of any Borrower;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>any other income received by or on behalf of any Borrower that is not required to be deposited in or credited to a Project
Account, or applied directly to the Obligations or the Senior Obligations, in accordance with this Agreement or the Senior Credit
Agreement, both as subject to the Intercreditor Agreement; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>amounts transferred to the Revenue Account pursuant to <U>Section&nbsp;2.05(c) (<I>Funding of Loans</I>)</U>, <U>Section 8.06(c)
(<I>Debt Service Reserve Account</I>)</U> and <U>Sections 8.08(b)(i) and (c)(i) (<I>Extraordinary Proceeds Account</I>)</U>.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Commencing on the Closing Date, unless a Notice of Suspension is in effect or a Default or Event of Default would occur
after giving effect to any application of funds contemplated hereby, upon receipt of a Revenue Account Withdrawal Certificate duly
executed by an Authorized Officer of the Borrowers&rsquo; Agent, the Accounts Bank shall, in accordance with the directions set
forth therein, cause funds held in the Revenue Account to be withdrawn or transferred to pay the following amounts on the dates
and at the priorities indicated below, subject to the Intercreditor Agreement:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD><I>first</I>,</TD></TR></TABLE>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD>no more than three (3) times each calendar week, to the Operating Account, the amount certified by the Borrowers&rsquo; Agent
in such Revenue Account Withdrawal Certificate as required to pay Operation and Maintenance Expenses (other than Operation and
Maintenance Expenses related to corn, natural gas, electricity, insurance premiums and/or Borrower Taxes which are addressed in
sub-section (b) below) that, in each such case, are or will become due and payable during the then-current calendar month; provided<I>,</I>
that the aggregate amount of such transfers in such calendar month pursuant to this priority <I>first (a)</I>, does not exceed
110% of the amount of such Operation and Maintenance Expenses set forth in the Budget for such calendar month, as certified by
the Borrower in such Revenue Account Withdrawal Certificate; and</TD></TR></TABLE>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD>no more than seven (7) times each calendar week; provided that it occur on a day which is a Business Day, to the Operating
Account, the amount certified by the Borrower&rsquo;s Agent in such Revenue Account Withdrawal Certificate as required to pay some
or all of the cost of corn, natural gas, electricity, insurance premiums and/or Borrower Taxes that, in each such case, are or
will become due and payable during the current calendar month;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD><I>second</I>, on each Monthly Date, to the Maintenance Capital Expense Account, in the amount certified by the Borrowers&rsquo;
Agent in such Revenue Account Withdrawal Certificate as necessary to pay Maintenance Capital Expenses that, in each such case,
are or will become due and payable during the immediately succeeding calendar month; provided<I>,</I> that the amount of such transfer
of funds does not exceed 110% of the amount of Maintenance Capital Expenses set forth in the Budget for such immediately succeeding
calendar month;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD><I>third</I>, on any date when due and payable, <I>pro rata</I> (on the basis of the aggregate of each such amount then due
and payable) to (A) the Senior Administrative Agent, for the account of the applicable Priority Senior Secured Parties, in the
amount certified by the Borrowers&rsquo; Agent in such Revenue Account Withdrawal Certificate or otherwise instructed in writing
to the Accounts Bank by the Senior Administrative Agent and/or the Required Senior Lenders as necessary to pay the Senior Fees,
costs, expenses and other amounts due and payable under the Senior Financing Documents (other than principal and interest on the
Senior Loans) and (B) the Administrative Agent, for the account of the applicable Senior Secured Parties, in the amount certified
by the Borrowers&rsquo; Agent in such Revenue Account Withdrawal Certificate or otherwise instructed in writing to the Accounts
Bank by the Administrative Agent and/or the Required Lenders as necessary to pay the Fees, costs, expenses and other amounts due
and payable under the Financing Documents (other than principal and interest on the Loans);</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD><I>fourth</I>, on any date when due and payable, to the Senior Administrative Agent, in the amount certified by the Borrowers&rsquo;
Agent in such Revenue Account Withdrawal Certificate or otherwise instructed in writing to the Accounts Bank by the Required Senior
Lenders as necessary to pay any interest then due and payable pursuant to the Senior Credit Agreement (other than to any Defaulting
Lender thereunder);</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD><I>fifth</I>, on any date when due and payable, to the Administrative Agent, in the amount certified by the Borrowers&rsquo;
Agent in such Revenue Account Withdrawal Certificate or otherwise instructed in writing to the Accounts Bank by the Required Lenders
as necessary to pay any interest then due and payable on the Revolving Loans and the Tranche A-1 Term Loans <I>pro rata</I> among
the Revolving Lenders (other than any Defaulting Lender) and the Tranche A-1 Lenders based on their respective outstanding principal
amounts on the date of such payment and any fees, expenses or Net Swap Payments owing to any Interest Rate Protection Provider;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)</FONT></TD><TD><I>sixth</I>, on any date when due and payable, to the Senior Administrative Agent, in the amount certified by the Borrowers&rsquo;
Agent in such Revenue Account Withdrawal Certificate or otherwise instructed in writing to the Accounts Bank by the Required Senior
Lenders as necessary to pay any interest then due and payable pursuant to the Senior Credit Agreement among the Defaulting Lenders
thereunder;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vii)</FONT></TD><TD><I>seventh</I>, on any date when due and payable, to the Administrative Agent, in the amount certified by the Borrowers&rsquo;
Agent in such Revenue Account Withdrawal Certificate or otherwise instructed in writing to the Accounts Bank by the Required Lenders
as necessary to pay any interest then due and payable on the Revolving Loans <I>pro rata</I> among the Defaulting Lenders based
on their respective outstanding principal amounts on the date of such payment;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(viii)</FONT></TD><TD><I>eighth</I>, on any date when due and payable, to the Administrative Agent, in the amount certified by the Borrowers&rsquo;
Agent in such Revenue Account Withdrawal Certificate or otherwise instructed in writing to the Accounts Bank by the Required Lenders
as necessary to pay any interest then due and payable on the Tranche A-2 Term Loans pro rata among the Tranche A-2 Lenders based
on their respective outstanding principal amounts on the date of such payment;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ix)</FONT></TD><TD><I>ninth</I>, on the Senior Maturity Date or when applied by the Borrowers&rsquo; Agent to an optional prepayment in accordance
with Section 3.07 of the Senior Credit Agreement (unless such payment has been declined in accordance with Section 3.07(b) of the
Senior Credit Agreement), to the Senior Administrative Agent, the amount certified by the Borrowers&rsquo; Agent in such Revenue
Account Withdrawal Certificate or otherwise instructed in writing to the Accounts Bank by the Required Senior Lenders as the principal
amounts due and payable on the Senior Loans other than to any Defaulting Lender (as defined in the Senior Credit Agreement);</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(x)</FONT></TD><TD><I>tenth</I>, on the Senior Maturity Date or when applied by the Borrowers&rsquo; Agent to an optional prepayment in accordance
with Section 3.07 of the Senior Credit Agreement (unless such payment has been declined in accordance with Section 3.07(b) of the
Senior Credit Agreement), to the Senior Administrative Agent, the amount certified by the Borrowers&rsquo; Agent in such Revenue
Account Withdrawal Certificate or otherwise instructed in writing to the Accounts Bank by the Required Senior Lenders as the principal
amounts due and payable on the Senior Loans among the Defaulting Lenders (as defined in the Senior Credit Agreement) under the
Senior Credit Agreement;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xi)</FONT></TD><TD><I>eleventh</I>, on each Monthly Date, to the Administrative Agent, the amount certified by the Borrowers&rsquo; Agent in such
Revenue Account Withdrawal Certificate or otherwise instructed in writing to the Accounts Bank by the Required Lenders as the payments
of Swap Termination Value then due and payable by the Borrowers with respect to any Interest Rate Protection Agreements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xii)</FONT></TD><TD><I>twelfth</I>, provided that no Default or Event of Default has occurred and is continuing, on each date on which a re-payment
of principal of a Loan is made, in an amount certified by the Borrowers&rsquo; Agent in such Revenue Account Withdrawal Certificate
to the Persons or accounts specified in such Revenue Account Withdrawal Certificate (including, if required to be paid directly
to any taxing authority, to such taxing authority) for payment of any Permitted Tax Distribution;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xiii)</FONT></TD><TD><I>thirteenth</I>, on the Maturity Date or when applied by the Borrowers&rsquo; Agent to an optional prepayment in accordance
with <U>Section 3.07 (<I>Optional Prepayment</I>)</U>, to the Administrative Agent, the amount certified by the Borrowers&rsquo;
Agent in such Revenue Account Withdrawal Certificate or otherwise instructed in writing to the Accounts Bank by the Required Lenders
as the principal amounts due and payable on the Revolving Loans and the Tranche A-1 Term Loans (accompanied, in the case of the
Tranche A-1 Loans that are held by Extended Lenders, with any prepayment premium required by <U>Section 3.15<I> (Prepayment Premium)</I></U>)
<I>pro rata</I> among the Revolving Lenders (other than any Defaulting Lender) and the Tranche A-1 Lenders based on their respective
outstanding principal amounts on the date of such payment;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xiv)</FONT></TD><TD><I>fourteenth</I>, on the Maturity Date or when applied by the Borrowers&rsquo; Agent to an optional prepayment in accordance
with <U>Section 3.07 (<I>Optional Prepayment</I>)</U>, to the Administrative Agent, the amount certified by the Borrowers&rsquo;
Agent in such Revenue Account Withdrawal Certificate or otherwise instructed in writing to the Accounts Bank by the Required Lenders
as the principal amounts due and payable on the Revolving Loans <I>pro rata</I> among the Defaulting Lenders based on their respective
outstanding principal amounts on the date of such payment;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xv)</FONT></TD><TD><I>fifteenth</I>, on the Maturity Date or when applied by the Borrowers&rsquo; Agent to an optional prepayment in accordance
with <U>Section 3.07 (<I>Optional Prepayment</I>)</U>, to the Administrative Agent, the amount certified by the Borrowers&rsquo;
Agent in such Revenue Account Withdrawal Certificate or otherwise instructed in writing to the Accounts Bank by the Required Lenders
as the principal amounts due and payable on the Tranche A-2 Term Loans <I>pro rata</I> among the Tranche A-2 Lenders based on their
respective outstanding principal amounts on the date of such payment;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xvi)</FONT></TD><TD><I>sixteenth</I>, on each Monthly Date, to the Debt Service Reserve Account, in the amount certified by the Borrowers&rsquo;
Agent in such Revenue Account Withdrawal Certificate or otherwise instructed in writing to the Accounts Bank by the Required Senior
Lenders or the Required Lenders, as equal to the difference between (A) the Debt Service Reserve Requirement and (B) the funds
on deposit in or standing to the credit of the Debt Service Reserve Account on such Monthly Date;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xvii)</FONT></TD><TD><I>seventeenth</I>, on each Monthly Date, to the Senior Administrative Agent in the amount certified by the Borrowers in such
Revenue Account Withdrawal Certificate or otherwise instructed in writing to the Accounts Bank by the Required Senior Lenders,
for application as a prepayment of the Senior Loans in accordance with <U>Section&nbsp;3.08(a)(v) (<I>Mandatory Prepayment</I>)</U>
of the Senior Credit Agreement in an amount equal to the lesser of (x) one hundred percent (100%) of the cash remaining in the
Revenue Account after the transfer required pursuant to priority <I>sixteenth</I>, if any and (y) the outstanding Senior Loans;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xviii)</FONT></TD><TD><I>eighteenth</I>, on each Monthly Date, to the Administrative Agent in the amount certified by the Borrowers in such Revenue
Account Withdrawal Certificate or otherwise instructed in writing to the Accounts Bank by the Required Lenders, for application
as a prepayment of the Term Loans in accordance with <U>Section&nbsp;3.08(a)(v) (<I>Mandatory Prepayment</I>)</U> in an amount
equal to the lesser of (x) one hundred percent (100%) of the cash remaining in the Revenue Account after the transfer required
pursuant to priority <I>seventeenth</I>, if any and (y) the outstanding Term Loans; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xix)</FONT></TD><TD><I>nineteenth</I>, reasonably promptly following payment and performance in full of the Senior Obligations and the Obligations,
to the Pledgor in the amount certified by the Borrowers&rsquo; Agent in such Revenue Account Withdrawal Certificate.</TD></TR></TABLE>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.04 </FONT>Operating Account<FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Funds shall be deposited into
the Operating Account pursuant to <U>Section 8.03(b)(i) (<I>Revenue Account</I>)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless a Notice of Suspension is in effect or a Default or Event of Default would occur after giving effect to any application
of funds contemplated hereby, and so long as adequate funds are then available in the Operating Account, the Borrowers:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>may, by written instruction to the Accounts Bank (with a copy to the Collateral Agent), withdraw or transfer funds from the
Operating Account from time to time as may be necessary to pay directly any amounts owed by the Borrowers for Operation and Maintenance
Expenses; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>may direct the transfer of funds to the Local Accounts from time to time, by delivery of an Operating Account Withdrawal Certificate
to the Accounts Bank; provided<I>,</I> that the funds on deposit in and standing to the credit of all Local Accounts with respect
to which a Blocked Account Agreement has been executed and is in full force and effect do not exceed, in the aggregate at any one
time, two hundred thousand Dollars ($200,000), as certified by the Borrowers&rsquo; Agent in such Operating Account Withdrawal
Certificate.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.05 </FONT><U>Maintenance Capital Expense Account</U>. (a) Funds shall be deposited into the Maintenance Capital Expense Account
pursuant to <U>Section 8.03(b)(ii)</U> <U>(<I>Revenue Account</I>)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless a Notice of Suspension is in effect or a Default or Event of Default would occur after giving effect to any application
of funds contemplated hereby, and so long as adequate funds are then available in the Maintenance Capital Expense Account, the
Borrowers may, by written instruction to the Accounts Bank (with a copy to the Collateral Agent), withdraw or transfer funds from
the Maintenance Capital Expense Account from time to time as may be necessary to pay directly any amounts owed by the Borrowers
for Maintenance Capital Expenses in accordance with the most recent Revenue Account Withdrawal Certificate.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.06 </FONT><U>Debt Service Reserve Account</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Funds shall
be deposited into the Debt Service Reserve Account pursuant to <U>Section 8.03(b)(xvii) (<I>Revenue Account</I>)</U>.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On any date when the amounts available at priorities <I>third</I> through <I>eleventh </I>and<I> thirteenth</I> through<I>
fifteenth </I>as set forth in <U>Section 8.03(b) (<I>Revenue Account</I>)</U> are insufficient to pay Debt Service then due and
owing, the Accounts Bank shall (upon written notification from the Borrowers&rsquo; Agent or the Required Senior Lenders, or from
and after the Senior Discharge Date, the Required Lenders, setting forth the amount of such shortfall) withdraw funds from the
Debt Service Reserve Account to pay to the Administrative Agent, for the account of the Senior Secured Parties, the amount of such
shortfall of the Debt Service then due and payable, which funds shall be applied in the order of priority set forth in priorities
<I>third</I> through <I>eleventh </I>and<I> thirteenth</I> through<I> fifteenth </I>of <U>Section&nbsp;8.03(b) (<I>Revenue Account</I>)</U>.
The Accounts Bank shall promptly notify the Senior Administrative Agent, the Administrative Agent, the Senior Collateral Agent
and the Collateral Agent if, at any time, there are insufficient funds standing to the credit of the Debt Service Reserve Account
to make the payments required under this <U>Section 8.06(b)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, on any Monthly Date, the funds on deposit in or standing to the credit of the Debt Service Reserve Account are in excess
of the Debt Service Reserve Requirement, unless a Notice of Suspension is in effect or a Default or Event of Default would occur
after giving effect to such transfer, the Borrowers may direct, by delivery of a Debt Service Reserve Release Certificate to the
Accounts Bank (with a copy to the Senior Administrative Agent and the Administrative Agent) at least ten (10) Business Days prior
to the requested transfer date, the transfer to the Revenue Account of an amount equal to the difference between (x) the aggregate
total amount of all funds on deposit in or standing to the credit of the Debt Service Reserve Account and (y) the Debt Service
Reserve Requirement, as certified by the Borrowers&rsquo; Agent in such Debt Service Reserve Release Certificate; provided, that
no such transfer shall occur if the Required Senior Lenders or the Required Lenders have given written notice to the Borrowers,
the Administrative Agent and the Accounts Bank of a dispute of the calculations set forth in any Debt Service Reserve Release Certificate
at least two (2) Business Days prior to the requested transfer date (which written notice shall include a reasonably detailed description
of the basis of such dispute), until such time as the Required Senior Lenders or the Required Lenders, as applicable, provide written
notice to the Borrowers, the Senior Administrative Agent and the Administrative Agent and the Accounts Bank that such dispute has
been resolved.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.07 </FONT><U>Insurance and Condemnation Proceeds Accounts</U>. (a) From and after the Closing Date, in the case of Pacific Holding
and each other Borrower and such Borrower&rsquo;s Plant, the applicable Borrowers shall cause all Insurance Proceeds and all Condemnation
Proceeds payable to each such Borrower, or otherwise relating to such Plant, to be deposited in or credited to the Insurance and
Condemnation Proceeds Account for such Plant.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers shall not make, direct, or request the Accounts Bank to make, any withdrawals from any Insurance and Condemnation
Proceeds Account except as permitted by this <U>Section 8.07</U> and the Intercreditor Agreement, and provided that no Notice of
Suspension has been delivered that has not been withdrawn and no Default or Event of Default would occur as a result of such transfer
or withdrawal.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers may apply any Insurance Proceeds and Condemnation Proceeds deposited into any Insurance and Condemnation Proceeds
Account in amounts less than or equal to one million Dollars ($1,000,000) arising from any one claim or any series of claims relating
to the same occurrence with respect to a Plant not in Cold Shutdown on the date of such occurrence directly for the replacement
or repair of damaged assets to which such Insurance Proceeds or Condemnation Proceeds, as the case may be, relate; provided<I>,</I>
that the Borrowers deliver to the Senior Administrative Agent, the Administrative Agent and the Accounts Bank, no fewer than three
(3) Business Days in advance of any such proposed transfers or withdrawals from such Insurance and Condemnation Proceeds Account,
an Insurance and Condemnation Proceeds Request Certificate setting forth proposed instructions for such withdrawals or transfers.
An Authorized Officer of the Borrowers&rsquo; Agent shall certify that each Insurance and Condemnation Proceeds Request Certificate
is being delivered, and the withdrawals specified therein are being directed, in accordance with this Agreement and the other Transaction
Documents, and shall also certify that the directed withdrawals or transfers will be used exclusively for repair or replacement
of damaged assets to which such Insurance Proceeds or Condemnation Proceeds, as the case may be, relate.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Insurance Proceeds and Condemnation Proceeds deposited into any Insurance and Condemnation Proceeds Account in amounts
greater than one million Dollars ($1,000,000) but less than or equal to two million five hundred thousand Dollars ($2,500,000)
arising from any one claim or any series of claims relating to the same occurrence with respect to a Plant not in Cold Shutdown
on the date of such occurrence shall:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>be applied for repair or replacement of damaged assets to which such Insurance Proceeds or Condemnation Proceeds, as the case
may be, relate in accordance with the Borrowers&rsquo; direction in an Insurance and Condemnation Proceeds Request Certificate
delivered to the Senior Administrative Agent, the Administrative Agent and the Accounts Bank if, within sixty (60) days after the
occurrence of the Casualty Event or Event of Taking giving rise to such proceeds, the Borrowers deliver a Restoration or Replacement
Plan to the Senior Administrative Agent, the Administrative Agent and the Independent Engineer with respect to such Casualty Event
or Event of Taking that is based upon, and accompanied by, each of the following:</TD></TR></TABLE>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(A)</FONT></TD><TD>a description of the nature and extent of such Casualty Event or Event of Taking, as the case may be;</TD></TR></TABLE>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(B)</FONT></TD><TD>a bona fide assessment (from a contractor reasonably acceptable to the Independent Engineer) of the estimated cost and time
needed to restore or replace the relevant Plant to substantially the same value and general performance capability as prior to
such event;</TD></TR></TABLE>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(C)</FONT></TD><TD>reasonably satisfactory evidence that such Insurance Proceeds or Condemnation Proceeds, as the case may be, are sufficient
to make the necessary restorations or replacements;</TD></TR></TABLE>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(D)</FONT></TD><TD>a certificate of an Authorized Officer of the Borrowers&rsquo; Agent certifying that (1) all work contemplated to be done under
the Restoration or Replacement Plan can be done within the time periods, if any, required under any Project Document relating to
the relevant Plant; (2) all Governmental Approvals necessary to perform the work have been obtained (or are reasonably expected
to be obtained without undue delay); and (3) the relevant Plant once repaired/restored will continue to perform at the levels set
forth in the then-current Budget for such Plant with respect to production volume, yield and utility consumption (or other levels
approved by the Required Senior Lenders or, after the Senior Discharge Date, the Required Lenders of the Revolving Loan Class);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(E)</FONT></TD><TD>the Casualty Event or Event of Taking, as the case may be (including the non-operation of such Plant during any period of repair
or restoration) has not resulted or would not reasonably be expected to result in a default giving rise to a termination of, or
a materially adverse modification of, one or more of the Governmental Approvals or Project Documents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(F)</FONT></TD><TD>after taking into consideration the availability of such Insurance Proceeds or Condemnation Proceeds, as applicable, and Business
Interruption Insurance Proceeds and any additional documented voluntary equity contributions for the purpose of covering such costs,
there will be adequate amounts available to pay all ongoing expenses including Debt Service during the period of repair or restoration;</TD></TR></TABLE>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(G)</FONT></TD><TD>construction contractors and vendors of recognized skill, reputation and creditworthiness and reasonably acceptable to the
Senior Administrative Agent or, from and after the Senior Discharge Date, the Administrative Agent have executed reconstruction
contracts, purchase orders or similar arrangements for the repair, rebuilding or restoration on terms and conditions reasonably
acceptable to the Senior Administrative Agent or, from and after the Senior Discharge Date, the Administrative Agent; and</TD></TR></TABLE>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(H)</FONT></TD><TD>a confirmation by the Independent Engineer of its agreement with the matters set forth in <U>Section&nbsp;8.07(d)(i)(A)-(G)</U>
and its approval of such Restoration or Replacement Plan; or</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>if (A) the Borrowers do not deliver such Restoration or Replacement Plan and the accompanying deliveries referred to in <U>Section
8.07(d)(i)</U> within such sixty (60) day period or (B) after the completion of such Restoration or Replacement Plan, there are
excess Insurance Proceeds or Condemnation Proceeds, as the case may be, on deposit in or standing to the credit of the Insurance
and Condemnation Proceeds Account, the Accounts Bank shall on the next succeeding Monthly Date thereafter, upon the written instruction
of the Borrowers&rsquo; Agent or the Required Senior Lenders or from and after the Senior Discharge Date, the Required Lenders,
transfer to the Senior Administrative Agent or the Administrative Agent, for the account of the Senior Lenders or the Lenders (in
each case as applicable), an amount equal to such Insurance Proceeds or Condemnation Proceeds, as the case may be, subject to the
Intercreditor Agreement, first, for mandatory prepayment of the Senior Loans in accordance with <U>Section 3.08 (<I>Mandatory Prepayment</I>)</U>
of the Senior Credit Agreement and thereafter, for mandatory prepayment of Loans in accordance with <U>Section 3.08 (<I>Mandatory
Prepayment</I>)</U>.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Insurance Proceeds or Condemnation Proceeds deposited into any Insurance and Condemnation Proceeds Account (i) in amounts
greater than two million five hundred thousand Dollars ($2,500,000) arising from any one claim or any series of claims relating
to the same occurrence with respect to a Plant not in Cold Shutdown on the date of such occurrence or (ii) arising from any one
claim or any series of claims relating to the same occurrence with respect to a Plant in Cold Shutdown on the date of such occurrence
shall, in each case, be applied, subject to the Intercreditor Agreement, first, for mandatory prepayment of the Senior Loans in
accordance with <U>Section 3.08 (<I>Mandatory Prepayment</I>)</U> of the Senior Credit Agreement and thereafter, for mandatory
prepayment of Loans in accordance with <U>Section 3.08 (<I>Mandatory Prepayment</I>)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.08 </FONT><U>Extraordinary Proceeds Account</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) From and
after the Closing Date, each Borrower shall cause (i) all proceeds of asset disposals (other than proceeds from the sale of Products)
that will not be used for replacement in accordance with <U>Section 7.02(f)(i) (<I>Negative Covenants - Asset Dispositions</I>)
</U>and (ii) all Project Document Termination Payments to be deposited into the Extraordinary Proceeds Account.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If at any time proceeds of an asset disposal are deposited into the Extraordinary Proceeds Account, then on any Monthly
Date:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>if such proceeds are in an amount in the aggregate of less than one million Dollars ($1,000,000) (taken together with any other
proceeds of asset disposals deposited in the Extraordinary Proceeds Account during the then-current Fiscal Year) the Borrowers
may submit an Extraordinary Proceeds Release Notice to the Accounts Bank, certified by an Authorized Officer of the Borrowers&rsquo;
Agent, directing the transfer of such funds to the Revenue Account; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>if such proceeds are in an amount equal to or greater than one million Dollars ($1,000,000) (taken together with any other
proceeds of asset disposals deposited in the Extraordinary Proceeds Account during the then-current Fiscal Year), such amounts
shall be transferred, upon the written instruction of the Borrowers&rsquo; Agent, the Required Senior Lenders or, from and after
the Senior Discharge Date, the Required Lenders, to the Senior Administrative Agent or the Administrative Agent, as applicable,
for application, subject to the Intercreditor Agreement, first, for mandatory prepayment of the Senior Loans in accordance with
<U>Section 3.08 (<I>Mandatory Prepayment</I>)</U> of the Senior Credit Agreement and thereafter, for mandatory prepayment of Loans
in accordance with <U>Section 3.08</U> <U>(<I>Mandatory Prepayment</I>)</U>.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If at any time Project Document Termination Payments are deposited into the Extraordinary Proceeds Account, then on any
Monthly Date:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>if such Project Document Termination Payments are in an amount in the aggregate of less than one million Dollars ($1,000,000)
(taken together with any other Project Document Termination Payments received during the then-current Fiscal Year), the Borrowers
may submit an Extraordinary Proceeds Release Notice to the Accounts Bank, certified by an Authorized Officer of the Borrowers&rsquo;
Agent, directing the transfer of such Project Document Termination Payments to the Revenue Account; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>if such Project Document Termination Payments are in an amount equal to or greater than one million Dollars ($1,000,000) (taken
together with any other Project Document Termination Proceeds received during the then-current Fiscal Year), such amounts shall
be transferred, upon the written instruction of the Borrowers&rsquo; Agent, the Required Senior Lenders or, from and after the
Senior Discharge Date, the Required Lenders, to the Senior Administrative Agent or the Administrative Agent, as applicable, for
application, subject to the Intercreditor Agreement, first, for mandatory prepayment of the Senior Loans in accordance with <U>Section
3.08 (<I>Mandatory Prepayment</I>)</U> of the Senior Credit Agreement and thereafter, for mandatory prepayment of Loans in accordance
with <U>Section 3.08 (<I>Mandatory Prepayment</I>)</U>.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.09 </FONT><U>Representations, Warranties and Covenants of Accounts Bank</U>. The Accounts Bank hereby represents and warrants,
covenants and agrees with the Lenders, the Agents and the Borrowers (and the other parties hereto agree, to the extent set forth
below) as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it has all times acted and will act as depositary agent, as &ldquo;securities intermediary&rdquo; (within the meaning of
Section 8-102(a)(14) of the UCC) with respect to each of the Project Accounts that is a &ldquo;securities account&rdquo; (within
the meaning of Section 8-501 of the UCC) and the Financial Assets credited to such Project Accounts, and as &ldquo;bank&rdquo;
(within the meaning of 9-102(a)(8) of the UCC) with respect to each of the Project Accounts as described in <U>Section 8.11 (<I>Project
Accounts as Deposit Accounts</I>)</U> and credit balances not constituting Financial Assets credited thereto and to accept all
cash, payments, other amounts and Cash Equivalents to be delivered to or held by the Accounts Bank pursuant to the terms of this
Agreement. The Borrowers, the Senior Secured Parties and the Accounts Bank agree that, for purposes of Articles 8 and 9 of the
UCC, notwithstanding anything to the contrary contained in any other agreement relating to the establishment and operation of the
Project Accounts, the jurisdiction of the Accounts Bank (in its capacity as the securities intermediary and bank) is the State
of New York;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Accounts Bank hereby agrees and confirms that it has established and maintains the Project Accounts as set forth and
defined in this Agreement. The Accounts Bank agrees that (i) each such Project Account established by the Accounts Bank has at
all times been and will be maintained as a &ldquo;securities account&rdquo; (within the meaning of Section 8501 of the UCC); (ii)
the Borrowers&rsquo; Agent is the &ldquo;entitlement holder&rdquo; (within the meaning of Section 8102(a)(7) of the UCC) in respect
of the &ldquo;financial assets&rdquo; (within the meaning of Section 8102(a)(9) of the UCC, the &ldquo;<U>Financial Assets</U>&rdquo;)
credited to such Project Accounts that are &ldquo;securities accounts&rdquo;; (iii) all Financial Assets in registered form or
payable to or to the order of and credited to any such Project Account have at all times been and are registered in the name of,
payable to or to the order of, or specially endorsed to, the Accounts Bank or in blank, or credited to another securities account
maintained in the name of the Accounts Bank; and (iv) in no case will any Financial Asset credited to any such Project Account
be registered in the name of, payable to or to the order of, or endorsed to, the Borrowers&rsquo; Agent, Pacific Holding or any
other Borrower except to the extent the foregoing have been subsequently endorsed by such Person to the Accounts Bank or in blank.
Each item of property (including a security, security entitlement, investment property, instrument or obligation, share, participation,
interest or other property whatsoever) credited to any Project Account has at all times been and shall be, in each case to the
fullest extent permitted by law be treated as a Financial Asset. Until the Discharge Date, with respect to the Collateral Agent,
and until the Senior Discharge Date with respect to the Senior Collateral Agent, this Agreement is intended to provide both the
Senior Collateral Agent and the Collateral Agent with &ldquo;control&rdquo; (within the meaning of Section 8106(d)(2) or Section
9-104(a) (as applicable) of the UCC) of the Project Accounts and each Borrower&rsquo;s &ldquo;security entitlements&rdquo; (within
the meaning of Section 8102(a)(17) of the UCC) with respect to the Financial Assets credited to the Project Accounts. The parties&rsquo;
intention is that the security interest of the Collateral Agent in the Project Accounts remain perfected while allowing the Senior
Collateral Agent to perfect, as of the Closing Date under (and as defined in) the Senior Credit Agreement, its security interest
in the Project Accounts, and thereafter that the security interest of both the Collateral Agent and the Senior Collateral Agent
in the Project Accounts be and remain perfected. The Borrowers&rsquo; Agent hereby irrevocably directs, and the Accounts Bank (in
its capacity as securities intermediary) hereby agrees, that the Accounts Bank will comply with all instructions and orders (including
entitlement orders within the meaning of Section 8-102(a)(8) of the UCC) regarding each Project Account and any Financial Asset
therein originated by the Senior Collateral Agent or the Collateral Agent, in each case without the further consent of the Borrowers&rsquo;
Agent or any other Person; provided that the Collateral Agent agrees that it will only originate and deliver to the Accounts Bank
such instructions, orders and entitlement orders as are permitted in accordance with the terms of this Agreement and the Intercreditor
Agreement. In the case of a conflict between any instruction or order originated by the Senior Collateral Agent or the Collateral
Agent and any instruction or order originated by the Borrowers&rsquo; Agent or any other Person other than a court of competent
jurisdiction, the instruction or order originated by the Senior Collateral Agent or the Collateral Agent, as applicable, shall
prevail. In the case of a conflict between any instruction or order originated by the Senior Collateral Agent and any instruction
or order originated by the Collateral Agent, the instruction or order originated by the Senior Collateral Agent shall prevail until
the Senior Discharge Date (unless payment to or on behalf of the Senior Secured Parties is permitted by the Intercreditor Agreement)
and thereafter the instruction or order originated by the Collateral Agent shall prevail. The Accounts Bank shall not change the
name or account number of any Project Account without the prior written consent of the Senior Collateral Agent and the Collateral
Agent and at least five (5) Business Days&rsquo; prior notice to the Borrowers&rsquo; Agent, and shall not change the entitlement
holder;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Accounts Bank shall promptly perform all duties imposed upon a securities intermediary and a bank under the UCC and
this Agreement. In this regard, (i) if the Accounts Bank has knowledge that an issuer of any Financial Asset is required to make
a payment or distribution in respect of such Financial Asset, the Accounts Bank shall have fulfilled its duty under applicable
Law to take action to obtain such payment or distribution if (A) it credits such payment or distribution to the Project Accounts
in accordance with this Agreement if such payment or distribution is made or (B) it notifies the Borrowers&rsquo; Agent, the Senior
Collateral Agent, the Collateral Agent, the Senior Administrative Agent and the Administrative Agent that such payment or distribution
has not been made, and (ii) if the Accounts Bank is required by applicable Law or this Agreement to credit to any Project Account
any Financial Asset purported to be transferred or credited to the Accounts Bank pursuant to applicable Law, the Accounts Bank
shall have fulfilled its duty to so credit any Project Account if it credits as a security entitlement to the applicable party
whatever rights the Accounts Bank purportedly has, in its capacity as Accounts Bank, in the Financial Asset transferred or credited
to the Accounts Bank, in its capacity as Accounts Bank, and the Accounts Bank shall have no duty to ensure that applicable Law
has been complied with in respect of the transfer of the Financial Asset or to create a security interest in or Lien on any Financial
Asset purported to be transferred or credited to the Accounts Bank and subsequently credited to any Project Account;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all Financial Assets acquired by or delivered to the Accounts Bank shall be held by the Accounts Bank and credited by book
entry to the relevant Project Account or otherwise accepted by the Accounts Bank for credit to the relevant Project Account;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each item of property (including any cash, security, general intangible, document, instrument or obligation, share, participation,
interest or other property whatsoever) deposited in or credited to any Project Account shall be treated as a Financial Asset for
the purposes of Section 8-102(a)(9)(iii) of the UCC. Notwithstanding any provision herein contained to the contrary, any property
contained in the Project Accounts that is not deemed to be a Financial Asset under applicable Law, to the extent permitted by applicable
Law, will be deemed to be deposited in a deposit account and subject to <U>Section 8.11 (<I>Project Accounts as Deposit Account</I>)</U>;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Collateral Agent shall have control of the security entitlements carried in the Project Accounts and of the Financial
Assets carried in the Project Accounts, and each Borrower hereby disclaims any entitlement to claim control of such security entitlements;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all property delivered to the Accounts Bank pursuant to this Agreement or the other Financing Documents will be promptly
deposited in or credited to a Project Account by an appropriate entry in its records in accordance with this Agreement;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if any Person (other than the Senior Collateral Agent, on behalf and for the benefit of the Priority Senior Secured Parties,
or the Collateral Agent, on behalf and for the benefit of the Senior Secured Parties) asserts any lien, encumbrance or adverse
claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Project Account
or in any Financial Asset or other property deposited therein or credited thereto of which the Accounts Bank has actual knowledge,
the Accounts Bank will promptly notify the Senior Collateral Agent, the Collateral Agent, the Senior Administrative Agent, the
Administrative Agent and the Borrowers&rsquo; Agent in writing thereof; and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Accounts Bank has not entered into and will not enter into any agreement with respect to the Project Accounts or any
Financial Assets or other property deposited in or credited to any Project Account other than this Agreement, the Senior Credit
Agreement and its Fee Letters hereunder and thereunder. The Accounts Bank has not entered into and will not enter into any agreement
with any Borrower or any other Person purporting to limit or condition the obligation of the Accounts Bank to comply with entitlement
orders or any other order originated by the Senior Collateral Agent or Collateral Agent in accordance with <U>Section 8.09(b) (<I>Representations,
Warranties and Covenants of Accounts Bank</I>)</U> or <U>Sections 8.11(b)</U> or <U>(c) (<I>Project Accounts as Deposit Account</I>)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.10 </FONT><U>Project Accounts</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) The Accounts Property will
not constitute repayment of the Obligations until so applied as payments in accordance with the terms of this Agreement and the
other Financing Documents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Accounts Bank shall not have title to the funds on deposit in the Project Accounts, and shall credit the Project Accounts
with all receipts of interest, dividends and other income received on the property held in the Project Accounts. The Accounts Bank
shall administer and manage the Project Accounts in strict compliance with its duties with respect to the Project Accounts pursuant
to this Agreement, and shall be subject to and comply with all of the obligations that the Accounts Bank owes to the Borrowers&rsquo;
Agent, the Senior Collateral Agent on behalf of the Priority Senior Secured Parties and the Collateral Agent, on behalf of the
Senior Secured Parties, with respect to the Project Accounts, including all subordination obligations set forth in <U>Section 8.13
(<I>Subordination</I>)</U> with respect to the Accounts Bank&rsquo;s right of set-off or recoupment or right to obtain a Lien,
pursuant to the terms of this Agreement and the Senior Credit Agreement. The Accounts Bank hereby agrees to comply with any and
all instructions originated by the Senior Collateral Agent and the Collateral Agent directing the disbursement, deposit and/or
transfer of any funds and all other property held in the Project Accounts without any further consent of any Borrower or any other
Person (provided that the Collateral Agent agrees that it will only originate and deliver to the Accounts Bank such instructions,
orders and entitlement orders as are permitted in accordance with the terms of this Agreement and the Intercreditor Agreement)
and to comply with any and all instructions originated by the Borrowers&rsquo; Agent directing the disbursement, deposit and/or
transfer of any funds and all other property held in the Project Accounts subject to the terms of this Agreement and the Senior
Credit Agreement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.11 </FONT><U>Project Accounts as Deposit Account</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) To the
extent that the Project Accounts are not considered securities accounts, the Project Accounts shall be deemed to be deposit accounts
in respect of any property deposited in or credited to the Project Accounts that is not deemed to be a Financial Asset under applicable
Law. Such deposit accounts and such property shall be maintained with the Accounts Bank acting not as a securities intermediary,
but as a bank.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers&rsquo; Agent shall be deemed the customer of the Accounts Bank for purposes of the Project Accounts and, as
such, shall be entitled to all of the rights that customers of banks have under applicable Law with respect to deposit accounts,
including the right to withdraw funds from, or close, the Project Accounts, in each such case subject to, and in accordance with,
the terms of this Agreement and the Senior Credit Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties hereto agree that, to the extent that the Project Accounts are not considered &ldquo;securities accounts&rdquo;
(within the meaning of Section 8-501(a) of the UCC), the Project Accounts shall be deemed to be &ldquo;deposit accounts&rdquo;
(as defined in Section 9-102(a)(29) of the UCC) to the extent a security interest can be granted and perfected under the UCC in
the Project Accounts as deposit accounts, which the Borrowers shall maintain with the Accounts Bank acting not as a securities
intermediary but as a &ldquo;bank&rdquo; (within the meaning of Section 9-102(a)(8) of the UCC).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.12 </FONT><U>Duties of Accounts Bank</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) The Accounts Bank
will also have those duties and responsibilities expressly set forth in this Agreement and the Senior Credit Agreement, and no
additional duties, responsibilities, obligations or liabilities shall be inferred from the provisions of this Agreement or imposed
on the Accounts Bank. The Accounts Bank will act at the written direction of (x) the Senior Collateral Agent and the Collateral
Agent (provided that the Collateral Agent agrees that it will only originate and deliver to the Accounts Bank such instructions,
orders and entitlement orders as are permitted in accordance with the terms of this Agreement and the Intercreditor Agreement),
(y) the Senior Administrative Agent and the Administrative Agent (provided that the Administrative Agent agrees that it will only
originate and deliver to the Accounts Bank such instructions, orders and entitlement orders as are permitted in accordance with
the terms of this Agreement and the Intercreditor Agreement) and (z) as expressly provided in this Agreement or the Senior Credit
Agreement, Borrowers&rsquo; Agent, but will not be required to take any action that is contrary to this Agreement, the Senior
Credit Agreement or applicable Law or that, in its reasonable judgment, would involve it in expense or liability, unless it has
been furnished with adequate indemnity against such expense or liability. The Accounts Bank will have no responsibility to ensure
the performance by any other party of its duties and obligations hereunder. The Accounts Bank will use the same care with respect
to the safekeeping and handling of property held in the Project Accounts as the Accounts Bank uses in respect of property held
for its own sole benefit.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In performing its functions and duties under this Agreement and the Senior Credit Agreement, the Accounts Bank will act
solely as the depository agent and as securities intermediary or as a bank, as the case may be, with respect to the Project Accounts.
None of the Senior Secured Parties or any Borrower will have any rights against the Accounts Bank hereunder, other than for the
Accounts Bank&rsquo;s gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and Non-Appealable
judgment. Except as otherwise expressly provided in this Agreement, the Senior Credit Agreement and the Intercreditor Agreement,
the Borrowers will not have any right to direct the Accounts Bank to distribute or allocate any funds, instruments, securities,
Financial Assets or other assets in the Project Accounts or to withdraw or transfer any funds, instruments, securities, Financial
Assets or other assets from the Project Accounts. Except as otherwise expressly provided in this Agreement, the Senior Credit Agreement
and the Intercreditor Agreement, the Senior Collateral Agent and the Collateral Agent will have the sole right to issue directions
and instructions to the Accounts Bank, acting as securities intermediary or bank, as the case may be, in accordance with this Agreement,
and to issue entitlement orders with respect to the Project Accounts; provided that the Collateral Agent agrees that it will only
originate and deliver to the Accounts Bank such instructions, orders and entitlement orders as are permitted in accordance with
the terms of this Agreement and the Intercreditor Agreement. It is expressly understood and agreed that any investment made with
funds held in the Project Accounts may be made only in accordance with the express provisions of <U>Section 8.16 (<I>Interest and
Investments</I>)</U>. The Accounts Bank shall not in any way whatsoever be liable for any loss or depreciation in the value of
the investments made pursuant to the terms of this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.13 </FONT><U>Subordination</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) The Accounts Bank hereby acknowledges
(i) the security interest granted hereby by the Borrowers to the Collateral Agent, on behalf and for the benefit of the Senior
Secured Parties, (ii) the security interest granted by the Borrowers to the Senior Collateral Agent under the Senior Credit Agreement
on behalf and for the benefit of the Priority Senior Secured Parties, (iii) the security interest granted by the Borrowers under
the Financing Documents to the Collateral Agent, on behalf of and for the benefit of the Senior Secured Parties, and (iv) the
security interest granted by the Borrowers under the Senior Financing Documents to the Senior Collateral Agent, on behalf of and
for the benefit of the Priority Senior Secured Parties. In the event that the Accounts Bank has or subsequently obtains by agreement,
operation of applicable Law or otherwise a right of recoupment or set-off or any Lien in any of the Project Accounts or any Financial
Asset or other property deposited therein or credited thereto or any security entitlement related thereto, the Accounts Bank hereby
agrees that such right of recoupment or set-off and/or any such Lien shall be subordinate to the security interest of (x) the
Collateral Agent, on behalf of and for the benefit of the Senior Secured Parties and (y) the Senior Collateral Agent, on behalf
of and for the benefit of the Priority Senior Secured Parties. The Accounts Bank agrees that it shall not assert or enforce any
such right of recoupment or set-off and/or any Lien until the Discharge Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Financial Assets and other items deposited in or credited to the Project Accounts and the Accounts Property will not
be subject to deduction, set-off, banker&rsquo;s lien or any other right in favor of any Person other than (x) the Collateral Agent,
on behalf and for the benefit of the Senior Secured Parties and (y) the Senior Collateral Agent, on behalf of and for the benefit
of the Priority Senior Secured Parties.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.14 </FONT><U>Borrower Acknowledgments</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Each Borrower acknowledges
that neither any insufficiency of funds in the Project Accounts (or any of them), nor any inability to apply any funds in the
Project Accounts (or any of them) against any or all amounts owing under any Financing Document, shall at any time limit, reduce
or otherwise affect the Borrowers&rsquo; obligations under any Financing Document.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each party to this Agreement acknowledges that the Accounts Bank shall not incur any obligation or liability in circumstances
where there are insufficient funds deposited in or credited to any Project Account to make a payment in full that would otherwise
have been made pursuant to the terms of this Agreement, except to the extent that the loss arises directly from the Accounts Bank&rsquo;s
gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and Non-Appealable judgment.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.15 </FONT><U>Agreement to Hold In Trust</U>. All payments received directly by any Borrower that are required to be deposited
into the Project Accounts in accordance with the terms of this Agreement or any other Financing Document shall be held by such
Borrower in trust for (x) the Collateral Agent, on behalf and for the benefit of the Senior Secured Parties and (y) the Senior
Collateral Agent, on behalf of and for the benefit of the Priority Senior Secured Parties, and shall be segregated from other
funds of such Borrower and shall, forthwith upon receipt by such Borrower, be turned over to the Senior Collateral Agent or the
Collateral Agent, as applicable or its designee in the same form as received by such Borrower (duly endorsed by such Borrower
to the Senior Collateral Agent or the Collateral Agent, as applicable or the Accounts Bank, if requested) for deposit and disbursement
in accordance with this Agreement, the Senior Credit Agreement and the Intercreditor Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.16 </FONT><U>Interest and Investments</U>. (a) Each amount deposited in or credited to a Project Account from time to time shall,
from the time it is so deposited or credited until the time it is withdrawn from that Project Account (whether for the purpose
of making an investment in Cash Equivalents or otherwise applied in accordance with the terms of this Agreement, the Senior Credit
Agreement and the Intercreditor Agreement), earn interest at such rates as may be agreed from time to time by Borrowers&rsquo;
Agent and the Accounts Bank.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to the receipt by the Accounts Bank of a Notice of Suspension, any amounts held by the Accounts Bank in the Project
Accounts shall be invested by the Accounts Bank from time to time, at the risk and expense of the Borrowers, solely in such Cash
Equivalents as the Borrowers&rsquo; Agent shall direct in writing. The Borrowers shall select Cash Equivalents having such maturities
as shall cause the Project Accounts to have a cash balance as of any day sufficient to cover the transfers to be made from the
Project Accounts on such day in accordance with this Agreement, the Senior Credit Agreement, the other Financing Documents and
the Project Documents. Upon delivery by the Senior Collateral Agent or the Collateral Agent, to the Accounts Bank of a Notice of
Suspension and until written revocation of such Notice of Suspension is delivered to the Accounts Bank by the Senior Collateral
Agent or the Collateral Agent, as applicable, any amounts held by the Accounts Bank in the Project Accounts shall be invested by
the Accounts Bank from time to time, solely in such Cash Equivalents as the Required Senior Lenders or the Required Lenders, as
applicable, may direct. The Collateral Agent agrees that it will only deliver a Notice of Suspension to the Accounts Bank as permitted
in accordance with the terms of this Agreement and the Intercreditor Agreement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the cash balance in any of the Project Accounts is as of any day insufficient to cover the transfers to
be made from such Project Account on such day, the Required Senior Lenders or, from and after the Senior Discharge Date, the Required
Lenders may direct the Accounts Bank to sell or liquidate the Cash Equivalents standing to the credit of such Project Account (without
regard to maturity date) in such manner as the Required Senior Lenders or, from and after the Senior Discharge Date, the Required
Lenders may deem necessary in order to obtain cash at least sufficient to make such transfers and to pay any expenses and charges
incurred in connection with effecting any such sale or liquidation, which expenses and charges the Accounts Bank shall be authorized
to pay with cash on deposit in such Project Account. Neither the Accounts Bank nor any Senior Secured Party or Priority Senior
Secured Party shall be liable to any Person for any loss suffered because of any such sale or liquidation.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All interest and other investment income earned from Cash Equivalents made from amounts in any Project Account shall remain
in such Project Account until transferred from such Project Account in accordance with the terms of this <U>Article VIII</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>It is acknowledged by the parties hereto that all investment income earned on amounts on deposit in or credited to the Project
Accounts for all Tax purposes shall be attributed to and be income of Pacific Holding. Pacific Holding shall be responsible for
determining any requirements for paying Taxes or reporting or withholding any payments for Tax purposes hereunder. Pacific Holding
shall prepare and file all Tax information required with respect to the Project Accounts. Each Borrower agrees to indemnify and
hold each Senior Secured Party harmless against all liability for Tax withholding and/or reporting for any investment income earned
on the Project Accounts and payments in respect thereof. Such indemnities shall survive the termination or discharge of this Agreement
or resignation of the Accounts Bank. No Senior Secured Party shall have any obligation with respect to the making of or the reporting
of any payments for Tax purposes. From time to time, and as reasonably requested by the Accounts Bank, Pacific Holding or any other
Borrower shall provide to the Accounts Bank a United States Department of the Treasury Internal Revenue Service tax form W-9 or
W-8 or other appropriate form required with respect to the withholding or exemption from withholding of income tax on any investment
income earned on the Project Accounts.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.17 </FONT><U>Accounts Bank Information</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) The Accounts Bank
will:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>within five (5) Business Days after the end of the month in which the first deposit is made into any Project Account and within
five (5) Business Days after the end of each month thereafter, provide the Borrowers&rsquo; Agent, the Senior Collateral Agent,
the Collateral Agent, the Senior Administrative Agent and the Administrative Agent a report with respect to the Project Accounts,
setting forth in reasonable detail all deposits to and disbursements from each of the Project Accounts during such month, including
the date on which made, and the balances of and any investments in each of the Project Accounts at the end of such month, including
information regarding categories, amounts, maturities and issuers of Cash Equivalents; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>within three (3) Business Days after receipt of any written request by the Borrowers&rsquo; Agent, the Senior Collateral Agent,
the Collateral Agent, the Senior Administrative Agent or the Administrative Agent, provide to such Person such other information
as such Person may specify regarding all Cash Equivalents and any other investments made by the Accounts Bank pursuant hereto and
regarding amounts available in the Project Accounts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in">Notwithstanding the foregoing, the Accounts Bank will
provide the Borrowers&rsquo; Agent, the Senior Collateral Agent, the Collateral Agent, the Senior Administrative Agent and the
Administrative Agent such additional information regarding the Project Accounts and the balances and Cash Equivalents therein as
any of them may reasonably request from time to time.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Accounts Bank will maintain all of the Project Accounts and all books and records with respect thereto as may be necessary
to record properly all transactions carried out by it under this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any Cash Equivalent ceases to be a Cash Equivalent, the Accounts Bank will, as soon as reasonably practicable after becoming
aware of such cessation, notify the Senior Collateral Agent, the Collateral Agent and the Borrowers&rsquo; Agent in writing of
such cessation and, upon the written direction of (i) the Borrowers&rsquo; Agent or (ii) the Required Senior Lenders or, from and
after the Senior Discharge Date, the Required Lenders, will cause the relevant investment to be replaced by a Cash Equivalent or
by cash; provided that this <U>Section&nbsp;8.17(c)</U> will not oblige the Accounts Bank to liquidate any investment earlier than
its normal maturity date unless:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>directed to do so under <U>Section 8.16 (<I>Interest and Investments</I>)</U>; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>the maturity date of the relevant investment exceeds the maturity date that would enable it to continue to qualify as a Cash
Equivalent.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.18 </FONT><U>Notices of Suspension of Accounts</U>. (a) The Senior Collateral Agent and the Collateral Agent may, but shall
not be required to, suspend the right of the Accounts Bank and the Borrowers&rsquo; Agent to withdraw or otherwise deal with any
funds deposited in or credited to the Project Accounts at any time during the occurrence and continuance of an Event of Default
by delivering a notice to the Accounts Bank (with a copy to the Borrowers&rsquo; Agent and the Administrative Agent) (a &ldquo;<U>Notice
of Suspension</U>&rdquo;); provided that the Collateral Agent agrees that it will only deliver to the Accounts Bank a Notice of
Suspension as permitted in accordance with the terms of this Agreement and the Intercreditor Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision of the Financing Documents, after the issuance by the Senior Collateral Agent or the
Collateral Agent of a Notice of Suspension in accordance with <U>Section&nbsp;8.18(a)</U> and until such time as the Person who
delivered the Notice of Suspension advises the Accounts Bank and the Borrowers&rsquo; Agent (with a copy to the Administrative
Agent and Senior Administrative Agent) that it has withdrawn such Notice of Suspension, (which it shall do if such Event of Default
is no longer continuing) no amount may be withdrawn by the Accounts Bank from any Project Account, including for investment in
Cash Equivalents, without the express prior written consent of the Person who delivered the Notice of Suspension.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision of the Financing Documents (but without limitation of <U>Sections 8.02(g) or (h) (<I>Deposits
into and Withdrawals from Project Accounts</I>)</U>, without the express prior written consent of the Required Senior Lenders or,
from and after the Senior Discharge Date, the Required Lenders of the Revolving Loan Class and the Required Lenders of the Tranche
A-1 Term Loan Class, no amount may be withdrawn from any Project Account if a Default or Event of Default would occur as a result
of such withdrawal.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the date of each withdrawal by the Accounts Bank from a Project Account, the Borrowers&rsquo; Agent shall be deemed to
represent and warrant that no Notice of Suspension is in effect and that that no Default or Event of Default would occur as a result
of such withdrawal, unless the Required Senior Lenders or, from and after the Senior Discharge Date, the Required Lenders of the
Revolving Loan Class and the Required Lenders of the Tranche A-1 Term Loan Class have previously consented in writing to such withdrawal,
notwithstanding that a Notice of Suspension is in effect or that a Default or Event of Default would occur as a result of such
withdrawal.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
IX<BR>
<BR>
</FONT>DEFAULT AND ENFORCEMENT</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
9.01 </FONT><U>Events of Default</U>. Each of the following events or occurrences described in this <U>Section 9.01</U> shall
constitute an Event of Default.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Nonpayment</U>. Any Borrower fails to pay (i) any amount of principal of any Loan when the same becomes due and payable
or (ii) any interest on any Loan or any fee or other Obligation or amount payable hereunder or under any other Financing Document
within three (3) Business Days after the same becomes due and payable.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Breach of Warranty</U>. Any representation or warranty of any Loan Party or any Major Project Party made or deemed to
be restated or remade in any Financing Document is or shall be incorrect or misleading in any material respect when made or deemed
made; provided that (i) if such Loan Party or Major Project Party, as the case may be, was not aware that such representation or
warranty was incorrect or misleading at the time such representation or warranty was made or deemed repeated, (ii) the fact, event
or circumstance resulting in such incorrect or misleading representation or warranty is capable of being cured, corrected or otherwise
remedied, (iii) such fact, event or circumstance resulting in such incorrect or misleading representation or warranty is cured,
corrected or otherwise remedied within thirty (30) days from the date any Loan Party obtains, or should have obtained, knowledge
thereof, and (iv) no Material Adverse Effect shall have occurred as a result of such representation or warranty being incorrect
or misleading, then such incorrect representation or warranty shall not constitute an Event of Default.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Non-Performance of Certain Covenants and Obligations</U>. Any Borrower defaults in the due performance and observance
of any of its obligations under any of <U>Sections 7.01(d)(i), (ii) and (iii)(A) (<I>Affirmative Covenants &ndash; Maintenance
of Properties</I>)</U>, <U>7.01(g)&nbsp;(<I>Affirmative Covenants &ndash; Use of Proceeds and Cash Flow</I>)</U>, <U>7.01(h) (<I>Affirmative
Covenants &ndash; Insurance</I>)</U>, <U>7.01(r) (<I>Affirmative Covenants &ndash; First Priority Ranking</I>)</U>, <U>7.02 (<I>Negative
Covenants</I>)</U> and <U>7.03(e) (<I>Reporting Requirements</I>)</U> of this Agreement, <U>Sections 5.02 (<I>Limitation of Liens</I>)</U>
or <U>5.06 (<I>Name; Jurisdiction of Organization</I>)</U> of any Security Agreement, any Borrower or the Pledgor defaults in the
due performance and observance of any of its obligations under <U>Sections 5.02 (<I>Limitation of Liens</I>)</U>, <U>5.03 (<I>No
Sale of Collateral</I>)</U>, <U>5.04 (<I>No Impairment of Security</I>)</U>, <U>5.05&nbsp;(<I>Filing of Bankruptcy Proceedings</I>)</U>
or <U>5.08 (<I>Name; Jurisdiction of Organization</I>)</U> of any Pledge Agreement or Pacific Ethanol defaults in the due performance
and observance of any of its obligations under the Sponsor Support Agreement, if any.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Non-Performance of Other Covenants and Obligations</U>. Any Loan Party or any Major Project Party defaults in the due
performance and observance of any covenant or agreement (other than covenants and agreements referred to in <U>Sections 9.01(a)</U>
or <U>9.01(c)</U>) contained in any Financing Document, and such default shall continue unremedied for a period of thirty (30)
days after any Borrower obtains, or should have obtained, knowledge thereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cross Defaults</U>. Any one of the following occurs with respect to any Loan Party or any Major Project Party with respect
to Indebtedness (other than the Obligations) (provided that if any such event has been cured in accordance with the terms of such
Indebtedness, it shall serve as a cure of this Event of Default):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>a default occurs in the payment when due (subject to any applicable grace period and notice requirements), whether by acceleration
or otherwise, of such Indebtedness; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>such Person fails to observe or perform (subject to any applicable grace periods and notice requirements) any other agreement
or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto,
or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness
or the beneficiary or beneficiaries of any Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary
or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased,
prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness
to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded;</TD></TR></TABLE>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(A)</FONT></TD><TD>in the case of the Borrowers, with respect to Indebtedness under the Senior Credit Agreement or in an amount greater than or
equal to one hundred thousand Dollars ($100,000) in the aggregate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(B)</FONT></TD><TD>in the case of the Pledgor, Pacific Ag Products or Kinergy with respect to Indebtedness in an amount greater than or equal
to one million Dollars ($1,000,000) in the aggregate;</TD></TR></TABLE>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(C)</FONT></TD><TD>in the case of Pacific Ethanol, with respect to Indebtedness in an amount in excess of two million Dollars ($2,000,000) in
the aggregate and an Exercise of Remedies in respect of such Indebtedness has occurred; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(D)</FONT></TD><TD>in the case of any other Major Project Party only, has or could reasonably be expected to result in a Material Adverse Effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in">provided<I>,</I> that such occurrence shall not constitute
an Event of Default with respect to any Major Project Party if an agreement replacing each Project Document to which such Major
Project Party is a party, in form and substance reasonably satisfactory to the Administrative Agent, is entered into (together
will all applicable Ancillary Documents) within forty-five (45) days thereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Judgments</U>. (i) Any judgment or order that has or could reasonably be expected to have a Material Adverse Effect is
rendered against any Loan Party or any Major Project Party, or (ii) any judgment or order is rendered against (A) any or all of
the Borrowers, in an amount in excess of one hundred thousand Dollars ($100,000) in the aggregate, (B) the Pledgor, Pacific Ag
Products (as long as Pacific Ag Products is a Major Project Party) or Kinergy (as long as Kinergy is a Major Project Party) in
an amount in excess of one million Dollars ($1,000,000) in the aggregate or (C) Pacific Ethanol (as long as Pacific Ethanol is
a Major Project Party or a Loan Party) in an amount in excess of two million Dollars ($2,000,000) in the aggregate and, in any
such case, (x) enforcement proceedings are commenced by any creditor upon such judgment or order or (y) there is a period of sixty
(60) consecutive days during which a stay of enforcement of such judgment is not in effect; provided<I>,</I> that such occurrence
shall not constitute an Event of Default with respect to any Major Project Party if an agreement replacing each Project Document
to which such Major Project Party is a party, in form and substance reasonably satisfactory to the Administrative Agent, is entered
into (together will all applicable Ancillary Documents) within forty-five (45) days thereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>ERISA Events</U>. (i) Any Termination Event occurs, (ii) any Plan incurs an &ldquo;accumulated funding deficiency&rdquo;
(as defined in Section 412 of the Code or Section 302 of ERISA), (iii) any Borrower or member of any Borrower&rsquo;s ERISA Controlled
Group engages in a transaction that is prohibited under Section 4975 of the Code or Section 406 of ERISA, (iv) any Borrower or
any ERISA Affiliate fails to pay when due any amount it has become liable to pay to the PBGC, any Plan or a trust established under
Title IV of ERISA, (v) a condition exists by reason of which the PBGC would be entitled to obtain a decree adjudicating that an
ERISA Plan must be terminated or have a trustee appointed to administer it, (vi) any Borrower or any ERISA Affiliate suffers a
partial or complete withdrawal from a Multiemployer Plan or is in &ldquo;default&rdquo; (as defined in Section 4219(c)(5) of ERISA)
with respect to payments to a Multiemployer Plan, (vii) a proceeding is instituted against any Borrower to enforce Section 515
of ERISA, (viii) the aggregate amount of the then &ldquo;current liability&rdquo; (as defined in Section 412(l)(7) of the Code,
as amended) of all accrued benefits under such Plan or Plans exceeds the then current value of the assets allocable to such benefits
by more than two million Dollars ($2,000,000) at such time, or (ix) any other event or condition occurs or exists with respect
to any Plan that would subject any Borrower to any tax, penalty or other liability.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Bankruptcy, Insolvency</U>. Any Loan Party or any Major Project Party:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>generally fails to pay, or admits in writing its inability or unwillingness to pay, debts as they become due and in the case
of Pacific Ethanol an Exercise of Remedies has occurred;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>applies for, consents to, or acquiesces in, the appointment of a trustee, receiver, sequestrator or other custodian for such
Person or a substantial portion of its property, or makes a general assignment for the benefit of creditors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>in the absence of such application, consent or acquiescence, permits or suffers to exist the appointment of a trustee, receiver,
sequestrator or other custodian for such Person or for a substantial part of its property, and such trustee, receiver, sequestrator
or other custodian is not discharged within sixty (60) days; provided that nothing in the Financing Documents shall prohibit or
restrict any right any Senior Secured Party may have under applicable Law to appear in any court conducting any relevant proceeding
during such sixty (60) day period to preserve, protect and defend its rights under the Financing Documents (and such Person shall
not object to any such appearance);</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>permits or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding
under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in respect of such Person and,
if any such case or proceeding is not commenced by such Person, such case or proceeding is be consented to or acquiesced in by
such Person or results in the entry of an order for relief or remains for sixty (60) days undismissed; provided that nothing in
the Financing Documents shall prohibit or restrict any right any Senior Secured Party may have under applicable Law to appear in
any court conducting any such case or proceeding during such sixty (60) day period to preserve, protect and defend its rights under
the Financing Documents (and such Person shall not object to any such appearance);</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>takes any action authorizing, or in furtherance of, any of the foregoing; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)</FONT></TD><TD>ceases to be Solvent and in the case of Pacific Ethanol an Exercise of Remedies has occurred;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in">provided<I>,</I> that such occurrence shall not constitute
an Event of Default with respect to any Major Project Party if an agreement replacing each Project Document to which such Major
Project Party is a party, in form and substance reasonably satisfactory to the Administrative Agent, is entered into (together
will all applicable Ancillary Documents) within forty-five (45) days thereof (or, if such bankruptcy or insolvency could not reasonably
be expected to result in a Material Adverse Effect, sixty (60) days).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Project Document Defaults; Termination</U>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>Any Borrower or any other Major Project Party shall be in material breach of or otherwise in material default under any Project
Document and such breach or default has continued beyond any applicable grace period expressly provided for in such Project Document
(or, if no such cure period is provided<I>,</I> thirty (30) days), as the same may be extended pursuant to any Consent; provided<I>,</I>
that any such breach or default by any Major Project Party under any Project Document shall not constitute an Event of Default
if an agreement replacing such Project Document, in form and substance reasonably satisfactory to the Administrative Agent, is
entered into (together will all applicable Ancillary Documents) within forty-five (45) days thereof (or, if such breach or default
could not reasonably be expected to result in a Material Adverse Effect, sixty (60) days).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>Any Project Document ceases to be in full force and effect prior to its scheduled expiration, is repudiated, or its enforceability
is challenged or disaffirmed by or on behalf of any Borrower or any Major Project Party thereto; provided<I>,</I> that such occurrence
shall not constitute an Event of Default with respect to any Project Document if an agreement replacing such Project Document,
in form and substance reasonably satisfactory to the Administrative Agent, is entered into (together will all applicable Ancillary
Documents) within forty-five (45) days thereof (or, if such occurrence could not reasonably be expected to result in a Material
Adverse Effect, sixty (60) days).</TD></TR></TABLE>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governmental Approvals</U>. Any Borrower fails to obtain, renew, maintain or comply in all material respects with any
Necessary Project Approval or any Necessary Project Approval is revoked, canceled, terminated, withdrawn or otherwise ceases to
be in full force and effect, or any Necessary Project Approval is modified without the consent of the Required Senior Lenders or,
from and after the Senior Discharge Date, the Required Lenders of the Revolving Loan Class and the Required Lenders of the Tranche
A-1 Term Loan Class in a manner that, in each case, has, or could reasonably be expected to result in, a Material Adverse Effect
on such Borrower or its Plant.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Unenforceability of Documentation</U>. At any time after the execution and delivery thereof:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>any material provision of any Financing Document shall cease to be in full force and effect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>any Financing Document is revoked or terminated, becomes unlawful or is declared null and void by a Governmental Authority
of competent jurisdiction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>any Financing Document becomes unenforceable, is repudiated or the enforceability thereof is contested or disaffirmed by or
on behalf of any party thereto other than the Senior Secured Parties; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>any Liens against any of the Collateral cease to be a first priority, perfected security interest in favor of the Collateral
Agent, or the enforceability thereof is contested by any Loan Party, or any of the Security Documents ceases to provide the security
intended to be created thereby with the priority purported to be created thereby.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Environmental Matters</U>. (i) Any Environmental Claim has occurred with respect to any Borrower, any Plant or any Environmental
Affiliate, (ii) any release, emission, discharge or disposal of any Material of Environmental Concern occurs, and such event could
reasonably be expected to form the basis of an Environmental Claim against any Borrower, any Plant or any Environmental Affiliate,
or (iii) any violation or alleged violation of any Environmental Law or Environmental Approval occurs that would reasonably result
in an Environmental Claim against any Borrower or any Plant or, to the extent any Borrower may have liability, any Environmental
Affiliate, that, in the case of any of <U>Sections 9.01(l)(i)</U>, <U>(ii)</U> or <U>(iii)</U>, could reasonably be expected to
result in liability for any Borrower (or the Borrowers on an aggregate basis) in an amount greater than five hundred thousand Dollars
($500,000) for any single claim or one million Dollars ($1,000,000) for all such claims during any twelve (12) month period or
could otherwise reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Loss of Collateral</U>. Any portion of the Collateral (other than a portion that is immaterial) is damaged, seized or
appropriated; provided<I>,</I> that such an occurrence shall not constitute an Event of Default if the applicable Borrowers repair,
replace, rebuild or refurbish such damaged, seized or appropriated Collateral (i) in accordance with <U>Section 8.07(d)(i) (<I>Insurance
and Condemnation Proceeds Accounts</I>)</U>, or (ii) otherwise (provided that such approval is obtained within sixty (60) days
hereafter) with the approval of the Required Senior Lenders or, from and after the Senior Discharge Date, the Required Lenders
of the Revolving Loan Class and the Required Lenders of the Tranche A-1 Term Loan Class, in consultation with the Independent Engineer.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Event of Abandonment</U>. An Event of Abandonment occurs.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taking or Total Loss</U>. An Event of Taking with respect to all or a material portion of any Plant or any Equity Interests
in any Borrower occurs, or an Event of Total Loss occurs.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-weight: normal; color: black"><U>Asset Management Agreement</U>. </FONT> Pacific Ethanol or any Affiliate
of Pacific Ethanol shall challenge the validity or enforceability of any performance guaranty of the obligations of Pacific Ethanol
under the Asset Management Agreement at any time that any such obligation exists.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Change of Control</U>. A Change of Control occurs.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
9.02 </FONT><U>Action Upon Bankruptcy</U>. If any Event of Default described in <U>Section 9.01(h) (<I>Events of Default - Bankruptcy;
Insolvency</I>)</U> occurs with respect to any Borrower, any outstanding Commitments (if not theretofore terminated) shall automatically
terminate. The outstanding principal amount of the outstanding Loans and all other Obligations shall automatically be and become
immediately due and payable, without notice, demand or further act of the Administrative Agent, the Collateral Agent or any other
Senior Secured Party.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
9.03 </FONT><U>Action Upon Other Event of Default</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) If any
other Event of Default occurs and is continuing for any reason, whether voluntary or involuntary, and is continuing, the Administrative
Agent shall by written notice to the Borrowers, subject to and in accordance with the Intercreditor Agreement:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>Upon the direction of the Required Lenders of the Revolving Loan Class, declare all or any portion of the Obligations in respect
of the Revolving Loans to be due and payable and any outstanding Revolving Loan Commitments (if not theretofore reduced or terminated)
to be reduced or terminated, whereupon the full unpaid amount of such Obligations that has been declared due and payable shall
be and become immediately due and payable, without further notice, demand or presentment and any outstanding Revolving Loan Commitments
shall be reduced or terminate; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>Upon the direction of the Required Lenders of the Tranche A-1 Term Loan Class, declare all or any portion of the Obligations
in respect of the Tranche A-1 Term Loans to be due and payable and any outstanding Tranche A-1 Term Loan Commitments (if not theretofore
reduced or terminated) to be reduced or terminated, whereupon the full unpaid amount of such Obligations that has been declared
due and payable shall be and become immediately due and payable, without further notice, demand or presentment and any outstanding
Tranche A-1 Term Loan Commitments shall be reduced or terminate.</TD></TR></TABLE>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During the continuance of an Event of Default, the Administrative Agent, upon the direction of the Required Lenders of the
Revolving Loan Class and the Required Lenders of the Tranche A-1 Term Loan Class, shall instruct the Collateral Agent to exercise
any or all remedies provided for under this Agreement or the other Financing Documents, in each case subject to and in accordance
with the Intercreditor Agreement. Without prejudice to the right of any Tranche A-2 Lender to commence an action against a Borrower
in respect of any unpaid amounts of interest on or principal of its Tranche A-2 Term Loan, no Tranche A-2 Lender or group of Tranche
A-2 Lenders shall have the right to, or shall, instruct the Collateral Agent or the Administrative Agent to exercise any remedy
provided for under this Agreement or the other Financing Documents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any declaration made pursuant to <U>Section 9.03(a)(i)</U> may, should the Required Lenders of the Revolving Loan Class
in their sole and absolute discretion so elect, be rescinded by written notice to the Borrowers at any time after the principal
of the Revolving Loans has become due and payable, but before any judgment or decree for the payment of the monies so due, or any
part thereof, has been entered; provided that no such rescission or annulment shall extend to or affect any subsequent Event of
Default or impair any right consequent thereon.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any declaration made pursuant to <U>Section 9.03(a)(ii)</U> may, should the Required Lenders of the Tranche A-1 Term Loan
Class in their sole and absolute discretion so elect, be rescinded by written notice to the Borrowers at any time after the principal
of the Tranche A-1 Term Loans has become due and payable, but before any judgment or decree for the payment of the monies so due,
or any part thereof, has been entered; provided that no such rescission or annulment shall extend to or affect any subsequent Event
of Default or impair any right consequent thereon.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
9.04 </FONT><U>Application of Proceeds</U>. Any moneys received by the Collateral Agent after the occurrence and during the continuance
of an Event of Default may, subject to the Intercreditor Agreement, be held by the Collateral Agent as Collateral and/or, at the
direction of the Administrative Agent, may be applied in full or in part by the Collateral Agent against the Obligations in the
order of priorities <I>third</I> through <I>eleventh </I>and<I> thirteenth</I> through<I> fifteenth </I>as set forth in <U>Section
8.03(b) (<I>Revenue Account</I>)</U> (but without prejudice to the right of the Collateral Agent to recover any shortfall from
the Borrowers) and the balance, if any, after all of the Obligations have been indefeasibly paid in full, shall be paid to the
Borrowers or as otherwise required by Applicable Law.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
X<BR>
<BR>
</FONT>THE AGENTS</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.01 </FONT><U>Appointment and Authority</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Each of the Lenders
(in its capacity as Lender and on behalf of itself and its Affiliates as a potential Interest Rate Protection Provider) hereby
irrevocably appoints, designates and authorizes each Agent to take such action on its behalf under the provisions of this Agreement
and each other Financing Document to which it is a party and to exercise such powers and perform such duties as are expressly
delegated to such Agent by the terms of this Agreement or any other Financing Document to which it is a party. The provisions
of this <U>Article X</U> are solely for the benefit of the Agents and the Lenders, and neither the Borrowers nor any other Person
shall have rights as a third party beneficiary of any of such provisions.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Lender hereby appoints Wells Fargo as its Administrative Agent under and for purposes of each Financing Document to
which it is a party. Wells Fargo hereby accepts this appointment and agrees to act as the Administrative Agent for the Lenders
in accordance with the terms of this Agreement and the Intercreditor Agreement. Each Lender appoints and authorizes the Administrative
Agent to act on behalf of such Lender under each Financing Document to which it is a party and to exercise such powers hereunder
and thereunder as are specifically delegated to or required of the Administrative Agent by the terms hereof and thereof. Notwithstanding
any provision to the contrary contained elsewhere in any Financing Document, the Administrative Agent shall not have any duties
or responsibilities, except those expressly set forth herein and in the other Financing Documents to which it is a party, nor shall
the Administrative Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into any Financing Document or otherwise exist against the Administrative
Agent. Without limiting the generality of the foregoing sentence, the use of the term &ldquo;agent&rdquo; in this Agreement with
reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising
under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to
create or reflect only an administrative relationship between independent contracting parties.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Lender (in its capacity as Lender and on behalf of itself and its Affiliates as a potential Interest Rate Protection
Provider) and the Administrative Agent and the Accounts Bank each in its capacity as such hereby appoints Wells Fargo as its Collateral
Agent under and for purposes of each Financing Document to which it is a party. Wells Fargo hereby accepts this appointment and
agrees to act as the Collateral Agent for the Senior Secured Parties in accordance with the terms of this Agreement and the Intercreditor
Agreement. Each of the Lenders hereby irrevocably appoints and authorizes the Collateral Agent to act as the agent of such Lender
for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Borrowers or the Pledgor
to the Collateral Agent in order to secure any of the Obligations. In this connection the Collateral Agent, and any co-agents,
sub-agents and attorneys-in-fact appointed by the Collateral Agent, as the case may be, pursuant to <U>Section 10.05 (<I>Delegation
of Duties</I>)</U> for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Security
Documents, or for exercising any rights and remedies thereunder at the direction of the Collateral Agent, as the case may be, shall
be entitled to the benefits of all provisions of this <U>Article X</U> and <U>Article XI (<I>Miscellaneous Provisions</I>)</U>
(including <U>Section 11.09 (<I>Indemnification by the Borrowers</I>)</U>, as though such co-agents, sub-agents and attorneys-in-fact
were the Collateral Agent under the Financing Documents) as if set forth in full herein with respect thereto. Notwithstanding any
provision to the contrary contained elsewhere in any Financing Document, the Collateral Agent shall not have any duties or responsibilities,
except those expressly set forth herein or in the other Financing Documents to which the Collateral Agent is a party, nor shall
the Collateral Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into any Financing Document or otherwise exist against the Collateral
Agent. Without limiting the generality of the foregoing sentence, the use of the term &ldquo;agent&rdquo; in this Agreement with
reference to the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under
agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create
or reflect only an administrative relationship between independent contracting parties.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Lender hereby appoints and authorizes the Accounts Bank to act as depository for the Collateral Agent, on behalf of
the Senior Secured Parties, and as the securities intermediary or bank with respect to the Project Accounts for the benefit of
the Collateral Agent, on behalf of the Senior Secured Parties, with such powers as are expressly delegated to the Accounts Bank
by the terms of this Agreement, together with such other powers as are reasonably incidental thereto. The Accounts Bank hereby
accepts this appointment and agrees to act as the depository for the Collateral Agent, on behalf of the Senior Secured Parties,
and as the securities intermediary or bank with respect to the Project Accounts, for the benefit of the Collateral Agent, on behalf
of the Senior Secured Parties, in accordance with the terms of this Agreement. The Accounts Bank further agrees to accept and hold,
as securities intermediary or as a bank, in its custody and in accordance with the terms of this Agreement, for the Collateral
Agent, on behalf of the Senior Secured Parties, the Project Accounts and the Accounts Property. Each Lender also appoints and authorizes
the Accounts Bank to act on its behalf for the purpose of the creation and perfection of a security interest in favor of the Collateral
Agent, on behalf of the Senior Secured Parties, in the Project Accounts to the extent that they are deemed under applicable Law
not to constitute securities accounts or deposit accounts and in any Accounts Property that is deemed under applicable Law not
to constitute a Financial Asset. The Accounts Bank accepts this appointment and agrees to act as the Accounts Bank for the Collateral
Agent, on behalf and for the benefit of the Senior Secured Parties, for such purpose and to hold and maintain exclusive dominion
and control over the Project Accounts and any such Accounts Property on behalf of the Collateral Agent, acting on behalf of the
Senior Secured Parties. Each of the Agents and each Lender acknowledges that the Accounts Bank is also (i) acting as the securities
intermediary or bank with respect to the Project Accounts for the benefit of the Senior Collateral Agent, on behalf of the Priority
Senior Secured Parties, (ii) holding, as securities intermediary or as a bank, in its custody and in accordance with the terms
of the Senior Credit Agreement, for the Senior Collateral Agent, on behalf of the Priority Senior Secured Parties, the Project
Accounts and the Accounts Property and (iii) acting on behalf of the Senior Lenders for the purpose of the creation and perfection
of a security interest in favor of the Senior Collateral Agent, on behalf of the Priority Senior Secured Parties, in the Project
Accounts to the extent that they are deemed under applicable Law not to constitute securities accounts or deposit accounts and
in any Accounts Property that is deemed under applicable Law not to constitute a Financial Asset.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any provision to the contrary contained elsewhere in any Financing Document, the Accounts Bank shall not
have any duties or responsibilities, except those expressly set forth herein or in the Senior Credit Agreement, nor shall the Accounts
Bank have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities,
duties, obligations or liabilities shall be read into any Financing Document or otherwise exist against the Accounts Bank. Without
limiting the generality of the foregoing sentence, the use of the term &ldquo;agent&rdquo; in this Agreement with reference to
the Accounts Bank is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine
of any applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only
an administrative relationship between independent contracting parties.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Senior Secured Party hereby acknowledges that Wells Fargo is serving as the Senior Administrative Agent and the Senior
Collateral Agent and that the Administrative Agent and the Collateral Agent shall not have any duties or obligations under the
Senior Credit Agreement. Each Lender hereby instructs each of the Administrative Agent and Collateral Agent to execute and deliver
the Intercreditor Agreement and the other Financing Documents to which it is a party and to exercise its respective rights and
obligations hereunder and under the Intercreditor Agreement solely in accordance with this Agreement, the Financing Documents to
which such Agent is a party and the Intercreditor Agreement. Each Senior Secured Party agrees that it will only originate and deliver
to the Accounts Bank such instructions, orders and entitlement orders as are permitted in accordance with the terms of this Agreement
and the Intercreditor Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.02 </FONT><U>Rights as a Lender or Interest Rate Protection Provider</U>. Each Person serving as Agent hereunder or under any
other Financing Document shall have the same rights and powers in its capacity as a Lender or Interest Rate Protection Provider,
as the case may be, as any other Lender or Interest Rate Protection Provider, as the case may be, and may exercise the same as
though it were not an Agent. Each such Person and its Affiliates may accept deposits from, lend money to, act as the financial
advisor or in any other advisory capacity for and generally engage in any kind of business with any Borrower or Affiliate thereof
as if such Person were not an Agent hereunder and without any duty to account therefor to the Lenders, any other Agent or the
Interest Rate Protection Provider.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.03 </FONT><U>Exculpatory Provisions</U>. (a) No Agent shall have any duties or obligations except those expressly set forth
herein (and, with respect to the Account Bank, in the Senior Credit Agreement) and in the other Financing Documents to which it
is a party. Without limiting the generality of the foregoing, no Agent shall:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is
continuing;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Financing Documents (or, with respect to the Accounts Bank, by the Senior Credit
Agreement) that such Agent is required to exercise as directed in writing by the Required Lenders of the Revolving Loan Class and
the Required Lenders of the Tranche A-1 Term Loan Class (or such other number or percentage of the Lenders as shall be expressly
provided for herein or in the other Financing Documents); provided that such Agent shall not be required to take any action that
may expose the Agent to liability or that is contrary to this Agreement, any Financing Document or applicable Law; or</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>except as expressly set forth herein and in the other Financing Documents to which it is a party (or, with respect to the Accounts
Bank, in the Senior Credit Agreement), have any duty to disclose, nor shall any Agent be liable for any failure to disclose, any
information relating to any Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as an Agent
or any of its Affiliates in any capacity.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Agent shall be liable for any action taken or not taken by it (i) with the prior written consent or at the request of
the Required Lenders of the Revolving Loan Class and/or the Required Lenders of the Tranche A-1 Term Loan Class (or, in the case
of the Accounts Bank, the Required Senior Lenders) (or such other number or percentage of the Lenders as may be necessary, or as
such Agent may believe in good faith to be necessary, under the circumstances as provided in <U>Section 10.01 (<I>Appointment and
Authority</I>)</U>), (ii) in connection with any amendment, consent, approval or waiver which it is permitted under the Financing
Documents to enter into, agree to or grant or (iii) in the absence of its own gross negligence or willful misconduct. Each Agent
may rely on a written statement from the Lenders delivering any written direction, request, consent, or waiver to any Agent, that
such Lenders constitute the Required Lenders and that no consent of any other Lender is required to effect such direction, request,
consent, or waiver. Each Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice
describing such Default or Event of Default is given to such Agent in writing by a Borrower or a Lender. Neither the Administrative
Agent nor the Collateral Agent shall be required to give notice of any Default or Event of Default to any Person, including without
limitation the Accounts Bank, absent direction of the Required Lenders.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Financing Document, (ii) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of
the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence or continuance of any Default
or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Financing Document
or any other agreement, instrument or document, or the perfection or priority of any Lien or security interest created or purported
to be created hereby or by any other Security Document, or (v) the satisfaction of any condition set forth in <U>Article VI (<I>Conditions
Precedent</I>)</U> or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to any such Agent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding any provision of
this Agreement or the other Financing Documents to the contrary, the Administrative Agent and the Collateral Agent (A) shall have
no obligation to exercise discretion under the Financing Documents, and (B) shall not be required to (i) make or give any determination
(including whether a matter is satisfactory to such Agent or whether to deem a matter necessary, desirable, proper or advisable),
agreement, consent, approval, request, notice (including any notice to the Accounts Bank, any notice to tenants, any Notice of
Suspension and any Termination Notice), consultation, designation, appointment, election, judgment or direction, or (ii) file any
UCC financing or continuation statements or similar documents or instruments, or (iii) make any inspection, or (iv) exercise any
rights or remedies of a secured party (including voting rights), in each case, subject to the Intercreditor Agreement, without
the written direction of the Required Lenders of the Revolving Loan Class and the Required Lenders of the Tranche A-1 Term Loan
Class. Notwithstanding any provision of this Agreement or the other Financing Documents to the contrary, before taking or omitting
any action to be taken or omitted by the Administrative Agent and/or the Collateral Agent under the terms of this Agreement and
the other Financing Documents, the Administrative Agent and/or the Collateral Agent, as the case may be, may seek the written direction
of the Required Senior Lenders and/or the Required Lenders of the Revolving Loan Class and the Required Lenders of the Tranche
A-1 Term Loan Class (which written direction may be in the form of an e-mail), and such Agent shall be entitled to rely (and shall
be fully protected in so relying) upon such direction. The Administrative Agent and the Collateral Agent shall have no duty, obligation
or liability to examine, make any investigation or review any notices, requests or other documents or instruments delivered to
it under the terms of the Transaction Documents, except to deliver copies of the same to the Lenders in accordance with the terms
of this Agreement. Any provision of this Agreement or the other Financing Documents authorizing the Administrative Agent and/or
the Collateral Agent to take any action shall not obligate the Administrative Agent or the Collateral Agent to take such action.
In no event shall the Administrative Agent or the Collateral Agent have any duty, responsibility, obligation or liability with
respect to monitoring the Projects or the conditions thereof, or to preserve the Collateral. In acting under the Financing Documents
to which it is a party, each of the Administrative Agent and the Collateral Agent shall be entitled to all of the rights, protections,
immunities and indemnities set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as expressly set forth in
this Agreement, no Tranche A-2 Lender or group of Tranche A-2 Lenders shall have the right to, or shall, direct the Administrative
Agent or the Collateral Agent to take or refrain from taking any action provided for under this Agreement or the other Financing
Documents. Each Tranche A-2 Lender acknowledges that the Revolving Lenders and the Tranche A-1 Lenders may direct the Administrative
Agent and the Collateral Agent to take or refrain from taking any action provided for under this Agreement or the other Financing
Documents in a manner contrary to the interests of such Tranche A-2 Lender.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding any provision of
this Agreement or the other Financing Documents to the contrary, in no event shall the Administrative Agent or the Collateral Agent
be responsible for, or have any duty or obligation with respect to, the recording, filing, registering, perfection, protection
or maintenance of the security interests or Liens intended to be created hereby or by the Financing Documents (including without
limitation the filing or continuation of any UCC financing or continuation statements or similar documents or instruments), nor
shall the Administrative Agent or the Collateral Agent be responsible for, and neither such Agent makes any representation regarding,
the validity, effectiveness or priority of any of the Financing Documents or the security interests or Liens intended to be created
thereby.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.04 </FONT><U>Reliance by Agents</U>. Each Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message,
internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise
authenticated by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed
by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance
with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, each
Agent may presume that such condition is satisfactory to such Lender unless such Agent shall have received notice to the contrary
from such Lender prior to the making of such Loan. Each Agent may consult with legal counsel (who may be counsel for the Borrowers),
independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance
with the advice of any such counsel, accountants or experts.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.05 </FONT><U>Delegation of Duties</U>. Each Agent may perform any and all of its duties and exercise any and all its rights
and powers hereunder or under any other Financing Document by or through any one or more sub agents appointed by such Agent. Each
Agent and any such sub agent may perform any and all of its duties and exercise its rights and powers by or through their respective
Related Parties. The exculpatory provisions of this <U>Article X</U> shall apply to any such sub agent and to the Related Parties
of such Agent and any such sub agent, and shall apply to their respective activities in connection with their acting as Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.06 </FONT><U>Resignation or Removal of Agent</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Any Agent
may resign from the performance of all its functions and duties hereunder and/or under the other Financing Documents at any time
by giving thirty (30) days&rsquo; prior notice to the Borrowers and the Lenders. The Collateral Agent or the Administrative Agent
may be removed at any time by the Required Lenders of the Revolving Loan Class and the Required Lenders of the Tranche A-1 Term
Loan Class. The Accounts Bank may be removed at any time by the Required Lenders of the Revolving Loan Class, the Required Lenders
of the Tranche A-1 Term Loan Class and the Required Senior Lenders. Any such resignation or removal shall take effect upon the
appointment of a successor Agent, in accordance with this <U>Section 10.06</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon any notice of resignation by any Agent or upon the removal of any Agent by the proper Persons pursuant to <U>Section
10.06(a)</U>, the Required Lenders of the Revolving Loan Class and the Required Lenders of the Tranche A-1 Term Loan Class shall
appoint a successor Collateral Agent or Administrative Agent, as applicable, hereunder and under each other Financing Document,
or the Required Lenders of the Revolving Loan Class, the Required Lenders of the Tranche A-1 Term Loan Class and the Required Senior
Lenders shall appoint a successor Accounts Bank, which successor Agent in each case shall be a commercial bank having a combined
capital and surplus of at least two hundred fifty million Dollars ($250,000,000).</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If no successor Agent has been appointed by the proper Persons under <U>Section 10.06(b)</U> within thirty (30) days after
the date such notice of resignation was given by such Agent or the proper Persons elected to remove such Agent under <U>Section
10.06(a)</U>, and provided that no Default or Event of Default has occurred and is continuing, the Borrowers may appoint a replacement
Agent (who shall be a commercial bank having a combined capital and surplus of at least two hundred fifty million Dollars ($250,000,000))
within the immediately succeeding fifteen (15) days.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If no successor Agent has been appointed within forty-five (45) days (or, if a Default or Event of Default has occurred
and is continuing, within thirty (30) days) after the date such notice of resignation was given by such Agent or the proper Persons
elected to remove such Agent under <U>Section 10.06(a)</U>, any Senior Secured Party may petition any court of competent jurisdiction
for the appointment of a successor Agent. Such court may thereupon, after such notice, if any, as it may deem proper, appoint a
successor Agent, as applicable, who shall serve as Agent, hereunder and under each other Financing Document until such time, if
any, as the proper Persons appoint a successor Agent, as provided in this <U>Section 10.06</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the acceptance of a successor&rsquo;s appointment as Agent hereunder, such successor shall succeed to and become vested
with all of the rights, powers, privileges and duties of the retiring (or removed) Agent, and the retiring (or removed) Agent shall
be discharged from all of its duties and obligations hereunder or under the other Financing Documents. After the retirement or
removal of any Agent hereunder and under the other Financing Documents, the provisions of this <U>Article X</U> shall continue
in effect for the benefit of such retiring (or removed) Agent, its sub agents and their respective Related Parties in respect of
any actions taken or omitted to be taken by any of them while the retiring Agent was acting as Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a retiring or removed Agent is the Accounts Bank, such Accounts Bank will promptly transfer all of the Project Accounts
and the Accounts Property to the possession or control of the successor Accounts Bank and will execute and deliver such notices,
instructions and assignments as may be reasonably necessary or desirable to transfer the rights of the Accounts Bank with respect
to the Project Accounts and the Accounts Property to the successor Accounts Bank. Notwithstanding the foregoing or anything to
the contrary contained in this Agreement, the parties hereto acknowledge that the Accounts Bank is serving in such capacity under
each of this Agreement and the Senior Credit Agreement concurrently, and any successor Accounts Bank shall not be appointed as
such hereunder until such time as such successor Accounts Bank concurrently assumes all rights and obligations of the Accounts
Bank and is appointed as such under each of this Agreement and the Senior Credit Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a retiring or removed Agent is the Collateral Agent, such Collateral Agent will promptly transfer any Collateral in the
possession or control of such Collateral Agent to the successor Collateral Agent and will execute and deliver such notices, instructions
and assignments as may be reasonably requested by the Required Lenders to transfer the rights of the Collateral Agent with respect
to such Collateral property to the successor Collateral Agent.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.07 </FONT><U>No Amendment to Duties of Agent Without Consent</U>. No Agent shall be bound by any waiver, amendment, supplement
or modification of this Agreement or any other Financing Document that affects its rights or duties hereunder or thereunder unless
such Agent shall have given its prior written consent, in its capacity as Agent, thereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.08 </FONT><U>Non-Reliance on Agent and Other Lenders</U>. Each Lender acknowledges that it has, independently and without reliance
upon any Agent or any other Lender or any of their respective Related Parties and based on such documents and information as it
has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and make its Loans. Each Lender
also acknowledges that it will, independently and without reliance upon any Agent or any other Lender or any of their respective
Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its
own decisions in taking or not taking action under or based upon this Agreement, any other Financing Document or any related agreement
or any document furnished hereunder or thereunder.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.09 </FONT><U>Collateral Agent May File Proofs of Claim</U>. (a) In case of the pendency of any bankruptcy or insolvency proceeding
relative to any Borrower or the Pledgor (including any event described in <U>Section 9.01(h) (<I>Events of Default - Bankruptcy;
Insolvency</I>)</U>, the Collateral Agent (irrespective of whether the principal of any Loan shall then be due and payable as
herein expressed or by declaration or otherwise and irrespective of whether the Collateral Agent or any other Senior Secured Party
shall have made any demand on any Borrower) shall be entitled and empowered, but shall not be obligated, by intervention in such
proceeding or otherwise and subject to the terms of the Intercreditor Agreement in all cases:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all
other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have
the claims of the Senior Secured Parties (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Senior Secured Parties and their respective agents and counsel and all other amounts due the Senior Secured Parties under
<U>Sections 3.11 (<I>Fees</I>)</U>, <U>11.07 (<I>Costs and Expenses</I>)</U> and <U>11.09 (<I>Indemnification by the Borrowers</I>)</U>)
allowed in such judicial proceeding; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Senior
Collateral Agent and the Collateral Agent pursuant to the terms of the Intercreditor Agreement and, in the event that the Senior
Collateral Agent or the Collateral Agent, as applicable, consents to the making of such payments directly to the Lenders in accordance
with the Intercreditor Agreement, to pay to the Collateral Agent any amount due for the reasonable compensation, expenses, disbursements
and advances of the Agents and their respective agents and counsel, and any other amounts due the Agents under <U>Sections 3.11
(<I>Fees</I>)</U>, <U>11.07 (<I>Costs and Expenses</I>)</U> and <U>11.09 (<I>Indemnification by the Borrowers</I>)</U>.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Nothing contained herein shall be deemed to authorize the Collateral Agent to authorize or consent to or accept or adopt
on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights
of any Lender or to authorize the Collateral Agent to vote in respect of the claim of any Lender in any such proceeding.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.10 </FONT><U>Collateral Matters</U>. (a) The Lenders irrevocably authorize the Collateral Agent to release any Lien on any
property granted to or held by the Collateral Agent under any Financing Document as required by the Intercreditor Agreement (i)
upon the occurrence of the Discharge Date, (ii) if approved, authorized or ratified in writing in accordance with <U>Section 11.01
(<I>Amendments, Etc.</I>)</U> or (iii) as permitted pursuant to the terms of the Financing Documents (including as contemplated
by <U>Sections 7.02(f) (<I>Negative Covenants-Asset Dispositions</I>)</U>).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon request by the Collateral Agent at any time, the Required Lenders will confirm in writing the Collateral Agent&rsquo;s
authority to release its interest in particular types or items of property pursuant to this <U>Section 10.10</U>. In each case
as specified in this <U>Section 10.10</U>, the Collateral Agent will, at the Borrowers&rsquo; expense, execute and deliver to the
applicable Borrower or the Pledgor, as the case may be, such documents as such Person may reasonably request to evidence the release
of such item of Collateral from the assignment and security interest granted under the Security Documents in accordance with the
terms of the Financing Documents and this <U>Section 10.10</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.11 </FONT><U>Copies</U>. Each Agent shall give prompt notice to each Lender of each material notice or request required or
permitted to be given to such Agent by the Borrowers pursuant to the terms of this Agreement or any other Financing Document (other
than instructions for the transfer of funds from Project Accounts pursuant to <U>Article VIII (<I>Project Accounts</I>)</U> or
if otherwise concurrently delivered to the Lenders by the Borrowers). Each Agent will distribute to each Lender each document
or instrument (including each document or instrument delivered by any Borrower to such Agent pursuant to <U>Article V (<I>Representations
and Warranties</I>)</U>, <U>Article VI (<I>Conditions Precedent</I>)</U> and <U>Article VII (<I>Covenants</I>)</U>) received for
its account and copies of all other communications received by such Agent from the Borrowers for distribution to the Lenders by
such Agent in accordance with the terms of this Agreement or any other Financing Document.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
XI<BR>
<BR>
</FONT>MISCELLANEOUS PROVISIONS</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.01 </FONT><U>Amendments, Etc.</U>&nbsp;&nbsp;No amendment or waiver of any provision of this Agreement or any other Financing
Document, and no consent to any departure by any Borrower, Borrowers&rsquo; Agent or any other Loan Party therefrom, shall be
effective unless in writing signed by the Required Lenders of the Revolving Loan Class and the Required Lenders of the Tranche
A-1 Term Loan Class (or, if expressly set forth herein, the Required Lenders of the Tranche A-2 Term Loan Class or the Administrative
Agent) and, in the case of an amendment, the Borrowers, Borrowers&rsquo; Agent or, as the case may be, the applicable Loan Party,
and in each such case acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given; provided that no such amendment, waiver or consent shall:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) waive any condition set forth in <U>Section 6.01 <I>(Conditions to Closing) </I></U>without the prior written consent
of all the Lenders (other than any Non-Voting Lender), (ii) waive any condition set forth in <U>Section 6.02 <I>(Conditions to
All Fundings</I></U>) to the Funding of a Revolving Loan without the prior written consent of each Revolving Lender (other than
any Non-Voting Lender) and (iii) waive any condition set forth in <U>Section 6.02 <I>(Conditions to All Fundings</I></U>) to the
Funding of the Tranche A-1 Term Loan without the prior consent of each Tranche A-1 Lender;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to <U>Section 9.03(a) (<I>Action
Upon Other Event of Default</I>)</U> without the prior written consent of such Lender;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>postpone any date scheduled for any payment of principal or interest under <U>Sections3.01 (<I>Repayment of Fundings</I>)</U>
or <U>3.02 (<I>Interest Payment Dates</I>)</U>, or any date fixed by the Administrative Agent for the payment of fees or other
amounts due to the Lenders (or any of them) hereunder or under any other Financing Document without the prior written consent of
each Lender affected thereby (other than any Non-Voting Lender);</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reduce the principal of, or the rate of interest specified herein on, any Loan, or any Fees or other amounts (including
the Required Cash Sweep or any other mandatory prepayments under <U>Section 3.08 (<I>Mandatory Prepayment</I>)</U> payable hereunder
or under any other Financing Document to any Lender without the prior written consent of each Lender directly affected thereby
(other than any Non-Voting Lender); provided that only the prior written consent of the Required Lenders of the Revolving Loan
Class and the Required Lenders of the Tranche A-1 Term Loan Class shall be necessary to amend the definition of Default Rate;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>change the order of application of any reduction in the Commitments or any prepayment of Loans from the application thereof
set forth in the applicable provisions of <U>Section 2.07 (<I>Termination or Reduction of Commitment</I>)</U>, <U>Section 3.07
(<I>Optional Prepayment</I>)</U> or <U>3.08 (<I>Mandatory Prepayment</I>)</U>, respectively, in any manner without the prior written
consent of each Lender affected thereby (other than any Non-Voting Lender);</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>change any provision of this <U>Section 11.01</U>, the definition of Required Lenders or any other provision of any Financing
Document specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights under any Financing
Document (including any such provision specifying the number or percentage of Lenders required to waive any Event of Default or
forbear from taking any action or pursuing any remedy with respect to any Event of Default), or make any determination or grant
any consent under any Financing Document, without the prior written consent of each Lender (other than any Non-Voting Lender);</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>release (i) any Borrower from all or substantially all of its obligations under any Financing Document, or (ii) all or substantially
all of the Collateral in any transaction or series of related transactions, without the prior written consent of each Lender (other
than any Non-Voting Lender);</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> increase the Aggregate Revolving Loan Commitment or the Aggregate Term Commitment of the Tranche A-1 Lenders by an amount
in excess of three million five hundred thousand Dollars ($3,500,000) in the aggregate without the prior written consent of the
Required Lenders of the Tranche A-2 Term Loan Class; or</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>increase the interest rate payable by the Borrowers (exclusive of the Default Rate) in respect of the Revolving Loans or
the Tranche A-1 Term Loans by an amount in excess of four percent (4.0%) per annum without the prior written consent of the Required
Lenders of the Tranche A-2 Term Loan Class;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">and provided further that (i) no amendment, waiver or consent
shall, unless in writing and signed by an Agent (and in the case of any amendment to <U>Section 2.03</U> or otherwise that adversely
affects WestLB (in its capacity as issuing bank under the Prior Credit Agreement (prior to the effectiveness of the First Amendment),
WestLB), in addition to the Lenders required above, affect the rights or duties of, or any fees or other amounts payable to, such
Agent under this Agreement or any other Financing Document; and (ii) <U>Section 11.03(h) (<I>Assignments</I>)</U> may not be amended,
waived or otherwise modified without the prior written consent of each Granting Lender all or any part of whose Loan is being funded
by an SPV at the time of such amendment, waiver or other modification. Except as expressly set forth in this Agreement, no Tranche
A-2 Lender or group of Tranche A-2 Lenders shall have the right to, or shall, direct the Administrative Agent to take or refrain
from taking any action provided for under this Agreement or the other Financing Documents. Each Tranche A-2 Lender acknowledges
that the Revolving Lenders and the Tranche A-1 Lenders may direct the Administrative Agent to take or refrain from taking any action
provided for under this Agreement or the other Financing Documents in a manner contrary to the interests of such Tranche A-2 Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Notwithstanding the other provisions of this <U>Section 11.01</U>,
the Borrowers, the Borrowers&rsquo; Agent, the Collateral Agent and the Administrative Agent may (but shall have no obligation
to) amend or supplement the Financing Documents without the consent of any Lender: (i) to cure any ambiguity, defect or inconsistency;
(ii) to make any change that would provide any additional rights or benefits to the Lenders; or (iii) to make, complete or confirm
any grant of Collateral permitted or required by this Agreement or any of the Security Documents or any release of any Collateral
that is otherwise permitted under the terms of this Agreement and the Security Documents. <FONT STYLE="color: black">Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder, except that the Commitment of such Lender may not be increased or extended without the consent of such Lender.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.02 </FONT><U>Applicable Law; Jurisdiction; Etc.</U>&nbsp;&nbsp;(a) <U>GOVERNING LAW</U>. THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA, WITHOUT REFERENCE TO CONFLICTS
OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>SUBMISSION TO JURISDICTION</U>. EACH BORROWER AND THE BORROWERS&rsquo; AGENT IRREVOCABLY AND UNCONDITIONALLY SUBMITS,
FOR ITSELF AND ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY
AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT
OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION
OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN
SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE
AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT
OR IN ANY OTHER FINANCING DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY SENIOR SECURED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT AGAINST ANY BORROWER OR ITS PROPERTIES IN THE COURTS OF
ANY JURISDICTION.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>WAIVER OF VENUE</U>. EACH BORROWER AND THE BORROWERS&rsquo; AGENT IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT IN ANY COURT REFERRED TO IN <U>SECTION 11.02(b)</U>.
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT
FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Appointment of Process Agent and Service of Process</U>. Each of the Borrowers and the Borrowers&rsquo; Agent hereby
irrevocably appoints CT Corporation System with an office on the date hereof at 111 Eighth Avenue, New York, New York 10011, as
its agent to receive on behalf of itself services of copies of the summons and complaint and any other process that may be served
in any such action or proceeding in the State of New York. If for any reason the Process Agent shall cease to act as such for any
Person, such Person hereby agrees to designate a new agent in New York City on the terms and for the purposes of this <U>Section
11.02</U> reasonably satisfactory to the Administrative Agent. Such service may be made by mailing or delivering a copy of such
process to such Person in care of the Process Agent at the Process Agent&rsquo;s above address, and each of the Borrowers and the
Borrowers&rsquo; Agent hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf. As an
alternative method of service, each of the Borrowers and the Borrowers&rsquo; Agent also irrevocably consents to the service of
any and all process in any such action or proceeding by the air mailing of copies of such process to such Person at its then effective
notice addresses pursuant to <U>Section 11.12 (<I>Notices and Other Communications</I>)</U>. Nothing in this Agreement shall affect
any right that any party may otherwise have to bring any action or proceeding relating to this Agreement or any other Financing
Document in the courts of any jurisdiction.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Immunity</U>. To the extent that any Borrower or the Borrowers&rsquo; Agent has or hereafter may acquire any immunity
from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment
in aid of execution, execution or otherwise) with respect to itself or its property, each of the Borrowers and the Borrowers&rsquo;
Agent hereby irrevocably and unconditionally waives such immunity in respect of its obligations under the Financing Documents and,
without limiting the generality of the foregoing, agrees that the waivers set forth in this <U>Section 11.02(e)</U> shall have
the fullest scope permitted under the Foreign Sovereign Immunities Act of 1976 of the United States and are intended to be irrevocable
for purposes of such Act.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>WAIVER OF JURY TRIAL</U>. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER FINANCING DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR
ANY OTHER THEORY). EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER FINANCING DOCUMENTS
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <U>SECTION 11.02</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.03 </FONT><U>Assignments</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby,
except that neither any Borrower nor the Borrowers&rsquo; Agent may assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of each Agent and Lender, and no Lender may assign or otherwise transfer any of its
rights or obligations hereunder except (i) subject to <U>Section 11.03(i)</U>, to an Eligible Assignee in accordance with <U>Section
11.03(b)</U>, (ii) subject to <U>Section 11.03(i)</U>, by way of participation in accordance with <U>Section 11.03(d)</U>, (iii)
by way of pledge or assignment of a security interest subject to the restrictions of <U>Section 11.03(f)</U>, or (iv) to an SPV
in accordance with the provisions of <U>Section 11.03(h)</U> (and any other attempted assignment or transfer by any party hereto
shall be null and void). Nothing in this Agreement, express or implied, shall be construed to confer upon any Person (other than
the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in this <U>Section
11.03</U>, any Person to the extent provided by <U>Section 11.04</U> and, to the extent expressly contemplated hereby, the Related
Parties of each Agent and Lender) any legal or equitable right, remedy or claim under or by reason of this Agreement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Lender may at any time after the Closing Date assign to one or more Eligible Assignees all or a portion of its rights
and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided
that (i) except in the case of an assignment of the entire remaining amount of the assigning Lender&rsquo;s Commitment and the
Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with
respect to a Lender, the Commitment (which for this purpose includes the Loans outstanding thereunder) or, if the applicable Commitment
is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment,
determined as of the date the Lender Assignment Agreement with respect to such assignment is delivered to the Administrative Agent
or, if &ldquo;<I>Trade Date</I>&rdquo; is specified in the Lender Assignment Agreement, as of the Trade Date, shall not be less
than one million Dollars ($1,000,000) and in integral multiples of one million Dollars ($1,000,000) in excess thereof, unless the
Administrative Agent otherwise consents in writing; (ii) each partial assignment shall be made as an assignment of a proportionate
part of all the assigning Lender&rsquo;s rights and obligations under this Agreement with respect to the Loan or the Commitment
assigned; (iii) the parties to each assignment shall execute and deliver to the Administrative Agent a Lender Assignment Agreement,
together with a processing and recordation fee of three thousand five hundred Dollars ($3,500); provided that (A) no such fee shall
be payable in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund with respect to a Lender and
(B) in the case of contemporaneous assignments by a Lender to one or more Funds managed by the same investment advisor (which Funds
are not then Lenders hereunder), only a single such three thousand five hundred Dollars ($3,500) fee shall be payable for all such
contemporaneous assignments; (iv) the Eligible Assignee, if it is not a Lender prior to such assignment, shall deliver to the Administrative
Agent an administrative questionnaire and (v) the assignor shall provide notice of such assignment to the Borrowers&rsquo; Agent.
Subject to acceptance and recording thereof by the Administrative Agent pursuant to <U>Section 11.03(c)</U>, on and after the effective
date specified in each Lender Assignment Agreement, the Eligible Assignee thereunder shall be a party to this Agreement and, to
the extent of the interest assigned by such Lender Assignment Agreement, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Lender Assignment Agreement,
be released from its obligations under this Agreement (and, in the case of a Lender Assignment Agreement covering all of the assigning
Lender&rsquo;s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to
be entitled to the benefits of <U>Sections 4.01 (<I>Eurodollar Rate Lending Unlawful</I>)</U>, <U>4.03 (<I>Increased Eurodollar
Loan Costs</I>)</U>, <U>4.05 (<I>Funding Losses</I>)</U>, <U>11.07 (<I>Costs and Expenses</I>)</U> and <U>11.09 (<I>Indemnification
by the Borrowers</I>)</U> with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon
request, the Borrowers (at their expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by
a Lender of rights or obligations under this Agreement that does not comply with this <U>Section 11.03(b)</U> shall be treated
for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <U>Section
11.03(d)</U>.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at the Administrative
Agent&rsquo;s office a copy of each Lender Assignment Agreement delivered to it and a register for the recordation of the names
and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms
hereof from time to time (the &ldquo;<U>Register</U>&rdquo;). The entries in the Register shall be conclusive, and the Borrowers,
the Agents and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection
by the Borrowers at any reasonable time and from time to time upon reasonable prior notice. In addition, at any time that a request
for a consent for a material or other substantive change to the Financing Documents is pending, any Lender may request and receive
from the Administrative Agent a copy of the Register.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Lender may at any time, without the consent of, or notice to, the Borrowers, the Borrowers&rsquo; Agent or any Agent,
sell participations to any Person (each, a &ldquo;<U>Participant</U>&rdquo;) in all or a portion of such Lender&rsquo;s rights
and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that
(i) such Lender&rsquo;s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible
to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Borrowers&rsquo; Agent, the Agents
and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender&rsquo;s rights
and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide
that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of
any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to <U>Section 11.01
(<I>Amendments, Etc.</I>)</U> that directly affects such Participant. Subject to <U>Section 11.03(e)</U>, the Borrowers agree that
each Participant shall be entitled to the benefits of <U>Sections 4.01 (<I>Eurodollar Rate Lending Unlawful</I>)</U>, <U>4.03 (<I>Increased
Eurodollar Loan Costs</I>)</U> and <U>4.05 (<I>Funding Losses</I>)</U>, to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to <U>Section 11.03(b)</U>. To the extent permitted by law, each Participant also shall be
entitled to the benefits of <U>Section 11.15 (<I>Right of Setoff</I>)</U> as though it were a Lender; provided such Participant
agrees to be subject to <U>Section 3.13 (<I>Sharing of Payments</I>)</U> as though it were a Lender.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A Participant shall not be entitled to receive any greater payment under <U>Section 4.01 (<I>Eurodollar Rate Lending Unlawful</I>)</U>
or <U>4.03 (<I>Increased Eurodollar Loan Costs</I>)</U> than the applicable Lender would have been entitled to receive with respect
to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the prior
written consent of the Borrowers&rsquo; Agent.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Notes, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder
or substitute any such pledgee or assignee for such Lender as a party hereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The words &ldquo;<I>execution</I>,&rdquo; &ldquo;<I>signed</I>,&rdquo; &ldquo;<I>signature</I>,&rdquo; and words of like
import in any Lender Assignment Agreement shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of
a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or
any other similar state laws based on the Uniform Electronic Transactions Act.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary contained herein, any Lender (a &ldquo;<U>Granting Lender</U>&rdquo;) may grant
to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative
Agent and the Borrowers (an &ldquo;<U>SPV</U>&rdquo;) the option to provide all or any part of any Loan that such Granting Lender
would otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment
by any SPV to fund any Loan, and (ii) if an SPV elects not to exercise such option or otherwise fails to make all or any part of
such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof or, if it fails to do so, to make
such payment to the Administrative Agent as is required under <U>Section 3.13 (<I>Sharing of Payments</I>)</U>. Each party hereto
hereby agrees that (A) neither the grant to any SPV nor the exercise by any SPV of such option shall increase the costs or expenses
or otherwise increase or change the obligations of the Borrowers under this Agreement (including their obligations under <U>Section&nbsp;4.03
(<I>Increased Eurodollar Loan Costs</I>)</U>, (B) no SPV shall be liable for any indemnity or similar payment obligation under
this Agreement for which a Lender would be liable, and (C) the Granting Lender shall for all purposes, including the approval of
any amendment, waiver or other modification of any provision of any Financing Document, remain the lender of record hereunder.
The making of a Loan by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such
Loan were made by such Granting Lender. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall
survive the termination of this Agreement) that, prior to the date that is one (1) year and one (1) day after the payment in full
of all outstanding commercial paper or other senior debt of any SPV, it will not institute against, or join any other Person in
instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding under the laws
of the United States or any State thereof. Notwithstanding anything to the contrary contained herein, any SPV may (1) with notice
to, but without prior consent of the Borrowers and the Administrative Agent and without paying any processing fee therefor, assign
all or any portion of its right to receive payment with respect to any Loan to the Granting Lender and (2) disclose on a confidential
basis any non-public information relating to its funding of any Loan to any rating agency, commercial paper dealer or provider
of any surety or Guarantee or credit or liquidity enhancement to such SPV.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Until the ninety-first (91st) day after the Closing Date, no assignment in accordance with <U>Section 11.03(b)</U> nor participation
in accordance with <U>Section 11.03(d)</U> (each a &ldquo;<U>Transfer</U>&rdquo;) by a Lender shall be effective unless contemporaneously
with such Transfer such Lender and each Associated Member of such Lender shall also assign, or cause the assignment of, and the
assignee or Participant shall accept, an equivalent proportion of such Lender&rsquo;s or Associated Member&rsquo;s rights and obligations
under the PE Newco LLC Agreement (if any are owned by such Lender or Associated Member at such time).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Lender may, at any time, assign all or a portion of its rights and obligations under this Agreement (including all or
a portion of its Commitment and the Loans at the time owing to it) to Pacific Ethanol or any of its Affiliates (other than the
Borrowers or any of their respective Subsidiaries) subject to the following limitations:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>neither Pacific Ethanol nor any of its Affiliates that are Lenders (each of Pacific Ethanol and each such Affiliate, an &ldquo;<U>Affiliated
Lender</U>&rdquo;) will receive any information provided solely to Lenders by any Agent or any Lender and will not be permitted
to attend or participate in meetings attended;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>solely by the Lenders and/or one or more Agents, other than the right to receives notices of borrowings, notices of prepayments
and other administrative notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant to <U>Articles
II</U>, <U>III</U> and <U>IV</U>;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>(ii) for purposes of any amendment, waiver or modification of any Financing Document (including such modifications pursuant
to <U>Section 11.01</U>), or, subject <U>to Section 11.03(l)</U>, any plan of reorganization pursuant to the Bankruptcy Code, that
in either case does not require the consent of each Lender or each affected Lender (or each Lender or each affected Lender of a
Class) (but, for the avoidance of doubt, not including votes under <U>Sections 11.01</U> <U>(b)</U> or <U>(d)</U>) or does not
adversely affect such Affiliated Lender in any material respect as compared to other Lenders, Affiliated Lenders will be deemed
to have voted in the same proportion as the Lenders of the same Class that are not Affiliated Lenders voting on such matter; and
each Affiliated Lender hereby acknowledges, agrees and consents that if, for any reason, its vote to accept or reject any plan
pursuant to the Bankruptcy Code is not deemed to have been so voted, then such vote will be (x) deemed not to be in good faith
and (y) &ldquo;designated&rdquo; pursuant to Section 1126( e) of the Bankruptcy Code such that the vote is not counted in determining
whether the applicable class has accepted or rejected such plan in accordance with Section 1126(c) of the Bankruptcy Code;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>(iii) Affiliated Lenders may not purchase Revolving Loans or Revolving Loan Commitments by assignment pursuant to this <U>Section
11.03</U> unless such Revolving Loans are simultaneously cancelled via contribution to the capital of one or more Borrowers or
otherwise and such Revolving Loan Commitments are simultaneously terminated; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>(iv) Notwithstanding any provision of this Agreement to the contrary, following the purchase of any Loan or Commitment by an
Affiliated Lender, such Affiliated Lender may (but, except as otherwise provided in the foregoing clause (iii), shall not be obligated
to) cancel such Loan and/or terminate such Commitment via contribution to the capital of one or more Borrowers or otherwise and
such Loans and/or Commitments shall be deemed to be no longer outstanding or available under any provision of the Financing Documents.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything in <U>Section 11.01</U> or the definitions of &ldquo;Majority Condition&rdquo;, &ldquo;Majority
of the Minority&rdquo;, &ldquo;Plurality Condition&rdquo;, &ldquo;Plurality of the Minority&rdquo;, &ldquo;Plurality of the Minority
(Stockton Vote)&rdquo;, &ldquo;Required Lenders&rdquo; or &ldquo;Required Minority Lenders&rdquo;, to the contrary, for purposes
of determining (i) whether the Required Lenders, Majority of the Minority, Plurality of the Minority, Plurality of the Minority
(Stockton Vote) or Required Minority Lenders have (A) consented (or not consented) to any amendment, modification, waiver, consent
or other action with respect to any of the terms of any Financing Document or any departure by any Borrower therefrom, (B) otherwise
acted on any matter related to any Financing Document, or (C) directed or required the Administrative Agent, Collateral Agent or
any Lender to undertake any action (or refrain from taking any action) with respect to or under any Financing Document or (ii)
whether the Majority Condition or Plurality Condition exists, all Loans and Commitments held by any Affiliated Lenders shall be
deemed to be not outstanding.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything in this Agreement or the other Financing Documents to the contrary, each Affiliated Lender hereby
agrees that, if a proceeding under the Bankruptcy Code or any other Federal, state or foreign bankruptcy, insolvency, receivership
or similar law shall be commenced by or against any Borrower or any other Loan Party at a time when such Lender is an Affiliated
Lender, such Affiliated Lender shall be deemed a Non-Voting Lender and shall not be entitled to vote with respect to any such matter
(other than those matters for which its specific consent or approval is required as an affected lender under Section 11.01); provided
that such Affiliated Lender shall be entitled to vote in accordance with its sole discretion in connection with any plan of reorganization
to the extent any such plan of reorganization proposes to treat any secured Obligations held by such Affiliated Lender in a manner
that is less favorable in any material respect to such Affiliated Lender than the proposed treatment of similar secured Obligations
held by Lenders that are not Affiliates of the Borrower.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.04 </FONT><U>Benefits of Agreement</U>. Nothing in this Agreement or any other Financing Document, express or implied, shall
give to any Person, other than the parties hereto, and each of their successors and permitted assigns under this Agreement or
any other Financing Document, any benefit or any legal or equitable right or remedy under this Agreement, provided that the Priority
Senior Secured Parties are express third party beneficiaries hereof.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.05 </FONT><U>Borrowers&rsquo; Agent</U>. Each Borrower hereby appoints and authorizes Pacific Holding, and Pacific Holding
hereby accepts such appointment, as such Borrower&rsquo;s Borrowers&rsquo; Agent to act as agent on such Borrower&rsquo;s behalf
and to make any representations or certifications, deliver and receive any notices or other communications, and otherwise represent
and act on behalf of such Borrower under the Financing Documents, and to comply with all covenants, conditions and other provisions
of the Financing Documents required to be satisfied by the Borrowers&rsquo; Agent. Each Borrower hereby acknowledges and agrees
that it will be bound by any action or inaction taken by the Borrowers&rsquo; Agent as if such action or inaction had been taken
by such Borrower.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.06 </FONT><U>Consultants</U>. (a) The Required Senior Lenders, and, from and after the Senior Discharge Date, the Required
Lenders of the Revolving Loan Class may, in their sole discretion, appoint any Consultant for the purposes specified herein. If
any of the Consultants is removed or resigns and thereby ceases to act for purposes of this Agreement and the other Financing
Documents, the Required Senior Lenders, and, from and after the Senior Discharge Date, the Required Lenders of the Revolving Loan
Class shall designate a Consultant in replacement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers shall reimburse each Consultant appointed hereunder for the reasonable fees and reasonable and documented
out-of-pocket expenses of such Consultant retained on behalf of the Lenders pursuant to this <U>Section 11.06</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In all cases in which this Agreement provides for any Consultant to &ldquo;<I>agree</I>,&rdquo; &ldquo;<I>approve</I>,&rdquo;
&ldquo;<I>certify</I>&rdquo; or &ldquo;<I>confirm</I>&rdquo; any report or other document or any fact or circumstance, such Consultant
may make the determinations and evaluations required in connection therewith based upon information provided by the Borrowers,
the Borrowers&rsquo; Agent or other sources reasonably believed by such Consultant to be knowledgeable and responsible, without
independently verifying such information; provided that, notwithstanding the foregoing, such Consultant shall engage in such independent
investigations or findings as it may from time to time deem necessary in its reasonable discretion to support the determinations
and evaluations required of it.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.07 </FONT><U>Costs and Expenses</U>. Each Borrower shall pay (a) (whether or not the transactions contemplated hereby or thereby
are consummated) all reasonable and documented out of pocket expenses incurred by the Agents, the Lender Committee or any Lender
(including all reasonable fees, costs and expenses of counsel for any Senior Secured Party and the Lender Committee and a financial
advisor for the Administrative Agent), in connection with (i) the preparation, negotiation, syndication, execution and delivery
of this Agreement and the other Financing Documents, (ii) the filing and recordation of the Financing Documents, (iii) any amendments,
modifications or waivers of the provisions of this Agreement and the other Financing Documents and (iv) the administration of
this Agreement and the other Financing Documents and (b) all out-of-pocket expenses incurred by the Agents or any Lender (including
all fees, costs and expenses of counsel for any Senior Secured Party), in connection with the enforcement or protection of its
rights in connection with this Agreement and the other Financing Documents, including its rights under this <U>Section 11.07</U>,
including in connection with any workout, restructuring or negotiations in respect of the Obligations.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.08 </FONT><U>Counterparts; Effectiveness</U>. This Agreement may be executed in counterparts (and by different parties hereto
in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. This Agreement shall become effective when it has been executed by the Administrative Agent and when the Administrative
Agent has received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery
of an executed counterpart of a signature page of this Agreement by telecopy or portable document format (&ldquo;<U>pdf</U>&rdquo;)
shall be effective as delivery of a manually executed counterpart of this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.09 </FONT><U>Indemnification by the Borrowers</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Each Borrower
hereby agrees to indemnify each Agent (and any sub-agent thereof), each Lender, the Lender Committee and each Related Party of
any of the foregoing Persons (each such Person being called an &ldquo;<U>Indemnitee</U>&rdquo;) against, and hold each Indemnitee
harmless from, any and all fees, losses, claims, damages, liabilities and related expenses (including all reasonable and documented
fees, costs and out-of-pocket expenses of counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee
arising out of, in connection with, or as a result of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>the execution or delivery of this Agreement, any other Transaction Document or any agreement or instrument contemplated hereby
or thereby, the performance by the parties hereto or thereto of their respective obligations hereunder or thereunder or the consummation
of the transactions contemplated hereby or thereby;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>any Loan or the use or proposed use of the proceeds therefrom;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>any actual or alleged presence, release or threatened release of Materials of Environmental Concern on or from any Plant or
any property owned, leased or operated by any Borrower, or any liability pursuant to an Environmental Law related in any way to
any Plant, any Site or the Borrowers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory, and regardless of whether any Indemnitee is a party thereto and whether or not any of the transactions
contemplated hereunder or under any of the other Financing Documents is consummated, in all cases, whether or not caused by or
arising, in whole or in part, out of the comparative, contributory or sole negligence of the Indemnitee; and/or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>any claim, demand or liability for broker&rsquo;s or finder&rsquo;s or placement fees or similar commissions, whether or not
payable by a Borrower, alleged to have been incurred in connection with such transactions, other than any broker&rsquo;s or finder&rsquo;s
fees payable to Persons engaged by the Lenders or the Agents without the knowledge of the Borrowers;</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">provided that such indemnity shall not, as to any Indemnitee,
be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent
jurisdiction by final and Non-Appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent that any of the Borrowers for any reason fails to indefeasibly pay any amount required under <U>Section 11.09(a)</U>
to be paid by it to any Agent (or any sub-agent thereof) or any Related Party of any of the foregoing, each Lender severally agrees
to pay to such Agent (or any such sub-agent), or such Related Party, as the case may be, such Lender&rsquo;s ratable share (determined
as of the time that the applicable unreimbursed or indemnified payment is sought) of such unpaid amount; provided that the unreimbursed
expense or indemnified fee, loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted
against such Agent (or any sub-agent thereof) in its capacity as such, or against any Related Party of any of the foregoing acting
for such Agent (or any sub-agent thereof) in connection with such capacity. The obligations of the Lenders under this <U>Section
11.09(b)</U> are subject to the provisions of <U>Section 2.05(d) (<I>Funding of Loans</I>)</U>. The obligations of the Lenders
to make payments pursuant to this <U>Section 11.09(b)</U> are several and not joint and shall survive the payment in full of the
Obligations and the termination of this Agreement. The failure of any Lender to make payments on any date required hereunder shall
not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the
failure of any other Lender to do so.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise provided in <U>Article VI (<I>Conditions Precedent</I>)</U>, all amounts due under this <U>Section 11.09</U>
shall be payable not later than ten (10) Business Days after demand therefor.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.10 </FONT><U>Interest Rate Limitation</U>. Notwithstanding anything to the contrary contained in any Financing Document, the
interest paid or agreed to be paid under the Financing Documents shall not exceed the maximum rate of non-usurious interest permitted
by applicable Law (the &ldquo;<U>Maximum Rate</U>&rdquo;). If any Agent or any Lender shall receive interest in an amount that
exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal,
refunded to the Borrowers. In determining whether the interest contracted for, charged, or received by any Senior Secured Party
exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not
principal as an expense, fee, or premium rather than interest, (b) exclude prepayments and the effects thereof, and (c) amortize,
prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations
hereunder.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.11 </FONT><U>No Waiver; Cumulative Remedies</U>. No failure by any Senior Secured Party to exercise, and no delay by any such
Person in exercising, any right, remedy, power or privilege hereunder or under any other Financing Document shall operate as a
waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other
or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges
herein provided, and provided under each other Financing Document, are cumulative and not exclusive of any rights, remedies, powers
and privileges provided by law.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.12 </FONT><U>Notices and Other Communications</U>. (a) Except in the case of notices and other communications expressly permitted
to be given by telephone (and except as provided in <U>Section 11.12(b)</U>), all notices and other communications provided for
herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail
or sent by telecopier or electronic mail as follows, and all notices and other communications expressly permitted hereunder to
be given by telephone shall be made to the applicable telephone number, as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>if to the Borrowers, the Borrowers&rsquo; Agent or any Agent, to the address, telecopier number, electronic mail address or
telephone number specified for such Person on <U>Schedule 11.12</U>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>if to any Lender, to the address, telecopier number, electronic mail address or telephone number specified in its administrative
questionnaire; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>if to any Interest Rate Protection Provider, to the address, telecopier, number, electronic mail address or telephone number
specified on <U>Schedule 11.12</U>.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been
given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during
normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day
for the recipient). Notices delivered through electronic communications to the extent provided in <U>Section 11.12(d)</U> shall
be effective as provided in <U>Section 11.12(d)</U>. Any notice sent to the Borrowers&rsquo; Agent shall be deemed to have been
given to all Borrowers.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notices and other communications to the Senior Secured Parties hereunder may be delivered or furnished by electronic communication
(including e mail and internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that
the foregoing shall not apply to notices to any Lender pursuant to <U>Article II (<I>Commitments and Funding</I>)</U> if such Lender
has notified the Administrative Agent that it is incapable of receiving notices under such <U>Article II (<I>Commitments and Funding</I>)</U>
by electronic communication. Each of the Administrative Agent or the Borrowers may, in its discretion, agree to accept notices
and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval
of such procedures may be limited to particular notices or communications.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall
be deemed received upon the sender&rsquo;s receipt of an acknowledgement from the intended recipient (such as by the &ldquo;<I>return
receipt requested</I>&rdquo; function, as available, return e-mail or other written acknowledgement); provided that if such notice
or other communication is not received during the normal business hours of the recipient, such notice or communication shall be
deemed to have been received at the opening of business on the next Business Day for the recipient, and (ii) notices or communications
posted to an internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail
address as described in <U>Section 11.12(d)(i)</U> of notification that such notice or communication is available and identifying
the website address therefor.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Borrowers, the Borrowers&rsquo; Agent and the Agents may change its address, telecopier or telephone number
for notices and other communications hereunder by notice to the other parties hereto. Each Lender and Interest Rate Protection
Provider may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the
Borrowers, the Borrowers&rsquo; Agent and each Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Senior Secured Parties shall be entitled to rely and act upon any written notices purportedly given by or on behalf
of the Borrowers or the Borrowers&rsquo; Agent even if (i) such notices were not made in a manner specified herein, were incomplete
or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the
recipient, varied from any confirmation thereof. The Borrowers shall indemnify each Senior Secured Party and the Related Parties
of each of them from all fees, losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice
purportedly given by or on behalf of the Borrowers or the Borrowers&rsquo; Agent (or any one of the Borrowers). All telephonic
notices to and other telephonic communications with any Agent may be recorded by such Agent, and each of the parties hereto hereby
consents to such recording.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>So long as Wells Fargo is the Administrative Agent, each Borrower and the Borrowers&rsquo; Agent hereby agrees that it
will provide to the Administrative Agent all information, documents and other materials that it is obligated to furnish to the
Administrative Agent pursuant to the Financing Agreements, including all notices, requests, financial statements, financial and
other reports, certificates and other information materials, but excluding any such communication that (i) relates to the Funding,
(ii) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iii)
provides notice of any Default or Event of Default or (iv) is required to be delivered to satisfy any condition precedent to Funding
(all such non-excluded communications being referred to herein collectively as &ldquo;<U>Communications</U>&rdquo;), by transmitting
the Communications in an electronic/soft medium in a format acceptable to the Administrative Agent to <U>michael.d.pinzon@wellsfargo.com
</U>and to <U>hui.chen@wellsfargo.com</U>. In addition, each Borrower and the Borrowers&rsquo; Agent agrees to continue to provide
the Communications to the Administrative Agent in the manner specified in the Financing Agreements but only to the extent requested
by the Administrative Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>So long as Wells Fargo is the Administrative Agent, each Borrower and the Borrowers&rsquo; Agent further agrees that the
Administrative Agent may make the Communications available to the Lenders by posting the Communications on http: www.intralinks.com
(or any replacement or successor thereto) or a substantially similar electronic transmission systems (the &ldquo;<U>Platform</U>&rdquo;).</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>THE PLATFORM IS PROVIDED &ldquo;AS IS&rdquo; AND &ldquo;AS AVAILABLE&rdquo;. THE AGENTS DO NOT WARRANT THE ACCURACY OR COMPLETENESS
OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS.
NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENTS IN CONNECTION WITH
THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE
OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES (COLLECTIVELY, &ldquo;<U>AGENT PARTIES</U>&rdquo;) HAVE ANY
LIABILITY TO ANY BORROWER, THE BORROWERS&rsquo; AGENT, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING
DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING
OUT OF THE BORROWER&rsquo;S, THE BORROWERS&rsquo; AGENTS&rsquo; OR THE ADMINISTRATIVE AGENT&rsquo;S TRANSMISSION OF COMMUNICATIONS
THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY AGENT PARTY IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT
OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY FROM SUCH AGENT PARTY&rsquo;S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail address
set forth in <U>Schedule 11.12</U> shall constitute effective delivery of the Communications to the Administrative Agent for purposes
of the Financing Agreements. Each Lender agrees that notice to it (as provided in the next sentence) specifying that the Communications
have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Financing
Agreements. Each Lender agrees to notify the Administrative Agent in writing (including by electronic communication) from time
to time of such Lender&rsquo;s e-mail address to which the foregoing notice may be sent by electronic transmission and that the
foregoing notice may be sent to such e-mail address.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding <U>clauses (g) to (j)</U> above, nothing herein shall prejudice the right of any Senior Secured Party to
give any notice or other communication pursuant to any Financing Document in any other manner specified in such Financing Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The distribution of material through
an electronic medium is not necessarily secure and there are confidentiality and other risks associated with such distribution.
The Borrowers and the Lenders agree and assume the risks associated with such electronic distribution. The Administrative Agent
may, but shall not be obligated to, store any electronic communications on Internet or intranet platform in accordance with the
Administrative Agent&rsquo;s customary document retention procedures and policies.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.13 </FONT><U>Patriot Act Notice</U>. Each Senior Secured Party (for itself and not on behalf of any Lender) hereby notifies
the Borrowers that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that
identifies the Borrowers, which information includes the name and address of the Borrowers and other information that will allow
such Senior Secured Party to identify the Borrowers in accordance with the Patriot Act.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.14 </FONT><U>Payments Set Aside</U>. To the extent that any payment by or on behalf of any Borrower is made to any Agent or
Lender, or any Agent or Lender exercises its right of setoff (including any payment or setoff in accordance with the Intercreditor
Agreement), and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent
or preferential, set aside or required (including pursuant to any settlement entered into by such Agent or Lender in its discretion)
to be repaid to a trustee, receiver or any other party, in connection with any bankruptcy or insolvency proceeding or otherwise,
then (a) to the extent of such recovery, the Obligation or part thereof originally intended to be satisfied shall be revived and
continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally
agrees to pay to each Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by
such Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate <I>per annum</I> equal
to the Federal Funds Effective Rate from time to time in effect. The obligations of the Lenders under <U>Section&nbsp;11.14(b)
</U>shall survive the payment in full of the Obligations and the termination of this Agreement and/or the Intercreditor Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.15 </FONT><U>Right of Setoff</U>. Each Lender and each of its respective Affiliates is hereby authorized at any time and from
time to time during the continuance of an Event of Default and subject to the Intercreditor Agreement, to the fullest extent permitted
by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate
to or for the credit or the account of any Borrower against any and all of the obligations of the Borrowers now or hereafter existing
under this Agreement or any other Financing Document to such Lender, irrespective of whether or not such Lender shall have made
any demand under this Agreement or any other Financing Document and although such obligations of the Borrowers may be contingent
or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated
on such indebtedness. The rights of each Lender and their respective Affiliates under this <U>Section 11.15</U>, subject to the
Intercreditor Agreement, are in addition to other rights and remedies (including other rights of setoff) that such Lender or their
respective Affiliates may have. Each Lender agrees to notify the Borrowers&rsquo; Agent and the Administrative Agent promptly
after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff
and application.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.16 </FONT><U>Severability</U>. If any provision of this Agreement or any other Financing Document is held to be illegal, invalid
or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Financing
Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the
illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to
that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.17 </FONT><U>Survival</U>. Notwithstanding anything in this Agreement to the contrary, <U>Sections 11.07 (<I>Costs and Expenses</I>)
</U>and <U>11.09 (<I>Indemnification by the Borrowers</I>)</U> shall survive any termination of this Agreement. In addition, each
representation and warranty made hereunder and in any other Financing Document or other document delivered pursuant hereto or
thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations
and warranties have been or will be relied upon by each Senior Secured Party, regardless of any investigation made by any Senior
Secured Party or on their behalf and notwithstanding that any Senior Secured Party may have had notice or knowledge of any Default
or Event of Default at the time of the Funding, and shall continue in full force and effect as long as any Loan or any other Obligation
hereunder or under any other Financing Document shall remain unpaid or unsatisfied.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.18 </FONT><U>Treatment of Certain Information; Confidentiality</U>. Each of the Agents and the Lenders agrees to maintain the
confidentiality of the Information, except that Information may be disclosed (a) to its Affiliates and its and its Affiliates&rsquo;
respective partners, directors, officers, employees, agents, advisors and representatives (it being understood that the Persons
to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential); (b) to the extent requested or required by any regulatory authority purporting to have jurisdiction over it; (c)
to the extent required by applicable Law or regulations or by any subpoena or similar legal process; (d) to any other party to
this Agreement; (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this
Agreement or the enforcement of rights hereunder (including any actual or prospective purchaser of Collateral); (f) subject to
an agreement containing provisions substantially the same as those of this <U>Section 11.18</U>, to (i) any Eligible Assignee
of or Participant in, or any prospective Eligible Assignee of or Participant in, any of its rights or obligations under this Agreement,
(ii) any direct or indirect contractual counterparty or prospective counterparty (or such contractual counterparty&rsquo;s or
prospective counterparty&rsquo;s professional advisor) to any credit derivative transaction relating to the Obligations or (iii)
any Person (and any of its officers, directors, employees, agents or advisors) that may enter into or support, directly or indirectly,
or that may be considering entering into or supporting, directly or indirectly, either (A) contractual arrangements with such
Agent or Lender, or any Affiliates thereof, pursuant to which all or any portion of the risks, rights, benefits or obligations
under or with respect to any Loan or Financing Document is transferred to such Person or (B) an actual or proposed securitization
or collateralization of, or similar transaction relating to, all or a part of any amounts payable to or for the benefit of any
Lender under any Financing Document (including any rating agency); (g) with the consent of any Borrower; (h) to the extent such
Information (i) becomes publicly available other than as a result of a breach of this <U>Section 11.18</U> or (ii) becomes available
to any Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrowers;
(i) to any state, federal or foreign authority or examiner (including the National Association of Insurance Commissioners or any
other similar organization) regulating any Lender; or (j) to any rating agency when required by it (it being understood that,
prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any Information relating to
the Borrowers received by it from such Lender). In addition, any Agent and the Lenders may disclose the existence of this Agreement
and information about this Agreement to market data collectors, similar service providers to the lending industry, and service
providers to the Agents and the Lenders in connection with the administration and management of this Agreement, the other Financing
Documents, the Commitments, and the Funding. For the purposes of this <U>Section 11.18</U>, &ldquo;<U>Information</U>&rdquo; means
written information that any Borrower furnishes to any Agent or Lender after the Closing Date (and designated at the time of delivery
thereof in writing as confidential) pursuant to or in connection with any Financing Document, relating to the assets and business
of such Borrower, but does not include any such information that (i) is or becomes generally available to the public other than
as a result of a breach by such Agent or Lender of its obligations hereunder, (ii) is or becomes available to such Agent or Lender
from a source other than the Borrowers that is not, to the knowledge of such Agent or Lender, acting in violation of a confidentiality
obligation with such Borrower or (iii) is independently compiled by any Agent or Lender, as evidenced by their records, without
the use of the Information. Any Person required to maintain the confidentiality of Information as provided in this <U>Section
11.18</U> shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care
to maintain the confidentiality of such Information as such Person would accord to its own confidential information.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.19 </FONT><U>Waiver of Consequential Damages, Etc.</U>&nbsp;&nbsp;Except as otherwise provided in <U>Section 11.09
(<I>Indemnification by the Borrowers</I>)</U> for the benefit of any Indemnitee, to the fullest extent permitted by
applicable Law, no party hereto shall assert, and each party hereto hereby waives, any claim against any Indemnitee, on any
theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages)
arising out of, in connection with, or as a result of, this Agreement, any other Financing Document or any agreement or
instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof.
No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other
materials distributed by it through telecommunications, electronic or other information transmission systems in connection
with this Agreement or the other Financing Documents or the transactions contemplated hereby or thereby.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.20 </FONT><U>Waiver of Litigation Payments</U>. To the extent that any Borrower or the Borrowers&rsquo; Agent may, in any
action, suit or proceeding brought in any of the courts referred to in <U>Section 11.02(b) (<I>Applicable Law; Jurisdiction; Etc.</I>)</U>
or elsewhere arising out of or in connection with this Agreement or any other Financing Document to which it is a party, be
entitled to the benefit of any provision of law requiring any Senior Secured Party in such action, suit or proceeding to post
security for the costs of such Person or to post a bond or to take similar action, each such Person hereby irrevocably waives
such benefit, in each case to the fullest extent now or in the future permitted under the laws of New York or, as the case
may be, the jurisdiction in which such court is located.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.21 </FONT><U>Security Procedure For Funds Transfers</U>. The Administrative Agent shall confirm each funds transfer instruction
received in the name of any Borrower or the Borrowers&rsquo; Agent by means of the security procedure selected the Borrowers&rsquo;
Agent and communicated to the Administrative Agent through a signed certificate in the form of <U>Exhibit 11.21</U>, which upon
receipt by the Administrative Agent shall become a part of this Agreement. Once delivered to the Administrative Agent, <U>Exhibit
11.21</U> may be revised or rescinded only by a writing signed by an authorized representative of the Borrowers&rsquo; Agent.
Such revisions or rescissions shall be effective only after actual receipt and following such period of time as may be necessary
to afford the Administrative Agent a reasonable opportunity to act on it. If a revised certificate in the form of <U>Exhibit 11.21
</U>or a rescission of any such existing certificate is delivered to the Administrative Agent by an entity that is a successor-in-interest
to the Borrowers&rsquo; Agent, such document shall be accompanied by additional documentation satisfactory to the Administrative
Agent showing that such entity has succeeded to the rights and responsibilities of the Borrowers&rsquo; Agent under this Agreement.
The parties understand that the Administrative Agent&rsquo;s inability to receive or confirm funds transfer instructions pursuant
to the security procedure selected by the Borrowers&rsquo; Agent may result in a delay in accomplishing such funds transfer, and
agree that the Administrative Agent shall not be liable for any loss caused by any such delay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 12pt"><I>[Remainder of page intentionally blank.
Next page is signature page.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 12pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">IN WITNESS WHEREOF, the parties hereto
have caused this Amended and Restated Credit Agreement to be executed by their respective officers as of the day and year first
above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>PACIFIC ETHANOL HOLDING CO. LLC,</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">as Borrower</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ BRYON T. MCGREGOR</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Operating Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-weight: bold"></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PACIFIC
ETHANOL MADERA LLC,</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">as Borrower</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ BRYON T. MCGREGOR</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Operating Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PACIFIC
ETHANOL COLUMBIA, LLC,</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">as Borrower</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ BRYON T. MCGREGOR</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Operating Officer</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-weight: bold"></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PACIFIC
ETHANOL STOCKTON LLC,</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">as Borrower</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ BRYON T. MCGREGOR</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Operating Officer</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-weight: bold"></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PACIFIC
ETHANOL MAGIC VALLEY, LLC,</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">as Borrower</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ BRYON T. MCGREGOR</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Operating Officer</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">[AMENDED AND RESTATED
CREDIT AGREEMENT]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-weight: bold"></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PACIFIC
ETHANOL HOLDING CO. LLC,<BR>
</B></FONT>as Borrowers&rsquo; Agent</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ BRYON T. MCGREGOR</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Operating Officer</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-weight: bold"></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NEW
PE HOLDCO LLC,<BR>
</B></FONT>as Pledgor</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ BRYON T. MCGREGOR</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Operating Officer</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">[AMENDED AND RESTATED
CREDIT AGREEMENT]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

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    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONTINENTAL
CASUALTY COMPANY,<BR>
</B></FONT>as Lender</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ EDWARD J. LAVIN</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Edward J. Lavin</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Assistant Vice President</TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">[AMENDED AND RESTATED
CREDIT AGREEMENT]</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-weight: bold"></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>CANDLEWOOD CREDIT VALUE MASTER FUND II, LP,<BR>
</B>as Lender</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">By: Credit Value Partners LP, as investment manager</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ MICHAEL GEROUX</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Michael Geroux</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Partner</TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">[AMENDED AND RESTATED
CREDIT AGREEMENT]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

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&nbsp;</P>

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    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CANDLEWOOD
SPECIAL SITUATIONS FUND, LP,<BR>
</B></FONT>as Lender</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">By: Candlewood Investment Group, as investment manager</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ ILLEGIBLE SIGNATURE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Illegible signature</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: </TD></TR></TABLE>



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    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CANDLEWOOD
SPECIAL SITUATIONS MASTER FUND. LTD.<BR>
</B></FONT>as Lender</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">By: Candlewood Investment Group, as investment manager</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ ILLEGIBLE SIGNATURE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Illegible signature</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: </TD></TR></TABLE>



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    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CREDIT
SUISSE LOAN FUNDING LLC,<BR>
</B></FONT>as Lender</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ ROBERT HEALEY</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Robert Healey</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Authorized Signatory</TD></TR>                        <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/S/ MICHAEL WOTANOWSKI</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Michael Wotanowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Authorized Signatory</TD></TR>
</TABLE>



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    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>MARBLEGATE
SPECIAL OPPORTUNITIES MASTER FUND LP,<BR>
</B></FONT>as Lender</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ ANDREW MILGRAM</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Andrew Milgram</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Partner</TD></TR></TABLE>



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    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>METROPOLITAN
LIFE INSURANCE COMPANY,<BR>
</B></FONT>as Lender</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ DAVID YU</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: David Yu</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR></TABLE>



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    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NORDKAP
        AG,<BR> </B></FONT>as Lender</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ JEFFREY P. RIOPELLE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Jeffrey P. Riopelle</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Risk Officer</TD></TR>                        <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/S/ NIKLAUS HASLER</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Niklaus Hasler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Executive Officer</TD></TR>
</TABLE>



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    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WEXFORD
SPECTRUM INVESTORS LLC,<BR>
</B></FONT>as Lender</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">By: Wexford Capital, LP, its manager<BR>
By: Wexford GPLLC, its general partner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ ARTHUR AMRON</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Arthur Amron</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Vice President and Assistant Secretary</TD></TR></TABLE>



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    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WEXFORD
CATALYST INVESTORS LLC,<BR>
</B></FONT>as Lender</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">By: Wexford Capital, LP, its manager</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">By: Wexford GPLLC, its general partner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ ARTHUR AMRON</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Arthur Amron</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Vice President and Assistant Secretary</TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-weight: bold"></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DEBELLO
INVESTORS LLC,<BR>
</B></FONT>as Lender</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">By: Wexford Capital, LP, its manager</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"></TD>
    <TD COLSPAN="2">By: Wexford GPLLC, its general partner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ ARTHUR AMRON</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Arthur Amron</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Vice President and Assistant Secretary</TD></TR></TABLE>



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    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WELLS
FARGO BANK, N.A.,<BR>
</B></FONT>as Administrative Agent</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Michael Pinzon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Vice President</TD></TR></TABLE>



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FARGO BANK, N.A.,<BR>
</B></FONT>as Collateral Agent</P></TD></TR>
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    <TD>&nbsp;</TD>
    <TD>Name: Michael Pinzon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Vice President</TD></TR></TABLE>



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NATIONAL BANK,<BR>
</B></FONT>as Accounts Bank</P></TD></TR>
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    <TD COLSPAN="2">&nbsp;</TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Craig L. Sanders</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Executive Vice President</TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">SCHEDULE 1.01(a)<BR>
<U>to Exit Credit Agreement</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><U>LENDERS, LOAN COMMITMENTS
AND OFFICES</U></B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>I.</B></FONT></TD><TD>TRANCHE A-1 TERM LOANS</TD></TR></TABLE>

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    <TD STYLE="width: 20%; border: windowtext 1pt solid; padding-right: -14.15pt; padding-left: 5.4pt; font-weight: bold"><B>TRANCHE A-1 LENDER</B></TD>
    <TD STYLE="width: 17%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>TRANCHE A-1 TERM LOAN COMMITMENT</B></TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>PIK Interest </B></TD>
    <TD STYLE="width: 17%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>TRANCHE A-1 TERM LOAN </B></TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Contact</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>*&nbsp;Candlewood Credit Value Master Fund II, LP</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">$665,841.31</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$0.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$665,841.31</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Joseph Canbareri</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 212-493-4469</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">646-380-3563</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: <U>creditvaluenotices@cvp7.com</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>*&nbsp;Candlewood Special Situations Fund, LP</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$7,924,400.08</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$554,042.26</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$8,478,442.34</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PETER DOWLING</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 212-439-4489</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 646-380-3565</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: blue"><U>LOANS@CANDLEWOODGROUP.COM; PDOWLING@CANDLEWOODGROUP.COM;CandlewoodOps@citco.com</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>*&nbsp;Continental Casualty Company</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$2,385,620.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$180,706.27</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$2,566,326.27</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">JOHN TSOKOLAS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 312-822-5270</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 312-822-4175</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: JOHN.TSOKOLAS@CNA.COM</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>*&nbsp;Credit Suisse Loan Funding LLC</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$7,331,659.62</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$471,207.14</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$7,802,866.76</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">JEANNETTE CRESPO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 919-994-6374</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 866-469-3871</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: JEANNETTE.CRESPO@CREDIT-SUISSE.COM</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>*&nbsp;Debello Investors LLC</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$791,065.20</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$60,343.15</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$851,408.35</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">DANTE DOMENICHELLI</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 203-862-7088</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 203-862-7492</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: BANKDEBT@WEXFORD.COM, operations@wexford.com</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Marblegate Special Opportunities Master Fund LP</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$1,337,218.02</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$0.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$1,337,218.02</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">MARK E. ZOLDAN</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 203-413-6902</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 203-413-6938</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: MARK@MARBLEGATE.COM; MARBLE_MA.Notices@globeop.com</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>*&nbsp;Metropolitan Life Insurance Company</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$1,916,666.67</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$0.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$1,916,666.67</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NEIL FREDRICKS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 813-983-4455</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 201-215-2328</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: NFREDRICKS@METLIFE.COM</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Nordkap AG</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$801,710.30</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$0.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$801,710.30</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ISABELLE SCHERER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 011 41 44 306 49 22</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 011 41 44 306 49 11</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: ISABELLE.SCHERER@NORDKAPBANK.COM; MARIBEL.LENZ@NORDKAPBANK.COM;
        LOANADMIN@NORDKAPBANK.COM</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>* Wexford Catalyst Investors LLC</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$527,376.80</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$40,228.60</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$567,605.40</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">DANTE DOMENICHELLI</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 203-862-7088</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 203-862-7492</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: BANKDEBT@WEXFORD.COM, operations@wexford.com</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>* Wexford Spectrum Investors LLC</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$1,318,442.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$100,572.24</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$1,419,014.24</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">DANTE DOMENICHELLI</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 203-862-7088</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 203-862-7492</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: BANKDEBT@WEXFORD.COM, operations@wexford.com</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>&nbsp;</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>II.</B></FONT></TD><TD>TRANCHE A-2 TERM LOANS</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #CCCCCC">
    <TD STYLE="width: 15%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>TRANCHE A-2 <BR>
LENDER</B></TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>TRANCHE A-2 TERM LOAN COMMITMENT</B></TD>
    <TD STYLE="width: 69%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Contact</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Candlewood Special Situations Master Fund, Ltd.</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$5,569,707.45</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PETER DOWLING</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 212-439-4489</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 646-380-3565</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: blue"><U>LOANS@CANDLEWOODGROUP.COM; PDOWLING@CANDLEWOODGROUP.COM;CandlewoodOps@citco.com</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Continental Casualty Company</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$4,373,000.05</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">JOHN TSOKOLAS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 312-822-5270</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 312-822-4175</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: JOHN.TSOKOLAS@CNA.COM</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Credit Suisse Loan Funding LLC</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$6,587,794.51</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">JEANNETTE CRESPO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 919-994-6374</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 866-469-3871</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: JEANNETTE.CRESPO@CREDIT-SUISSE.COM</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Debello Investors LLC</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$831,542.50</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">DANTE DOMENICHELLI</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 203-862-7088</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 203-862-7492</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: BANKDEBT@WEXFORD.COM, operations@wexford.com</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Metropolitan Life</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Insurance Company</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$2,236,286.89</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Metropolitan Life Insurance Company</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">10 Park Avenue</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Morristown, NJ 07962</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attention: Neil Fredricks</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Telephone: 813-983-4455</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Facsimile: 212-251-1604</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Nordkap Bank AG</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$2,104,984.39</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ISABELLE SCHERER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 011 41 44 306 49 22</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 011 41 44 306 49 11</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: ISABELLE.SCHERER@NORDKAPBANK.COM; MARIBEL.LENZ@NORDKAPBANK.COM;
        LOANADMIN@NORDKAPBANK.COM</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Cooperatieve Cenrale Raiffeisen-Boerenleenbank B.A., &ldquo;Rabobank Nederland,&rdquo; New York Branch</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$2,635,620.80</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Swati Wadnerkar</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 201-499-5320</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 201-499-5326</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: swati.wadnerkar@rabobnak.com</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Wexford Catalyst Investors LLC</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$554,361.67</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">DANTE DOMENICHELLI</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 203-862-7088</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 203-862-7492</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: BANKDEBT@WEXFORD.COM, operations@wexford.com</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Wexford Spectrum Investors LLC</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$1,385,904.17</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">DANTE DOMENICHELLI</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 203-862-7088</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 203-862-7492</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: BANKDEBT@WEXFORD.COM, operations@wexford.com</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>III.</B></FONT></TD><TD>REVOLVING LOANS</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 20%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Revolving Lender</B></TD>
    <TD STYLE="width: 17%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Original Revolving Loan Commitment</B></TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Additional Revolving Loan $5MM</B></TD>
    <TD STYLE="width: 17%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Revolving Loan Total</B></TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Contact</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>*&nbsp;Candlewood Credit Value Master Fund II, LP</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">$932,177.83</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$0.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$932,177.83</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Joseph Canbareri</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 212-493-4469</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">646-380-3563</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: creditvaluenotices@cvp7.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>*&nbsp;Candlewood Special Situations Fund, LP</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$11,094,160.12</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$869,670.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$11,963,830.12</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PETER DOWLING</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 212-439-4489</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 646-380-3565</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: blue"><U>LOANS@CANDLEWOODGROUP.COM; PDOWLING@CANDLEWOODGROUP.COM;CandlewoodOps@citco.com</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>*&nbsp;Continental Casualty Company</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$3,339,868.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$1,134,000.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$4,473,868.00</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">JOHN TSOKOLAS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 312-822-5270</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 312-822-4175</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: JOHN.TSOKOLAS@CNA.COM</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>*&nbsp;Credit Suisse Loan Funding LLC</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$10,264,323.47</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$1,654,820.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$11,919,143.47</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">JEANNETTE CRESPO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 919-994-6374</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 866-469-3871</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: JEANNETTE.CRESPO@CREDIT-SUISSE.COM</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>*&nbsp;Debello Investors LLC</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$1,107,491.28</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$402,450.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$1,509,941.28</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">DANTE DOMENICHELLI</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 203-862-7088</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 203-862-7492</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: BANKDEBT@WEXFORD.COM, operations@wexford.com</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Marblegate Special Opportunities Master Fund LP</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$1,872,105.23</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$0.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$1,872,105.23</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">MARK E. ZOLDAN</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 203-413-6902</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 203-413-6938</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: MARK@MARBLEGATE.COM; MARBLE_MA.Notices@globeop.com</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>*&nbsp;Metropolitan Life Insurance Company</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$2,683,333.33</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$0.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$2,683,333.33</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NEIL FREDRICKS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 813-983-4455</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 201-215-2328</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: NFREDRICKS@METLIFE.COM</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Nordkap AG</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$1,122,394.42</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$0.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$1,122,394.42</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ISABELLE SCHERER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 011 41 44 306 49 22</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 011 41 44 306 49 11</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: ISABELLE.SCHERER@NORDKAPBANK.COM; MARIBEL.LENZ@NORDKAPBANK.COM;
        LOANADMIN@NORDKAPBANK.COM</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>*&nbsp;Wexford Catalyst Investors LLC</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$738,327.52</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$268,290.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$1,006,617.52</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">DANTE DOMENICHELLI</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 203-862-7088</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 203-862-7492</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: BANKDEBT@WEXFORD.COM, operations@wexford.com</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>*&nbsp;Wexford Spectrum Investors LLC</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$1,845,818.80</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$670,770.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>$2,516,588.80</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">DANTE DOMENICHELLI</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: 203-862-7088</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fax: 203-862-7492</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: BANKDEBT@WEXFORD.COM, operations@wexford.com</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Schedule 5.11(i)<BR>
<U>to Credit Agreement</U></P>



<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">CONTRACTS<SUP>1</SUP></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">As of June 25, 2010</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="4" STYLE="border: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold; text-decoration: underline">Pacific Ethanol Holding Co. LLC</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Name of Counterparty</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Title</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">1.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&mdash;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Second Amended and Restated Limited Liability Company Agreement of Pacific Ethanol Holding Co. LLC</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">2.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Boardman, Burley, Madera, Stockton, and Pacific Ethanol</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">* Asset Management Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">3.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Boardman, Burley, Madera, Stockton, and Pacific Ethanol</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">* Asset Management Agreement Consent</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">4.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">U.S. Environmental Protection Agency</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fuel Additive Registration: Fuel Ethanol Per 40</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">CFR 79.23</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Permit No. 249820001</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(New permit number to reflect assignment to Pacific</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Holding)</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">5.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">U.S. Environmental Protection Agency</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Renewable Fuel Standard Program</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Company ID: 3697</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(New permit number to reflect assignment to Pacific</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Holding)</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="4" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold; text-decoration: underline">Pacific Ethanol Madera LLC</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Name of Counterparty</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Title</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">1.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&mdash;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Fourth Amended and Restated Limited Liability Company Operating Agreement of Pacific Ethanol Madera LLC</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">2.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">California State Board of Equalization</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Seller&rsquo;s Permit SR KHO 100-910312</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">3.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Comerica Bank</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Letter Agreement Regarding Interest Rate Cap Ref. No. CAP0230</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">4.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Comerica Bank</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Letter Agreement Regarding Interest Rate Cap Ref. No. CAP0229</TD></TR>
<TR>
    <TD STYLE="padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center; width: 13%"></TD>
    <TD STYLE="padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; width: 30%"></TD>
    <TD STYLE="vertical-align: top; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; width: 56%"></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>1</SUP> Each document listed on this <U>Schedule 5.11(i) </U>marked
with an asterisk is an Affiliated Project Document.</P>

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<TR STYLE="background-color: white">
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">5.</TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Delta-T Corporation</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">License of Technology Between Delta-T Corporation and Pacific Ethanol Madera LLC</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">6.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Department of the Treasury Alcohol and Tobacco Tax and Trade Bureau</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Alcohol Fuel Producers Permit AFP-CA-15046</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">7.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Department of the Treasury Alcohol and Tobacco Tax and Trade Bureau</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Distilled Spirits Bond</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Surety: International Fidelity Insurance Company)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Bond No.: 0427939</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">8.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Design Space Modular Buildings, Inc.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Lease Agreements</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">9.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Fred Vance &amp; Associates LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Letter Agreement for Real and Business Personal Property Tax Consulting</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">10.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">IRS</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Producer of alcohol 05-CA-2007-004345-AF</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">11.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Madera County Department of Agriculture</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pesticide application permit for premises weed control (Note: Employee, Bacilio Ochoa, holds the Private Applicator Certificate as the person authorized to apply pesticides) 27-012339/2090110</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">12.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Madera County Environmental Health Department</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Domestic Water Supply Permit 2000938</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">13.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pacific Ethanol Imperial,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">LLC and 13 Tons, LLC</P></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Equipment Lease Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">14.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Holding, Boardman, Burley, Stockton, and Pacific Ethanol</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Asset Management Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">15.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Holding, Boardman, Burley, Stockton, and Pacific Ethanol</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Asset Management Agreement Consent</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">16.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">PPM Energy, Inc. (a.k.a. Iberdrola Renewables)</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Base Contract for Sale and Purchase of Natural Gas</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">17.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Regional Water Quality Control Board</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Industrial Stormwater Discharge 5F201019914</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">18.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Air Permit to Operate (PTO)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">19.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Grain Receiving PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-29-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">20.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Scalping PTO C-4261-30-0</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">21.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Grain Grinding (Hammermill) PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-31-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">22.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Flaked Grain Storage PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-32-0</P></TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">23.</TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Flaked Grain Loadout PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-33-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">24.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ethanol Hammermill #1 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-34-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">25.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ethanol Hammermill #2 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-35-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">26.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Slurry Tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-36-2</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">27.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Yeast Prop Tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-37-3</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">28.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dormant Emission Unit PTO (yeast tank)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-37-5</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">29.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Liquefaction Tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-38-3</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">30.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fermentation Tanks PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-39-3</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">31.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Beerwell PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-40-3</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">32.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Distillation Process PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-41-2</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">33.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Process Condensate Tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-42-2</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">34.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Wetcake Process PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-43-2</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">35.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Wetcake Loadout PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-44-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">36.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ethanol day tank #1 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-45-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">37.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ethanol day tank #2 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-46-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">38.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Final storage tank #1 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-47-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">39.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">E85 or Offspec tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-48-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">40.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ethanol Loading Rack PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-49-3</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">41.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dormant Emission Unit PTO (loading rack)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-49-4</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">42.</TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Boiler #1 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-50-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">43.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Boiler #2 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-51-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">44.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Emergency fire water pump PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-53-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">45.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Cooling tower PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-54-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">46.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Denaturant tank (authority to construct)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-55-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">47.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Final storage tank #2 (authority to construct)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-56-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">48.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ethanol Hammermill #3 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-57-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">49.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Lime silo (authority to construct)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">C-4261-58-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">50.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">State of California Department of Food and Agriculture</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Commercial Feed License</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">15625</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">51.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">US Environmental Protection Agency</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Renewable Fuel Standard Program</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Company ID: 3697</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(New permit number assigned to Pacific Holdings.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Also applies to Madera)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Facility ID: 70061</P></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold; text-decoration: underline">Pacific Ethanol Magic Valley, LLC</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Name of Counterparty</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Title</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">1.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&mdash;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Amended and Restated Limited Liability Company Operating Agreement of Pacific Ethanol Magic Valley, LLC</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">2.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">American Railcar Leasing LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Master Service Contract</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">3.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">American Railcar Leasing LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Rider to Master Service Contract</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">4.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">City of Burley</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Municipal Water and Sewer Services Contract</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">5.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">City of Burley</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Wastewater permit</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2008-01</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">6.</TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">City of Burley</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Wastewater permit addendum #1 <BR> 2008-01-1</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">7.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Delta-T Corporation</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Engineering, Procurement and Technology License Agreement for Plant No. 5</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">8.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Department of the Treasury Alcohol and Tobacco Tax and Trade Bureau</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Alcohol Fuel Producers Permit</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">AFP-ID-15010</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">9.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Department of the Treasury Alcohol and Tobacco Tax and Trade Bureau</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Distilled Spirits Bond</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Surety: International Fidelity Insurance Company)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Bond No.: 0427981</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">10.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Fred Vance &amp; Associates LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Letter Agreement for Real and Business Personal Property Tax Consulting</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">11.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Idaho Department of Environmental Quality</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Air Quality Permit to Construct P-2009.0124</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">12.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Idaho State Department of Agriculture Bureau of Weight and Measures</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Device License (1 scale 1160-7500 lb, 2 scales 100,000 or more lbs and 2 petroleum meters &gt; 150 gpm) H0331108--2010-1</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">13.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Intermountain Gas Company</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Intermountain Gas Company T-4 Natural Gas Service Contract</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">14.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">IRS</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Producer of alcohol 05-CA-2008-005483-AF</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">15.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">J.D. Heiskell Holdings, LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Grain Storage Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">16.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">J.D. Heiskell Holdings, LLC and WestLB AG, New York Branch</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Consent and Agreement</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(re: Pre-petition Credit Agreement)</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">17.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">J.D. Heiskell Holdings, LLC and WestLB AG, New York Branch</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Consent and Agreement (re: DIP Credit Agreement)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">18.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">J.D. Heiskell Holdings, LLC and WestLB AG, New York Branch</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Consent and Agreement (re: Agreement)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">19.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pacific Ethanol Imperial,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">LLC and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">13 Tons, LLC</P></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">* Equipment Lease Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">20.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ethanol, Inc.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Assignment and Assumption Agreement (re: Delta-T)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">21.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Holding, Boardman, Madera, Stockton, and Pacific Ethanol</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Asset Management Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">22.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Holding, Boardman, Madera, Stockton, and Pacific Ethanol</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Asset Management Agreement Consent</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">23.</TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Corn Procurement and Handling Agreement (Burley)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">24.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Corn Procurement and Handling Agreement Consent (Burley)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">25.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Kinergy Marketing LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">* Ethanol Marketing Agreement (Burley)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">26.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Kinergy Marketing LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Ethanol Marketing Agreement Consent (Burley)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">27.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Distillers Grains Marketing Agreement (Burley)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">28.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Distillers Grains Marketing Agreement Consent (Burley)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">29.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">PPM Energy, Inc. (a.k.a. Iberdrola Renewables)</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Base Contract for Sale and Purchase of Natural Gas</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">30.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">PPM Energy, Inc. (a.k.a. Iberdrola Renewables)</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Special Provisions to the NAESB Base Contract for Sale and Purchase of Natural Gas</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">31.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">SimplexGrinnell LP</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Inspection Plus Proposal, Service Agreement and Modifications</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">32.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">State of Idaho Department of Agriculture</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Commercial Feed Registration</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Company Number 10075 Certificate Number 11104</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">33.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">State of Idaho Motor Fuel Division</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Motor Fuel Distributor License</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Application pending. Not required until July 1,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2010.)</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">34.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">State of Idaho Tax Policy Dept</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Terminal License</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">35.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">United Electric Co-op, Inc.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Right of Way and Access Easement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">36.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">US Environmental Protection Agency</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Industrial Stormwater Discharge</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">IDR05C066</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">37.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">US Environmental Protection Agency</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Renewable Fuel Standard Program</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Company ID: 3697</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(New permit number assigned to Pacific Holdings.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Also applies to Burley.)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Facility ID: 70291</P></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold; text-decoration: underline">Pacific Ethanol Columbia, LLC</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Name of Counterparty</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Title</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">1.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&mdash;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Second Amended and Restated Limited Liability Company Agreement of Pacific Ethanol Columbia, LLC</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">2.</TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Delta-T Corporation</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Engineering, Procurement and Technology License Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">3.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Department of the Treasury Alcohol and Tobacco Tax and Trade Bureau</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Alcohol Fuel Producers Permit</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">AFP-OR-15020</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">4.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Department of the Treasury Alcohol and Tobacco Tax and Trade Bureau</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Distilled Spirits Bond</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Surety: International Fidelity Insurance Company)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Bond No.: 0427965</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">5.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Fred Vance &amp; Associates LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Letter Agreement for Real and Business Personal Property Tax Consulting</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">6.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">IRS</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Producer of alcohol</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">05-CA-2007-004456-AF</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">7.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Morrow County, Oregon</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Enterprise Zone Abatement Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">8.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Oregon Department of Agriculture</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Commercial Feed Registration</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">AG-R0184937FEED</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">9.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Oregon Department of Environmental Quality</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Air Contaminant Discharge Permit</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">25-0006</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">10.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Oregon Department of Environmental Quality</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Industrial Storm water Discharge</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1200-Z</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">11.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Oregon Energy Facility Siting Council</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Energy Facility Site Certificate</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">12.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pacific Ethanol Imperial,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">LLC and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">13 Tons, LLC</P></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Equipment Lease Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">13.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Holding, Burley, Madera, Stockton, and Pacific Ethanol</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Asset Management Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">14.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Holding, Burley, Madera, Stockton, and Pacific Ethanol</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Asset Management Agreement Consent</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">15.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Corn Procurement and Handling Agreement (Boardman)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">16.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Corn Procurement and Handling Agreement Consent (Boardman)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">17.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Kinergy Marketing LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Ethanol Marketing Agreement (Boardman)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">18.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Kinergy Marketing LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Ethanol Marketing Agreement Consent (Boardman)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">19.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Distillers Grains Marketing Agreement (Boardman)</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="background-color: white">
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">20.</TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Distillers Grains Marketing Agreement Consent (Boardman)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">21.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Harris Feeding Company</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Grain Storage Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">22.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Harris Feeding Company</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Grain Storage Agreement Consent</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">23.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Morrow</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Easement for Roadway Purposes</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">24.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Morrow</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pipeline Easement Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">25.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Morrow</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Morrow Lease</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">26.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">PPM Energy, Inc. (a.k.a. Iberdrola Renewables)</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Base Contract for Sale and Purchase of Natural Gas</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">27.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">State of Oregon acting through the Oregon Department of Energy</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">28.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Tidewater Barge Lines, Inc. and Tidewater Terminal, Co.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Environmental Services Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">29.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Tidewater Barge Lines, Inc. and Tidewater Terminal, Co.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Amended and Restated Transportation and Dock Services Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">30.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Tidewater Barge Lines, Inc., Tidewater Terminal, Co., and U.S. Bank National Association</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Deposit Escrow Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">31.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Umatilla Electric Cooperative</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Agreement for Electric Service and Purchase of Power</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">32.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Union Pacific Railroad Company and Port of Morrow</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Agreement and Consent to Joint Use of Track</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">33.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">US Environmental Protection Agency</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Renewable Fuel Standard Program</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Company ID: 3697</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(New permit number assigned to Pacific Holdings.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Also applies to Boardman)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Facility ID: 70060</P></TD></TR>

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    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold; text-decoration: underline">Pacific Ethanol Stockton LLC</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="width: 14%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Name of Counterparty</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Title</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">1.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&mdash;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Third Amended and Restated Limited Liability Company Operating Agreement of Pacific Ethanol Stockton LLC</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">2.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">California Department of Food and Agriculture Division of Measurement Standards</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Weighmaster License 12403</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">3.</TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">California State Board of Equalization</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Seller&rsquo;s Permit SR KH 101-125910</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">4.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">City of Stockton</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Waste water discharge</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">5.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Delta-T Corporation</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Engineering, Procurement and Technology License Agreement for Plant No. 3</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">6.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Department of the Treasury Alcohol and Tobacco Tax and Trade Bureau</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Alcohol Fuel Producers Permit AFP-CA-15084</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">7.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Department of the Treasury Alcohol and Tobacco Tax and Trade Bureau</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Distilled Spirits Bond</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Surety: Great American Insurance Company)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Bond No.: 5616288</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">8.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Fred Vance &amp; Associates LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Letter Agreement for Real and Business Personal Property Tax Consulting</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">9.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">H.J. Heinz Company, L.P.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Sewer Capacity Credits Purchase Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">10.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Iberdrola Renewables, Inc.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Base Contract for Sale and Purchase of Natural Gas</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">11.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">IRS</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Producer of alcohol 05-CA-2008-006579-AF</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">12.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pacific Ethanol Imperial,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">LLC and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">13 Tons, LLC</P></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Equipment Lease Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">13.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ethanol, Inc.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Assignment and Assumption Agreement (re: Delta-T)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">14.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Holding, Boardman, Burley, Madera, and Pacific Ethanol</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Asset Management Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">15.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Holding, Boardman, Burley, Madera, and Pacific Ethanol</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Asset Management Agreement Consent</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">16.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Stockton</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">First Addendum to Lease (Ordinance No. 218)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">17.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Stockton</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Lease by the Stockton Port District to Pacific Ethanol Stockton LLC (Ordinance No. 218)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">18.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Stockton</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Letter Agreement (Grading)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">19.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Stockton</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Memorandum of Lease</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">20.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Stockton</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pipeline Easement Agreement for Term</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">21.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Stockton</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Rail and Access Easement Agreement and Reservation for Term</TD></TR>
</TABLE>


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    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">22.</TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Regional Water Quality Control Board</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Industrial Stormwater Discharge 5F39I021746</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">23.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin County Division of Weights and Measures</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Scales</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By Location: 3028 Navy Drive, Stockton, CA 95206</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">24.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Air Permit to Operate (PTO)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">25.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Grain Receiving PTO N-7365-1-1</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">26.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ethanol Hammermill #1 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-2-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">27.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ethanol Hammermill #2 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-3-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">28.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Slurry Tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-4-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">29.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Yeast Prop Tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-5-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">30.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dormant Emission Unit PTO (Yeast tank)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-5-3</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">31.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Liquefaction Tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-6-1</P></TD></TR>

<TR STYLE="background-color: white">
    <TD STYLE="width: 14%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">32.</TD>
    <TD STYLE="width: 30%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fermentation Tanks PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-7-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">33.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Beerwell PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-8-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">34.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Distillation Process PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-9-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">35.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Process Condensate Tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-10-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">36.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Wetcake Process PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-11-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">37.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Wetcake Loadout PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-12-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">38.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Offspec tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-13-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">39.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ethanol day tank #1 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-14-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">40.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ethanol day tank #2 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-15-0</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">41.</TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Final storage tank #1 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-16-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">42.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Final storage tank #2</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-17-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">43.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ethanol Loading Rack PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-19-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">44.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dormant Emission Unit PTO (loading rack)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-19-2</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">45.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Boiler #1 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-20-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">46.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dormant Emission Unit PTO (Boiler #1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-20-2</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">47.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Boiler #2 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-21-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">48.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dormant Emission Unit PTO (Boiler #2)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-21-2</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">49.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Boiler #3 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-22-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">50.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dormant Emission Unit PTO (Boiler #3)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-22-2</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">51.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Cooling tower PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-23-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">52.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Emergency fire water pump #1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-29-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">53.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Emergency fire water pump #2</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-30-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">54.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Denaturant tank (authority to construct)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">N-7365-31-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">55.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">State of California Department of Food and Agriculture</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">Commercial Feed License 15625-1</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt; text-align: center">56.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; font-size: 10pt">US Environmental Protection Agency</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Renewable Fuel Standard Program</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Company ID: 3697</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(New permit number assigned to Pacific Holdings.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Also applies to Stockton)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Facility ID: 70319</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Schedule 5.11(ii)<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">CONTRACTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">As of Closing Date</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Counterparty(ies)</TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">PE Contracting Entity</TD>
    <TD STYLE="width: 11%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Document Type</TD>
    <TD STYLE="width: 32%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Subject Matter / Notes</TD>
    <TD STYLE="width: 19%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Title</TD>
    <TD STYLE="width: 9%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Date of Execution</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Wells Fargo Bank, N.A., et al</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEHC = Pacific Ethanol Holding Co. LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Corporate Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">First Amendment to the Amended and Restated Credit Agreement.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">First Amendment to Amended and Restated Credit Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">7/13/2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">International Fidelity Insurance Company</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEHC = Pacific Ethanol Holding Co. LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Escrow Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This agreement is signed solely on behalf of the Boardman plant regarding a bond and cash collateral in the amount of $863,200.00.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Cash Collateral Escrow Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/13/2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy Marketing, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEHC = Pacific Ethanol Holding Co. LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Liquidity Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">In order to enhance the liquidity available to the plants (Stockton, Columbia and Magic Valley), PAP and Kinergy have offered to make papyments in advance of the dates they are due under their respective Marketing Agreements and Pacific Ethanol Holding Co will receive such accelerated payments in an aggregate amount of approximately $3 million.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Liquidity Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/7/2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Wells Fargo Bank, N.A., et al</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEHC = Pacific Ethanol Holding Co. LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Corporate Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amends the original Credit Agreement regarding Tranche A-1 Term Loans.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Credit Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">8/1/2011</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 16%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">International Fidelity Insurance Company</TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEHC = Pacific Ethanol Holding Co. LLC (DE)</TD>
    <TD STYLE="width: 11%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Indemnity Agreement</TD>
    <TD STYLE="width: 32%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This general indemnity agreement is made and entered into by Pacific Ethanol Holding Co., LLC; any other entitiy or individual for whom Pacific Ethanol Holding Co., LLC requests a bond or bonds, and New PE Holdco, LLC, and International Fidelity Insurance Company and Allegheny Casualty Company.</TD>
    <TD STYLE="width: 19%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Agreement of Indemnity - Commercial Bond (II)</TD>
    <TD STYLE="width: 9%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">5/18/2011</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">WestLB AG, New York Branch, et al</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEHC = Pacific Ethanol Holding Co. LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Finance Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Second Amendment to the original Credit Agreement dated June 25, 2010 and the Amendment to Credit Agreement dated October 15, 2010.&nbsp; This amendment deletes and replaces certain articles in the original Credit Agreement.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Second Amendment to Credit Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">3/30/2011</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">WestLB AG, New York Branch, et al</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEHC = Pacific Ethanol Holding Co. LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Finance Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment to Credit Agreement dated June 25, 2010.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment to Credit Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10/15/2010</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">WestLB AG, New York Branch, et al</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEHC = Pacific Ethanol Holding Co. LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Finance Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Credit Agreement where Lenders are willing to make the Exit Facility available to the Borrowers subject to certain terms and conditions.&nbsp; All exhibits and schedules are attached.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Credit Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/25/2010</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">California Alternative Energy and Advanced Transportation Financing Authority</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEM = Pacific Ethanol Madera LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Finance Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">The California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) will provide financial assistance to PEM for advanced transportation and alternative fuels technologies.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Financial Assistance Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">40660</TD></TR>
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    <TD STYLE="width: 16%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">California Energy Commission</TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEM = Pacific Ethanol Madera LLC (DE)</TD>
    <TD STYLE="width: 11%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Grant Agreement</TD>
    <TD STYLE="width: 32%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Alternative &amp; Renewable Fuel &amp; Vehicle Tech-AB 118 (FY 09/10 BCP#2)</TD>
    <TD STYLE="width: 19%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Grant Award Number:&nbsp; ARV-10-029</TD>
    <TD STYLE="width: 9%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">40592</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">ICM, Inc.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Waiver</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and waiver by Wells Fargo Bank to ICM, Inc.'s Purchase Money Security Interest (PMSI) in ICM equipment and in certain proceeds from PEMV's sale of corn oil produced using the ICM equipment at PEMV.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Waiver</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/21/2012</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">ICM, Inc.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Purchase Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV to purchase from ICM certain equipment known as the AOS (Advanced Oil System) with patent-pending Selected Solids Separation (SSS) specified in the Plans and Specifications on Exhibit A of this Agreement.&nbsp; ICM shall install the Equipment at the Burley plant (per Exhibit B).</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Advanced Oil System with Patent-Pending Selected Solids Separation Purchase and Installation Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/20/2012</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">ICM, Inc.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">License Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">ICM grants to PEMV limited right and license to use the proprietary property for the separation of corn oil from the emulsion concentrate derived from the thin stillage solely at the PEMV plant.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">License Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/20/2012</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Intermountain Gas Company</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Commodity Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Natural gas contract for a Maximum Daily Firm Quantity (MDFQ) of 50,000 therms per day during the Agreement period.&nbsp; (See Record No. 743 for previous agreement.)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">T-4 Firm Distribution Only Transportation Service</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">12/29/2011</TD></TR>
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    <TD STYLE="width: 16%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">J.D. Heiskell Holdings, LLC</TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="width: 11%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment</TD>
    <TD STYLE="width: 32%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Second amendment to the grain storage agreement.&nbsp; NOTE:&nbsp; Amendment originally drafted dated 11/17/11 but then extended to 12/10/11.&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment No. 2 to Grain Storage Agreement</TD>
    <TD STYLE="width: 9%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">12/10/2011</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">J.D. Heiskell Holdings, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Guarantee Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This Guaranty is signed in conjunction with the Second amendment to the grain storage agreement (see Record No. 1908).</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Guaranty of PEMV Obligations to Heiskell</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">11/2/2011</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy Marketing, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy to provide marketing services for denatured fuel ethanol production at the Magic Valley facility</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Ethanol Marketing Agreement (Burley Project)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/30/2011</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This amended and restated agreement will allow PAP to provide marketing services for Distillers Grains from the denatured fuel ethanol production facilities at Magic Valley.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Distillers Grains Marketing Agreement (Burley Project)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/30/2011</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Commodity Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This amended and restated agreement will allow PAP to provide procurement and handling of grain services for the denatured fuel ethanol production facility at Burley, Idaho.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Corn Procurement and Handling Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/30/2011</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">American Railcar Leasing LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Contract #MSC 4-8875, Rider 1 dated December 7, 2009 is renewed for an additional period of six (6) months at a rental rate of $725 per car per month, commencing July 1, 2011.&nbsp; (This renewal agreement replaces Record #1730, which commenced on January 1, 2011 and expired June 30, 2011.)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Renewal of Car Service Contract No. MSC 4-8875, Rider 1</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/22/2011</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 16%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">American Railcar Leasing LLC</TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="width: 11%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="width: 32%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Contract #MSC 4-8875, Rider 1 dated December 7, 2009 is renewed for an additional period of six (6) months at a rental rate of $425 per car per month, commencing January 1, 2011.&nbsp; (This renewal agreement replaces Record #1713, which commenced on July 1, 2010 and expired December 31, 2010.)</TD>
    <TD STYLE="width: 19%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Renewal of Car Service Contract No. MSC 4-8875, Rider 1</TD>
    <TD STYLE="width: 9%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">12/16/2010</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">J.D. Heiskell Holdings, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">First amendment to the grain storage agreement regarding prepayment by PEMV.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment No. 1 to Grain Storage Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">12/10/2010</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">American Railcar Leasing LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Contract #MSC 4-8875, Rider 1 dated December 7, 2009 is renewed for an additional period of six (6) months at a rental rate of $425 per car per month.&nbsp; (See also Record #1546 for Rider 1.)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Renewal of Car Service Contract</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">9/14/2010</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy Marketing, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy to provide marketing services for denatured fuel ethanol.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Ethanol Marketing Agreement (Burley Project)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/29/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Commodity Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PAP to provide grain services.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Corn Procurement and Handling Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/29/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PAP to provide marketing services.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distillers Grains Marketing Agreement (Burley Project)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/29/2010</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 16%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">International Fidelity Insurance Company</TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="width: 11%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Bond</TD>
    <TD STYLE="width: 32%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL (the Principal) and International Fidelity Insurance Company (the Surety) are held and firmly bound unto the State of Oregon, acting by and through the Energy Facility Siting Council (the Obligee) in the penal sum of $863,200.00 (Bond No. 0590288) for the Boardman plant.</TD>
    <TD STYLE="width: 19%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Site Certificate Bond No. 0590288</TD>
    <TD STYLE="width: 9%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/14/2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Mascoma Corporation</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Mascoma has engaged Lallemand to manufacture, market and distribute its Mascoma Grain Technology yeast product at the Columbia facility.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Supply and Service Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">3/9/2012</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">CHS, Inc.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">CHS, Inc. consents to the assignment to Wells Fargo Bank, N.A., of all of the Borrower's right, title and interest in, to and under the Assigned Agreement pursuant to the Security Agreement.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">2/24/2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">CHS, Inc.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Storage Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">CHS to store and maintain corn (grain) at the grain handling and storage facility located at the PECOL ethanol facility located in the Port of Boardman, Oregon.&nbsp; CHS also agrees to sell grain to PECOL.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Grain Supply Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">2/24/2012</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Tidewater Terminal Co.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Requisition</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This requisition represents a request for disbursement of funds in the amount of $150,000.00 pursuant to Schedule II of the Deposit Escrow Agreement, dated September 1, 2009.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Requisition of Request for Disbursement of Funds</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">9/9/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">WestLB AG, New York Branch, et al</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This Amendment No. 2 to Irrevocable Standby Letter of Credit No. 22703101566WLB increases the amount of the LOC by US $8,848.00 to US $844,320.00.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment No. 2 to Irrevocable Standby Letter of Credit No. 22703101566WLB</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">8/12/2011</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 16%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="width: 11%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Commodity Agreement</TD>
    <TD STYLE="width: 32%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PAP to provide grain services for denatured fuel ethanol production facilities.</TD>
    <TD STYLE="width: 19%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Corn Procurement and Handling Agreement</TD>
    <TD STYLE="width: 9%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/30/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This is the first amendment to the Distillers Grains Marketing Agreement for the Boardman plant.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Distillers Grains Marketing Agreement (Boardman Project)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/30/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy Marketing, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">First amendment to the Ethanol Marketing Agreement for the Boardman plant.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Ethanol Marketing Agreement (Boardman Project)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/30/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">WestLB AG, New York Branch, et al</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Irrevocable Standby Letter of Credit No. 22703101566WLB extending the LOC validity to June 25, 2012.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment No. 1 to Irrevocable Standby Letter of Credit No. 22703101566WLB</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/22/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Tidewater Barge Lines, Inc.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Rate Schedule</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Local rates, rules and regulations governing the transportation of bulk fertilizer and petroleum products via barge.&nbsp; (Signatures not required.)&nbsp; See also Exhibit Attachment 1 for letter dated March 1, 2011 of announcement of rate increase.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Rate Schedule No. 800-A</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">3/14/2011</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Tidewater Terminal Co.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This is an amendment and restatement of the Transportation and Dock Services Agreement dated September 1, 2009.&nbsp; Tidewater waives the Dock Fee due and owing from PE Columbia on January 1, February 1, and March 1, 2011.&nbsp; PE Columbia will resume paying the Dock Fee on or before April 1, 2011.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Transportation and Dock Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">3/7/2011</TD></TR>
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    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Tidewater Terminal Co.</TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment</TD>
    <TD STYLE="width: 32%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This amendment to the Deposit Escrow Agreement (dated February 15, 2007) names John T. MIller as the sole officer entitled to sign or give instructions to the bank on behalf of PECOL.</TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment to Deposit Escrow Agreement</TD>
    <TD STYLE="width: 9%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">9/14/2010</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Tidewater Terminal Co.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Requisition</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This requisition represents a request for disbursement of funds in the amount of $150,000.00 pursuant to Schedule II of the Deposit Escrow Agreement, dated September 1, 2009.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Requisition of Request for Disbursement of Funds</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">9/8/2010</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy Marketing, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy to provide marketing services for denatured fuel ethanol.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Ethanol Marketing Agreement (Boardman Project)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/29/2010</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Commodity Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PAP to provide grain services.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Corn Procurement and Handling Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/29/2010</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PAP to provide marketing services for Distillers Grains from the denatured fuel ethanol production facilities at the Boardman plant.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distillers Grains Marketing Agreement (Boardman Project)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/29/2010</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">WestLB AG, New York Branch, et al</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Finance Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Irrevocable Standby Letter of Credit No. 22703101566WLB in the amount of $835,472 in connection with the Site Certificate for the Columbia Ethanol Project, in favor of the State of Oregon, acting by and through The Energy Facility Siting Council, Oregon Department of Energy.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Irrevocable Standby Letter of Credit No. 22703101566WLB</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/28/2010</TD></TR>
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    <TD STYLE="width: 16%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">J.D. Heiskell Holdings, LLC</TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="width: 11%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Storage Agreement</TD>
    <TD STYLE="width: 32%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">First amendment to the grain storage agreement.&nbsp; NOTE:&nbsp; Amendment originally drafted dated 11/17/11 but then extended to 12/10.11.</TD>
    <TD STYLE="width: 19%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment No. 1 to Grain Storage Agreement</TD>
    <TD STYLE="width: 9%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">12/10/2011</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">J.D. Heiskell Holdings, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Guarantee Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This Guaranty is signed in conjunction with the First amendment to the grain storage agreement (see Record No. 1909).</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Guaranty of PES Obligations to Heiskell</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">11/2/2011</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Agreement for PAP to provide grain services for the denatured fuel ethanol production facility located at Stockton, CA.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Corn Procurement and Handling Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/30/2011</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Agreement for PAP to provide marketing services for Distillers Grains from the denatured fuel ethanol production facility in Stockton, CA.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Distillers Grains Marketing Agreement (Stockton Project)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/30/2011</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy Marketing, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy to provide marketing services for denatured fuel ethanol production at the Stockton facility</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Ethanol Marketing Agreement (Stockton)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/30/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">J.D. Heiskell Holdings, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">J.D. Heiskell consents to the assignment to WestLB AG, New York Branch, all of PES' right, title and interest in, to and under the Assigned Agreement pursuant to the Security Agreement and acknowledges the right of WestLB in the exercise of their rights and remedies under the Security Agreement.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">1/14/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">California Energy Commission</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Grant Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Alternative &amp; Renewable Fuel &amp; Vehicle Tech-AB 118 (FY 09/10 BCP#2)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Grant Award Number:&nbsp; ARV-10-030</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">12/15/2010</TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 16%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">J.D. Heiskell Holdings, LLC</TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="width: 11%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Storage Agreement</TD>
    <TD STYLE="width: 32%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">J.D. Heiskell Holdings, LLC is a California limited liability company doing business as J.D. Heiskell &amp; Company.&nbsp; Heiskell will store and maintain grain at the grain handling and storage facility located in Stockton, California in order to provide for the purchase and sale of the grain from the facility to third parties and to PES.</TD>
    <TD STYLE="width: 19%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Grain Storage Agreement</TD>
    <TD STYLE="width: 9%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">12/10/2010</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Gas and Electric Company</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Licenses and Registration</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Nomination by PES for BP Energy to be our natural gas scheduling and marketing agent with PG&amp;E for delivery of natural gas to the Stockton plant.&nbsp; (NOTE:&nbsp; This replaces Record #1246.)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Authorization to Revise Nominating Marketer on Exhibits C and D of Form 79-756 - Natural Gas Service Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">11/18/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Gas and Electric Company</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Licenses and Registration</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Nomination by PES for BP Energy to be our balancing agent with PG&amp;E.&nbsp; Note that the document labelled &quot;Exhibit B&quot; (last page of this 3-page document) terminates Iberdrola, the former balancing agent, as of November 30, 2010.&nbsp; See also Record #1711 for the nomination of BP to be our natural gas scheduling and marketing agent with PG&amp;E.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Customer Balancing Agent Service Authorization</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">11/17/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">BP Energy Company</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Confirmation</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This Transaction Confirmation #6929691 confirms the terms of the transaction between the parties and is subject to the terms and conditions of the Base Contract dated 11/01/2010.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Physical Gas Transaction Confirmation for Immediate Delivery - BP (NUCLEUS) ID:5542938</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">11/15/2010</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="width: 11%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="width: 32%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PAP to provide services for Distillers Grains from denatured fuel ethanol production facilities.</TD>
    <TD STYLE="width: 19%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distillers Grains Marketing Agreement (Stockton Project)</TD>
    <TD STYLE="width: 9%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10/15/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PAP to provide grain services for denatured fuel ethanol production facilities.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Corn Procurement and Handling Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10/15/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and agreement re: PAP Distillers Grains Marketing Agreement.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10/15/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and agreement to PAP corn agreement.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10/15/2010</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Schedule 11.12<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>NOTICE INFORMATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>I.&#9;BORROWERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.5in; background-color: white"><B>PACIFIC ETHANOL HOLDING
CO. LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Sacramento, CA 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Attn: Bryon T. McGregor, CFO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Phone:&#9;(916) 403-2710</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Email:&#9;bmcgregor@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Attn: Christopher W. Wright,
GC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Phone:&#9;(916) 403-2130</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Email:&#9;cwright@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; background-color: white"><B>PACIFIC ETHANOL MADERA
LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Sacramento, CA 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Attn: Bryon T. McGregor, CFO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Phone:&#9;(916) 403-2710</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Email:&#9;bmcgregor@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Attn: Christopher W. Wright,
GC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Phone:&#9;(916) 403-2130</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Email:&#9;cwright@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; background-color: white"><B>PACIFIC ETHANOL COLUMBIA,
LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Sacramento, CA 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Attn: Bryon T. McGregor, CFO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Phone:&#9;(916) 403-2710</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Email:&#9;bmcgregor@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Attn: Christopher W. Wright,
GC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Phone:&#9;(916) 403-2130</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Email:&#9;cwright@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; background-color: white"><B>PACIFIC ETHANOL STOCKTON
LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Sacramento, CA 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Attn: Bryon T. McGregor, CFO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Phone:&#9;(916) 403-2710</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Email:&#9;bmcgregor@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Attn: Christopher W. Wright,
GC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Phone:&#9;(916) 403-2130</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Email:&#9;cwright@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.7pt 0 0 0.5in; background-color: white"><B>PACIFIC ETHANOL MAGIC
VALLEY, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Sacramento, CA 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Attn: Bryon T. McGregor, CFO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Phone:&#9;(916) 403-2710</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Email:&#9;bmcgregor@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Attn: Christopher W. Wright,
GC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Phone:&#9;(916) 403-2130</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Email:&#9;cwright@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.95pt 0 12pt; background-color: white"><B>II.&#9;BORROWERS&rsquo;
AGENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.3pt; background-color: white"><B>PACIFIC ETHANOL HOLDING CO.
LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Sacramento, CA 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Attn: Bryon T. McGregor, CFO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Phone:&#9;(916) 403-2710</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Email:&#9;bmcgregor@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Attn: Christopher W. Wright,
GC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Phone:&#9;(916) 403-2130</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Email:&#9;cwright@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; background-color: white"><B>III.&#9;ADMINISTRATIVE
AGENT<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WELLS FARGO BANK, N.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Prior
to November 5, 2012</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">45 Broadway, 14th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">New York, New York 10006</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">Attention: Michael Pinzon,
CMES-Pacific Ethanol</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">Telephone: (212)&nbsp;515-5264</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">Facsimile: (212)&nbsp;515-1576</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">E-mail Address: michael.d.pinzon@wellsfargo.com
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hui.chen@wellsfargo.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>On
and after November 5, 2012</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">150 East 42nd Street,
40th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">New York, New York&nbsp;10017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">Attention: Michael Pinzon,
CMES-Pacific Ethanol</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">Telephone:&nbsp;917-260-1537</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">Facsimile:&nbsp;&nbsp;917-260-1594</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">E-mail Address: michael.d.pinzon@wellsfargo.com
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hui.chen@wellsfargo.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><B>IV.&#9;COLLATERAL AGENT<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WELLS FARGO BANK, N.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Prior to November
5, 2012</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">45 Broadway, 14th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">New York, New York 10006</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">Attention: Michael Pinzon,
CMES-Pacific Ethanol</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">Telephone: (212)&nbsp;515-5264</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">Facsimile: (212)&nbsp;515-1576</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">E-mail Address: michael.d.pinzon@wellsfargo.com
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hui.chen@wellsfargo.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>On and after November
5, 2012</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">150 East 42nd Street,
40th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">New York, New York&nbsp;10017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">Attention: Michael Pinzon,
CMES-Pacific Ethanol</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">Telephone:&nbsp;917-260-1537</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">Facsimile:&nbsp;&nbsp;917-260-1594</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">E-mail Address: michael.d.pinzon@wellsfargo.com
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hui.chen@wellsfargo.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 110.4pt 0 36.7pt; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; background-color: white"><B>V.&#9;ACCOUNTS BANK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; background-color: white; text-indent: 20pt; margin-top: 0pt"><B>AMARILLO
NATIONAL BANK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; background-color: white; text-indent: 20pt; margin-top: 0pt">Amarillo
National Bank</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; background-color: white; text-indent: 20pt; margin-top: 0pt">P.O.
Box 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; background-color: white; text-indent: 20pt; margin-top: 0pt">Amarillo,
Texas 79105</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; background-color: white; text-indent: 20pt; margin-top: 0pt">Attn:
Craig L. Sanders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; background-color: white; text-indent: 20pt; margin-top: 0pt">Telephone&#9;806-378-8244</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; background-color: white; text-indent: 20pt; margin-top: 0pt">Fa<FONT STYLE="color: black">csimile&#9;806-345-1663</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 132.5pt 0 37.2pt; background-color: white"><FONT STYLE="color: black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 132.5pt 0 37.2pt; background-color: white"><FONT STYLE="color: black"></FONT></P>

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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit A</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>2011 CEPIP Projections</U>&rdquo;
means the projections attached to the Original Credit Agreement as <U>Exhibit C</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Accounts</U>&rdquo; means all
&ldquo;accounts&rdquo; as that term is defined in Section&nbsp;9-102 of the UCC, now or hereafter owned by any Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Accounts Bank</U>&rdquo; means
Amarillo National Bank, not in its individual capacity, but solely as depositary bank, bank and securities intermediary hereunder,
and each other Person that may, from time to time, be appointed as successor Accounts Bank pursuant to <U>Section&nbsp;10.06 (<I>Resignation
or Removal of Agent</I></U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Accounts Property</U>&rdquo;
means any funds, instruments, securities, financial assets or other assets from time to time held in any of the Project Accounts
or credited thereto or otherwise in possession or control of the Accounts Bank pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Additional Project Document</U>&rdquo;
means each contract, agreement, letter agreement or other instrument to which any Borrower becomes a party after the date of the
Original Credit Agreement, other than any document (a) under which any Borrower (or, in the case of an agreement to which two or
more Borrowers are party, such Borrowers on an aggregate basis) would not reasonably be expected to have obligations or liabilities
in the aggregate in excess of two million Dollars ($2,000,000), or be entitled to receive revenues in the aggregate in excess of
three million Dollars ($3,000,000), in either case in value in any twelve (12) month period, (b) with respect to the purchase or
lease to finance the purchase or lease of enhancements to the Borrowers' production facilities consisting of bolt-on product yield
enhancement equipment or processing and separation equipment for corn oil and corn syrup to the extent permitted under <U>Section
7.02(a)(vi)</U> and <U>Section 7.02(b)(xi)</U>, and (c) a termination of which would not reasonably be expected to result in a
Material Adverse Effect; provided, that for the purposes of this definition, purchase orders under existing Project Documents relating
to the sale of Products or the purchase of corn shall not constitute Additional Project Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Administrative Agent</U>&rdquo;
means Wells Fargo, in its capacity as administrative agent for the Lenders hereunder, and includes each other Person that may,
from time to time, be appointed as successor Administrative Agent pursuant to <U>Section&nbsp;10.06 (<I>Resignation or Removal
of Agent</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Affiliate</U>&rdquo; of any Person
means any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person. A
Person shall be deemed to be &ldquo;controlled by&rdquo; any other Person if such other Person (a) possesses, directly or indirectly,
power to direct or cause the direction of the management and policies of such Person whether by contract or otherwise or (b) owns
at least ten percent (10%) of the Equity Interests in such Person; provided that clause (b) shall not be taken into account solely
for purposes of determining whether a Person is an Affiliate of a Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Affiliated Lender</U>&rdquo;
has the meaning provided in <U>Section&nbsp;11.03(j)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Affiliated Project Documents</U>&rdquo;
means those Project Documents listed in <U>Schedule&nbsp;5.11</U> and identified as Affiliate agreements, the DG Offtake Agreement
between Stockton and Pacific Ag Products (and the related Consent), the Ethanol Offtake Agreement between Stockton and Kinergy
(and the related Consent) and the Grain Supply Agreement between Stockton and Pacific Ag Products (and the related Consent).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Agents</U>&rdquo; means, collectively,
the Administrative Agent, the Collateral Agent and the Accounts Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Aggregate Term Commitment</U>&rdquo;
means, (a) with respect to the Tranche A-1 Lenders, twenty five million Dollars ($25,000,000) (as the same may be increased or
reduced in accordance with <U>Section&nbsp;2.07 (<I>Termination or Reduction of Commitments</I></U>) and (b) with respect to the
Tranche A-2 Lenders, twenty six million two hundred seventy nine thousand two hundred and two Dollars and forty three cents ($26,279,202.43)
(as the same may be reduced in accordance with <U>Section&nbsp;2.07 (<I>Termination or Reduction of Commitments</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Aggregate Revolving Loan Commitment</U>&rdquo;
means forty million Dollars ($40,000,000), as the same may be reduced in accordance with <U>Section&nbsp;2.07 (<I>Termination or
Reduction of Commitments</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Agreement</U>&rdquo; has the
meaning set forth in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Ancillary Documents</U>&rdquo;
means, with respect to each Additional Project Document, the following, each of which shall be in form and substance reasonably
satisfactory to the Administrative Agent and, in the case of items (i), (ii) and (iv), the Collateral Agent:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>each security instrument and agreement necessary or desirable to grant to the Collateral Agent a perfected Lien (subject only
to Permitted Liens) in such Additional Project Document and all property interests received by any Borrower in connection therewith;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>all recorded UCC financing statements and other filings required to perfect such Lien;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>if reasonably requested by the Administrative Agent, opinions of counsel for the Borrowers addressing such matters relating
to such document, each applicable Security Document and Lien as the Administrative Agent may reasonably request;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>if reasonably requested by the Administrative Agent, the Borrowers shall use their best efforts to obtain a Consent with respect
to such Additional Project Document from each Project Party thereto, and shall use their best efforts to obtain an opinion of counsel
to such Project Party addressing matters relating to such Additional Project Document and such Consent as the Administrative Agent
may reasonably request; provided, that if such Consent cannot be obtained, the relevant Additional Project Document shall be freely
assignable by the applicable Borrower(s) to the Collateral Agent and to a transferee in foreclosure, in each such case without
any consent or approval of such Project Party; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD>if reasonably requested by the Administrative Agent, certified evidence of the authorization of such Additional Project Document
by each Borrower that is a party thereto.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Applicable Margin</U>&rdquo;
means ten percent (10%) per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Approved Fund</U>&rdquo; means,
with respect to any Lender that is a fund that invests in commercial loans, any other fund that invests in commercial loans and
is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Asset Management Agreement</U>&rdquo;
means the Second Amended and Restated Asset Management Agreement dated as of June 30, 2011 among Pacific Ethanol and the Borrowers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Associated Member</U>&rdquo;
means a member under the PE Newco LLC Agreement that is an Affiliate of a Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Auditors</U>&rdquo; means those
nationally recognized independent auditors selected by the Borrowers and approved by the Administrative Agent, acting reasonably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Authorized Officer</U>&rdquo;
means (i) with respect to any Person that is a corporation, the president, any vice president, the treasurer or the chief financial
officer of such Person, (ii) with respect to any Person that is a partnership, an Authorized Officer of a general partner of such
Person, (iii) with respect to any Person that is a limited liability company, any manager, the president, any vice president, the
treasurer, the chief financial officer or the chief operating officer of such Person, or an Authorized Officer of the managing
member of such Person, or (iv) with respect to any Person, such other representative of such Person that is approved by the Administrative
Agent in writing who, in each such case, has been named as an Authorized Officer on a certificate of incumbency of such Person
delivered to the Administrative Agent and the Accounts Bank on or after the date of the Original Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Bankruptcy Code</U>&rdquo; means
Title 11 of the United States Code entitled &ldquo;Bankruptcy&rdquo; or any successor statute, and all rules promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Base Rate</U>&rdquo; means, for
any day, a fluctuating rate per annum equal to the highest of (i) the Federal Funds Effective Rate plus one-half of one percent
(0.50%), (ii) the rate of interest in effect for such day as publicly announced from time to time by Wells Fargo as its &ldquo;prime
rate&rdquo; and (iii) one month LIBOR plus one percent (1%). The &ldquo;prime rate&rdquo; is a rate set by Wells Fargo based upon
various factors including Wells Fargo&rsquo;s costs and desired return, general economic conditions and other factors, and is used
as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate
announced by Wells Fargo shall take effect at the opening of business on the day specified in the public announcement of such change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Base Rate Loan</U>&rdquo; means
any Loan bearing interest at a rate determined by reference to the Base Rate and the provisions of <U>Article II (<I>Commitments
and Funding</I>)</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Blocked Account Agreement</U>&rdquo;
means an agreement, in a form reasonably satisfactory to the Administrative Agent, the Senior Collateral Agent and the Collateral
Agent, with respect to a Local Account among the Borrower in whose name such Local Account has been opened, the bank with whom
such Local Account was opened, the Collateral Agent and the Senior Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman</U>&rdquo; has the meaning
set forth in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman CHS GSA</U>&rdquo; means
the Grain Supply Agreement dated as of February 24, 2012 between CHS, Inc., a Minnesota cooperative corporation, and Boardman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman Deed of Trust</U>&rdquo;
means the Leasehold Trust Deed, Security Agreement, Financing Agreement, Fixture Filing and Assignment of Leases, Rents and Security
Deposits, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent, dated on or about the date of
the Original Credit Agreement, made by Boardman to Stewart Title Guaranty Company, as trustee, for the benefit of the Collateral
Agent, as beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman Insurance and Condemnation
Proceeds Account</U>&rdquo; has the meaning provided in <U>Section&nbsp;8.01(f) (<I>Establishment of Project Accounts</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman Lease</U>&rdquo; means
the lease dated April 20, 2006 between the Port of Morrow and Boardman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman LLC Agreement</U>&rdquo;
means the Second Amended and Restated Limited Liability Company Operating Agreement of Boardman dated as of June 29, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman Plant</U>&rdquo; means
the ethanol production facility located at Boardman, Oregon, with a capacity of approximately thirty-five (35) million gallons-per-year
of denatured ethanol, including the Site on which such facility is located, and all buildings, structures, improvements, easements
and other property related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman Pledge Agreement</U>&rdquo;
means the Pledge and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the date of the Original Credit Agreement, among Pacific Holding, Boardman and the Collateral Agent, pursuant
to which Pacific Holding pledges one hundred percent (100%) of the Equity Interests in Boardman to the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman Security Agreement</U>&rdquo;
means the Assignment and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the date of the Original Credit Agreement, made by Boardman in favor of the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman Subordination Agreement</U>&rdquo;
means that certain Subordination Agreement, dated as of the Restatement Effective Date, by and among Boardman, the Senior Collateral
Agent, and Collateral Agent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Borrower LLC Agreements</U>&rdquo;
means, collectively, the Pacific Holding LLC Agreement, the Madera LLC Agreement, the Boardman LLC Agreement, the Stockton LLC
Agreement and the Burley LLC Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Borrowers</U>&rdquo; has the
meaning set forth in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Borrowers&rsquo; Agent</U>&rdquo;
means Pacific Holding, in its capacity as agent for the Borrowers in accordance with <U>Section&nbsp;11.05 (<I>Borrowers&rsquo;
Agent</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Budget</U>&rdquo; has the meaning
set forth in <U>Section 7.01 (k) <I>(Affirmative Covenants- Budget)</I></U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Budget Period</U>&rdquo; means
the period covered by any Budget.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Burley</U>&rdquo; has the meaning
set forth in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Burley Deed of Trust</U>&rdquo;
means the Deed of Trust, Security Agreement, Financing Statement, Fixture Filing and Assignment of Leases, Rents and Security Deposits,
in form and substance reasonably satisfactory to the Lenders and the Collateral Agent, dated on or about the date of the Original
Credit Agreement, made by Burley to Fidelity National Title Company, as trustee, for the benefit of the Collateral Agent, as beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Burley Heiskell GSA</U>&rdquo;
means the Grain Storage Agreement dated as of December 11, 2009 between Heiskell and Burley, as amended by that certain Amendment
No. 1 to Grain Storage Agreement dated December 10, 2010 and that certain Amendment No. 2 to Grain Storage Agreement dated November
17, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Burley Insurance and Condemnation
Proceeds Account</U>&rdquo; has the meaning provided in <U>Section&nbsp;8.01(h) (<I>Establishment of Project Accounts</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Burley LLC Agreement</U>&rdquo;
means the Amended and Restated Limited Liability Company Operating Agreement of Burley dated as of June 29, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Burley Plant</U>&rdquo; means
the ethanol production facility located at Burley, Idaho, with a capacity of approximately fifty (50) million gallons-per-year
of denatured ethanol, including the Site on which such facility is located, and all buildings, structures, improvements, easements
and other property related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Burley Pledge Agreement</U>&rdquo;
means the Pledge and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the date of the Original Credit Agreement, among Pacific Holding, Burley and the Collateral Agent, pursuant to
which Pacific Holding pledges one hundred percent (100%) of the Equity Interests in Burley to the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Burley Security Agreement</U>&rdquo;
means the Assignment and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the date of the Original Credit Agreement, made by Burley in favor of the Collateral Agent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Burley Subordination Agreement</U>&rdquo;
means that certain Subordination Agreement, dated as of the Restatement Effective Date, by and among Burley, the Senior Collateral
Agent, and Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Business Day</U>&rdquo; means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>any day that is neither a Saturday or Sunday nor a day on which commercial banks are authorized or required to be closed in
Sacramento, California, New York, New York or Minneapolis, Minnesota; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>relative to the making, continuing, prepaying or repaying of any Eurodollar Loans, any day on which dealings in Dollars are
carried on in the London interbank market.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Business Interruption Insurance
Proceeds</U>&rdquo; means all proceeds of any insurance policies required pursuant to this Agreement or otherwise obtained with
respect to any Borrower, any Plant or the Project relating to business interruption or delayed start-up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Capitalized Interest</U>&rdquo;
shall have the meaning given to such term in <U>Section 3.02 (<I>Interest Payment Dates</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Capitalized Lease Liabilities</U>&rdquo;
of any Person means all monetary obligations of such Person under any leasing or similar arrangement that, in accordance with GAAP,
would be classified as capitalized leases on a balance sheet of such Person or otherwise disclosed as such in a note to such balance
sheet and, for purposes of the Financing Documents, the amount of such obligations shall be the capitalized amount thereof, determined
in accordance with GAAP. For the avoidance of doubt, &ldquo;Capitalized Lease Liabilities&rdquo; shall not include obligations
or liabilities of any Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use)
real or personal property, or a combination thereof, which obligations would be required to be classified and accounted for as
an operating lease under GAAP as existing on the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Cash Collateral Agreement</U>&rdquo;
means the Cash Collateral Escrow Agreement, dated as of June 13, 2012, by and among Pacific Holding, International Fidelity Insurance
Company and Allegheny Casualty Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Cash Equivalents</U>&rdquo; means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>readily marketable direct obligations of the government of the United States or any agency or instrumentality thereof, or obligations
unconditionally guaranteed by the full faith and credit of the government of the United States, in each case maturing within one
(1) year from the date of acquisition thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>securities issued by any state of the United States of America or any political subdivision of any such state or any public
instrumentality thereof having maturities of not more than one (1) year from the date of acquisition thereof and, at the time of
acquisition, having a rating of AA- or higher from S&amp;P or Aa3 or higher from Moody&rsquo;s (or, if at any time neither S&amp;P
nor Moody&rsquo;s shall be rating such obligations, an equivalent rating from another nationally recognized rating service); and</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>investments in certificates of deposit, banker&rsquo;s acceptances and time deposits maturing within two hundred and seventy
(270) days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued
or offered by, the Administrative Agent or any domestic office of any commercial bank organized under the laws of the United States
of America, any State thereof, any country that is a member of the Organisation for Economic Co-Operation and Development or any
political subdivision thereof, that has a combined capital and surplus and undivided profits of not less than five hundred million
Dollars ($500,000,000).</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Cash Flow</U>&rdquo; means,
for any period, the sum (without duplication) of the following: (i) all cash paid to the Borrowers during such period in connection
with the Ethanol Offtake Agreements, DG Offtake Agreements and any other sales of Products, (ii) all interest and investment earnings
paid to the Borrowers or the Project Accounts during such period on amounts on deposit in the Project Accounts, (iii) all cash
paid to the Borrowers during such period as Business Interruption Insurance Proceeds or liability insurance proceeds (but only
to the extent that such liability insurance proceeds represent reimbursement of third party claims already paid by the Borrowers)
and (iv) all other cash paid to the Borrowers during such period; provided, that Cash Flow shall not include any proceeds of the
Loans or any other Indebtedness incurred by any Borrower; Insurance Proceeds; Condemnation Proceeds; any amounts paid pursuant
to the Sponsor Support Agreement; proceeds from any disposition of assets of any Plant or any Borrower (other than Products);
tax refunds; amounts received, whether by way of a capital contribution or otherwise, from any holders of Equity Interests of
any Borrower (other than payments made under the Affiliated Project Documents when due and payable in accordance with the terms
thereof and the terms of the Financing Documents); and any other extraordinary or non-cash income or receipt of any Borrower under
GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Casualty Event</U>&rdquo; means
an event that causes any Plant, or any material portion thereof, to be damaged, destroyed or rendered unfit for normal use for
any reason whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>CERCLA</U>&rdquo; means the Comprehensive
Environmental Response, Compensation and Liability Act (42 U.S.C. &sect; 9604, et seq.), as amended, and rules, regulations, standards
guidelines and publications issued thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Change of Control</U>&rdquo;
means any transaction or series of related transactions (including any merger or consolidation) consummated without the prior written
consent of the Required Senior Lenders, or, from and after the Senior Discharge Date, the Required Lenders of the Revolving Loan
Class and the Required Lenders of the Tranche A-1 Term Loan Class the result of which is that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Holding fails to maintain,
directly, legally or beneficially, one hundred percent (100%) of the Equity Interests of any of Madera, Boardman, Stockton or Burley;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Pledgor fails to maintain,
directly, legally or beneficially, one hundred percent (100%) of the Equity Interests of Pacific Holding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any &ldquo;person&rdquo; or &ldquo;group&rdquo;
(as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit
plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or
administrator of any such plan) becomes the &ldquo;beneficial owner&rdquo; (as defined in Rules 13d-3 and 13d-5 under the Securities
Exchange Act of 1934, except that a person or group shall be deemed to have &ldquo;beneficial ownership&rdquo; of all securities
that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of
time (such right, an &ldquo;option right&rdquo;)), directly or indirectly, of 66&#8532;% or more of the Equity Interests of Pledgor
entitled to vote for members of the board of managers or equivalent governing body of Pledgor on a fully-diluted basis (and taking
into account all such securities that such &ldquo;person&rdquo; or &ldquo;group&rdquo; has the right to acquire pursuant to any
option right); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any &ldquo;person&rdquo; or &ldquo;group&rdquo;
(as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit
plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or
administrator of any such plan) not a member of Pledgor on the date of the Original Credit Agreement becomes the &ldquo;beneficial
owner&rdquo; (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall
be deemed to have &ldquo;beneficial ownership&rdquo; of all securities that such person or group has the right to acquire, whether
such right is exercisable immediately or only after the passage of time (such right, an &ldquo;option right&rdquo;)), directly
or indirectly, of 50% or more of the Equity Interests of Pledgor entitled to vote for members of the board of managers or equivalent
governing body of Pledgor on a fully-diluted basis (and taking into account all such securities that such &ldquo;person&rdquo;
or &ldquo;group&rdquo; has the right to acquire pursuant to any option right).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Class</U>&rdquo; means the Revolving
Loans, the Tranche A-1 Term Loans or the Tranche A-2 Term Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Closing Date</U>&rdquo; means
June 25, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Code</U>&rdquo; means the Internal
Revenue Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Cold Shutdown</U>&rdquo; means,
in respect of a Plant, the maintenance of such Plant in a state in which the Plant facilities are not producing ethanol, ethanol
work in process has been completed, and wherein (i) Plant systems and equipment preservation are being managed in accordance with
manufacturer recommendations and (ii) Plant facilities operate with a reduced headcount. &ldquo;Cold Shutdown&rdquo; contemplates
minimized usage of a Plant&rsquo;s utility systems but does not contemplate any cessation of compliance monitoring with respect
to Necessary Project Approvals.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Collateral</U>&rdquo; means all
assets of the Loan Parties and Equity Interests in the Borrowers, whether now owned or hereinafter acquired, upon which a Lien
is purported to be created by any Security Document then in effect or contemplated to be in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Collateral Agent</U>&rdquo; means
Wells Fargo, in its capacity as collateral agent for the Senior Secured Parties under the Financing Documents, and includes each
other Person that may, from time to time be appointed as successor Collateral Agent pursuant to <U>Section&nbsp;10.06 (<I>Resignation
or Removal of Agent</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Commitment Fee</U>&rdquo; has
the meaning provided in <U>Section&nbsp;3.11(a) (<I>Fees</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Commitment Percentage</U>&rdquo;
means, as to any Lender at any time, such Lender&rsquo;s Term Loan Commitment Percentage or Revolving Loan Commitment Percentage,
as the context may require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Commitments</U>&rdquo; means,
with respect to each Lender, as applicable, such Lender&rsquo;s Term Loan Commitment or Revolving Loan Commitment, as the context
may require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Commodity Hedging Arrangements</U>&rdquo;
means any arrangement to hedge the price of corn purchases, ethanol sales, Distillers Grains sales or natural gas purchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Commodity Hedging Policy</U>&rdquo;
means the Risk Management Policy of the Borrowers in the form attached to the Original Credit Agreement as <U>Exhibit D</U>, as
the same may be updated in a manner reasonably satisfactory to the Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Condemnation Proceeds</U>&rdquo;
means any amounts and proceeds of any kind (including instruments) payable in respect of any Event of Taking.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Consenting Lender</U>&rdquo;
means each Lender whose signature appears on the signature pages to this Agreement as of the Restatement Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Consents</U>&rdquo; means each
Consent and Agreement entered into among a Project Party, the Borrowers, and the Collateral Agent, each in form and substance reasonably
satisfactory to the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Consultants</U>&rdquo; means
the Financial Advisor, the Independent Engineer, the Insurance Consultant and any other consultants appointed by or on behalf of
the Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Contest</U>&rdquo; means, with
respect to any matter or claim involving any Person, that such Person is contesting such matter or claim in good faith and by appropriate
proceedings timely instituted; provided, that the following conditions are satisfied: (a) such Person has posted a bond or other
security (which may include funds reserved in an appropriate Project Account) reasonably acceptable to the Administrative Agent;
(b) during the period of such contest, the enforcement of any contested item is effectively stayed; (c) none of such Person or
any of its officers, directors or employees, or any Senior Secured Party or its respective officers, directors or employees, is
or could reasonably be expected to become subject to any criminal liability or sanction in connection with such contested items;
and (d) such contest and any resultant failure to pay or discharge the claimed or assessed amount does not, and would not reasonably
be expected to (i) result in a Material Adverse Effect or (ii) involve a material risk of the sale, forfeiture or loss of, or the
creation, existence or imposition of any Lien (other than a Permitted Lien) on, any of the Collateral.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Contingent Liabilities</U>&rdquo;
means any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise becomes or is contingently
liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or otherwise
to invest in, a debtor, or otherwise to assure a creditor against loss) the indebtedness, obligation or any other liability of
any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends
or other distributions upon the shares of any other Person. The amount of any Person&rsquo;s obligation under any contingent liabilities
shall (subject to any limitation set forth therein) be deemed for purposes of this Agreement to be the outstanding principal amount
of the debt, obligation or other liability guaranteed thereby; provided, that if the maximum amount of the debt, obligation or
other liability guaranteed thereby has not been established, the amount of such contingent liability shall be the maximum reasonably
anticipated amount of the debt, obligation or other liability; provided, further, that any agreement to limit the maximum amount
of such Person&rsquo;s obligation under such contingent liability shall not, of and by itself, be deemed to establish the maximum
reasonably anticipated amount of such debt, obligation or other liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Contractual Obligation</U>&rdquo;
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking
to which such Person is a party or by which it or any of its property is bound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Corn Supplier</U>&rdquo; means
Pacific Ag Products or any other counterparty to a Grain Supply Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>DDG</U>&rdquo; means dried distillers
grains (if any) produced by the Borrowers at the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Debt Service</U>&rdquo; means,
for any period, the sum of (i) all fees (including Fees) scheduled to become due and payable during such period to the Senior Secured
Parties, (ii) interest on the Loans (taking into account any payments received under Interest Rate Protection Agreements) scheduled
to become due and payable during such period to the Senior Secured Parties, (iii) principal payments of the Loans (excluding the
Required Cash Sweep and any other mandatory prepayments) scheduled to become due and payable during such period to the Senior Secured
Parties and (iv) all payments due by the Borrowers pursuant to <U>Section&nbsp;4.03 (<I>Increased Eurodollar Loan Costs</I>)</U>
and <U>Section&nbsp;4.07(a) (<I>Taxes</I>)</U> with respect to such scheduled principal, interest and fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Debt Service Reserve Account</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;8.01(d) (<I>Establishment of Project Accounts</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Debt Service Reserve Release
Certificate</U>&rdquo; means a certificate in substantially the form of <U>Exhibit&nbsp;8.06</U> duly executed by an Authorized
Officer of the Borrowers&rsquo; Agent, directing the transfer of funds from the Debt Service Reserve Account.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Debt Service Reserve Requirement</U>&rdquo;
means, as of any date, the amount equal to the projected scheduled Debt Service payable in respect of the succeeding six (6) months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Debtor Relief Laws</U>&rdquo;
means the Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable
jurisdictions from time to time in effect and affecting the rights of creditors generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Default</U>&rdquo; means any
condition, occurrence or event that, after notice or passage of time or both, would be an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Default Excess</U>&rdquo; means,
with respect to any Defaulting Lender, the excess, if any, of such Defaulting Lender&rsquo;s pro rata share of the aggregate outstanding
principal amount of all Tranche A-1 Term Loans, Tranche A-2 Term Loans or Revolving Loans (as the case may be) of all Tranche A-1
Lenders, Tranche A-2 Lenders or Revolving Lenders (as the case may be) (calculated as if all Defaulting Lenders (including such
Defaulting Lender) had funded all of their respective Defaulted Loans) over the aggregate outstanding principal amount of all Tranche
A-1 Term Loans, Tranche A-2 Term Loans or Revolving Loans (as the case may be) of such Defaulting Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Default Period</U>&rdquo; means,
with respect to any Defaulting Lender, the period commencing on the date of the applicable Funding Default and ending on the earliest
of the following dates: (i) the date on which all Commitments are cancelled or terminated and/or the Obligations are declared or
become immediately due and payable, (ii) the date on which (a) the Default Excess with respect to such Defaulting Lender shall
have been reduced to zero (whether by the funding by such Defaulting Lender of any Defaulted Loans of such Defaulting Lender or
by the non pro rata application of any voluntary or mandatory prepayments of the Loans pursuant to the terms hereof) and (b) such
Defaulting Lender shall have delivered to the Borrowers and the Administrative Agent a written reaffirmation of its intention to
honor its obligations hereunder with respect to its Commitments, and (iii) the date on which the Borrowers and the Required Lenders
of the Revolving Loan Class waive all Funding Defaults of such Defaulting Lender in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Default Rate</U>&rdquo; has the
meaning set forth in <U>Section&nbsp;3.04(a) (<I>Default Interest Rate</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Defaulted Loan</U>&rdquo; has
the meaning provided in <U>Section 2.08 (<I>Defaulting Lenders</I></U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Defaulting Lender</U>&rdquo;
has the meaning provided in <U>Section 2.08 (<I>Defaulting Lenders</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>DG Offtake Agreements</U>&rdquo;
means any agreement relating to the sale of Distillers Grains by any Borrower with a scheduled term in excess of one year and with
payments thereunder expected to be in excess of three million Dollars ($3,000,000) and each agreement between any Borrower and
Pacific Ag Products relating to the sale or marketing of Distillers Grains.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>DIP Advance Claims</U>&rdquo;
has the meaning set forth in the Reorganization Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Discharge Date</U>&rdquo; means
the date on which (a) all outstanding Commitments have been terminated and (b) all amounts payable in respect of the Obligations
have been irrevocably paid in full in cash (other than obligations under the Financing Documents that by their terms survive and
with respect to which no claim has been made by the Senior Secured Parties).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Distillers Grains</U>&rdquo;
means DDG, WDG, and any other form of distillers grain products (including syrup) marketed by any Borrower from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Dollar</U>&rdquo; and the sign
&ldquo;<U>$</U>&rdquo; mean lawful money of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Domestic Office</U>&rdquo; means,
relative to any Lender, the office of such Lender designated on <U>Schedule&nbsp;1.01(a)</U> or designated in the Lender Assignment
Agreement pursuant to which such Lender became a Lender hereunder or such other office of a Lender (or any successor or assign
of such Lender) within the United States as may be designated from time to time by written notice from such Lender, as the case
may be, to the Borrowers&rsquo; Agent and the Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Eligible Assignee</U>&rdquo;
means (a) any Lender, (b) an Affiliate of any Lender, (c) an Approved Fund, (d) a QIB that is not an Affiliate of a Loan Party
and (e) any other Person (other than a natural person) approved by the Administrative Agent and, so long as no Default or Event
of Default has occurred and is continuing, the Borrower&rsquo;s Agent (each such approval not to be unreasonably withheld or delayed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Environmental Affiliate</U>&rdquo;
means any Person, only to the extent of, and only with respect to matters or actions of such Person for which, any Borrower could
reasonably be expected to have liability as a result of such Borrower retaining, assuming, accepting or otherwise being subject
to liability for Environmental Claims relating to such Person, whether the source of such Borrower&rsquo;s obligation is by contract
or operation of Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Environmental Approvals</U>&rdquo;
means any Governmental Approvals required under applicable Environmental Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Environmental Claim</U>&rdquo;
means any written notice, claim, demand or similar written communication by any Person alleging potential liability or requiring
or demanding remedial or responsive measures (including potential liability for investigatory costs, cleanup, remediation and mitigation
costs, governmental response costs, natural resources damages, property damages, personal injuries, fines or penalties) in each
such case (x) either (i) with respect to environmental contamination-related liabilities or obligations with respect to which any
of the Borrowers could reasonably be expected to be responsible that are, or could reasonably be expected to be, in excess of two
hundred thousand Dollars ($200,000) in the aggregate, or (ii) that has or could reasonably be expected to result in a Material
Adverse Effect and (y) arising out of, based on or resulting from (i) the presence, release or threatened release into the environment,
of any Materials of Environmental Concern at any location, whether or not owned by such Person; (ii) circumstances forming the
basis of any violation, or alleged violation, of any Environmental Laws or Environmental Approvals; or (iii) exposure to Materials
of Environmental Concern.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Environmental Laws</U>&rdquo;
means all Laws applicable to the Project relating to pollution or protection of human health, safety or the environment (including
ambient air, surface water, ground water, land surface or subsurface strata), including Laws relating to emissions, discharges,
releases or threatened releases of Materials of Environmental Concern, or otherwise applicable to the Project relating to the manufacture,
processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Equity Interests</U>&rdquo; means,
with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all
of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other
ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock
of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from
such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination, in each such case including all voting rights and economic
rights related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>ERISA</U>&rdquo; means the Employee
Retirement Income Security Act of 1974, as amended, and any successor statute of similar import, together with the regulations
thereunder, in each case as in effect from time to time. References to sections of ERISA also refer to any successor sections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>ERISA Affiliate</U>&rdquo; means
any Person, trade or business that, together with any Borrower, is or was treated as a single employer under Section&nbsp;414 of
the Code or Section&nbsp;4001 of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>ERISA Plan</U>&rdquo; means any
Plan that is not a Multiemployer Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Ethanol Offtake Agreements</U>&rdquo;
means any agreement relating to the sale of ethanol by any Borrower with a scheduled term in excess of one year and with payments
thereunder expected to be in excess of three million Dollars ($3,000,000), and each agreement between any Borrower and Kinergy
relating to the sale or marketing of ethanol.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Eurodollar Loan</U>&rdquo; means
any Loan bearing interest at a rate determined by reference to the Eurodollar Rate and the provisions of <U>Article II (<I>Commitments
and Funding</I>)</U> and <U>Article III (<I>Repayments, Prepayments, Interest and Fees</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Eurodollar Office</U>&rdquo;
means, relative to any Lender, the office of such Lender designated as such on <U>Schedule&nbsp;1.01(a)</U> or designated in the
Lender Assignment Agreement pursuant to which such Lender became a Lender hereunder or such other office of a Lender as designated
from time to time by notice from such Lender to the Borrowers&rsquo; Agent and the Administrative Agent pursuant to <U>Section&nbsp;4.04
(<I>Obligation to Mitigate</I>)</U> that shall be making or maintaining Eurodollar Loans of such Lender hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Eurodollar Rate</U>&rdquo; means,
for any Interest Period with respect to any Eurodollar Loan, an interest rate per annum equal to the rate per annum obtained by
dividing (x) LIBOR for such Interest Period and such Eurodollar Loan, by (y) a percentage equal to (i) 100% minus (ii) the Eurodollar
Reserve Percentage for such Interest Period.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Eurodollar Reserve Percentage</U>&rdquo;
means, for any day during any Interest Period, the reserve percentage (expressed as a decimal, carried out to five decimal places)
in effect on such day, whether or not applicable to any Lender, under regulations issued from time to time by the F.R.S. Board
for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with
respect to eurocurrency funding (currently referred to as &ldquo;Eurocurrency Liabilities&rdquo;). The Eurodollar Rate for each
outstanding Eurodollar Loan shall be adjusted automatically as of the effective date of any change in the Eurodollar Reserve Percentage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Event of Abandonment</U>&rdquo;
means with respect to any Plant any of the following shall have occurred: (i) the abandonment by the applicable Borrower of the
operation or maintenance of such Plant for a period of more than ten (10) consecutive days (other than as a result of force majeure,
an Event of Taking or a Casualty Event), (ii) the suspension of all or substantially all of any Borrower&rsquo;s activities with
respect to such Plant, other than as the result of a force majeure, Event of Taking or Casualty Event, for a period of more than
ten (10) consecutive days, or (iii) any written acknowledgement by any Borrower of a final decision to take any of the foregoing
actions; provided that neither Cold Shutdown nor Hot Idle shall constitute an Event of Abandonment under any of clauses (i), (ii)
or (iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Event of Default</U>&rdquo; means
any one of the events specified in <U>Section&nbsp;9.01 (<I>Events of Default</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Event of Taking</U>&rdquo; means
any taking, exercise of rights of eminent domain, public improvement, inverse condemnation, condemnation or similar action of or
proceeding by any Governmental Authority relating to any material part of any Plant, the Project, any Equity Interests of any Borrower,
or any other assets thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Event of Total Loss</U>&rdquo;
means the occurrence of a Casualty Event affecting all or substantially all of any Plant, the Project or the assets of any Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Excluded Taxes</U>&rdquo; means,
with respect to any Agent or any Lender or any other recipient of any payment to be made by or on account of any Obligation of
the Borrowers hereunder, (a) income or franchise Taxes imposed on (or measured by) its net income levied as a result of a present
or former connection between such Agent, such Lender or such other recipient and the jurisdiction of the Governmental Authority
imposing such Tax or any political subdivision or taxing Authority thereof or therein (other than such Agent&rsquo;s, such Lender&rsquo;s
or such other recipient&rsquo;s having executed, delivered or performed its obligations or recovered a payment under, or enforced,
this Agreement or any other Financing Document), (b) any branch profits Tax imposed by the United States, or any similar Tax imposed
by any other jurisdiction described in clause (a) above, or (c) any United States withholding Tax to the extent that is imposed
on amounts payable to such Agent or such Lender at the time such Agent or such Lender becomes a party to this Agreement or such
other Financing Document.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Exercise of Remedies</U>&rdquo;
means with respect to any Indebtedness the exercise of any remedy (judicially or non-judicially) in respect of such Indebtedness
including an acceleration of such Indebtedness (with or without the taking of any action), the commencement of any action, suit
or proceeding in respect of such Indebtedness or the application of any collateral to such Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Existing Pledgor Consent</U>&rdquo;
means the Written Consent in Lieu of Special Meeting of New PE Holdco LLC, dated as of September 14, 2012, among certain of the
equity holders of the Pledgor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Extended Loan</U>&rdquo; means
each Revolving Loan and Tranche A-1 Term Loan held by any Extending Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Extending Lender</U>&rdquo; means
(a) each Lender designated with an &ldquo;*&rdquo; on <U>Schedule 1.01(a)</U> hereto, (b) any Affiliated Lender or (c) any assignee
of any Lender described in the foregoing clauses (a) and (b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Extraordinary Proceeds Account</U>&rdquo;
has the meaning provided in <U>Section&nbsp;8.01(i) (<I>Establishment of Project Accounts</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Extraordinary Proceeds Release
Notice</U>&rdquo; means a certificate in substantially the form of <U>Exhibit&nbsp;8.08</U>, duly executed by an Authorized Officer
of the Borrowers&rsquo; Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Federal Funds Effective Rate</U>&rdquo;
means, for any day, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) equal to the weighted average
of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers
on such day, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not
so published for any day that is a Business Day, the average of the quotations for such day for such transactions received by the
Administrative Agent from three federal funds brokers of recognized standing selected by the Required Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Fee Letters</U>&rdquo; means
(i) the Fee Letter among the Administrative Agent, the Collateral Agent and the Borrowers, dated June 17, 2011 and (ii) the Fee
Letter among the Administrative Agent, the Accounts Bank and the Borrowers, dated as of June 29, 2010, setting forth certain fees
that will, from time to time, become due and payable with respect to the Loans and to the Agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Fees</U>&rdquo; means, collectively,
each of the fees payable by the Borrowers for the account of any Lender or Agent pursuant to <U>Section&nbsp;3.11 (<I>Fees</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Financial Advisor</U>&rdquo;
means any financial consultant as may be appointed hereunder from time to time by the Required Senior Lenders or, from and after
the Senior Discharge Date, the Required Lenders of the Revolving Loan Class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Financial Asset</U>&rdquo; has
the meaning provided in <U>Section&nbsp;8.09(b) (<I>Representations, Warranties and Covenants of Accounts Bank</I>)</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Financing Documents</U>&rdquo;
means:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>this Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>the Notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>the Security Documents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>the Interest Rate Protection Agreements, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD>the Fee Letters;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD>each Blocked Account Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD>the Sponsor Support Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD>the other financing and security agreements, documents and instruments delivered in connection with this Agreement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD>each other document designated as a Financing Document by the Borrowers&rsquo; Agent and the Administrative Agent.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>First Amendment</U>&rdquo; means
the First Amendment to the Prior Credit Agreement (prior to giving effect to the First Amendment), dated as of July&nbsp;13, 2012
by and among the Borrowers, the Borrowers&rsquo; Agent, the Administrative Agent, the Collateral Agent and the Lenders party thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Fiscal Quarter</U>&rdquo; means
any quarter of a Fiscal Year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Fiscal Year</U>&rdquo; means
any period of twelve (12) consecutive calendar months ending on December 31.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Floor Price</U>&rdquo; means
the average of the OPIS daily mean quoted price for Chicago pipeline/ethanol plus .01 U.S. dollars per gallon effective the bill
of lading (BOL) date, the publication immediately prior to the BOL date and the publication day immediately following the BOL date
plus a location differential equal to the average of the OPIS daily mean quoted price for Los Angeles pipeline/ethanol minus Chicago
pipeline/ethanol for the period of January 2010 &mdash; December 2010 plus a quality differential of .045 U.S. dollars per gallon.
If the BOL date is a Sunday, then the first publication day prior to and the two (2) publication days immediately following the
BOL date shall apply. If the BOL date is a Saturday or holiday, then the two (2) publication days prior to and the one (1) publication
day immediately following the BOL date shall apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>F.R.S. Board</U>&rdquo; means
the Board of Governors of the Federal Reserve System or any successor thereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Funding</U>&rdquo; means (a)
with respect to the Tranche A-1 Term Loans, the incurrence of each Tranche A-1 Term Loan made by the Tranche A-1 Lenders on the
Closing Date and (b) with respect to the Revolving Loans, the incurrence of each Revolving Loan made by the Revolving Lenders on
a single date, in each case, as the context may require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Funding Date</U>&rdquo; means,
with respect to each Funding, the date on which (a) with respect to the Tranche A-1 Term Loans, funds are disbursed by the Administrative
Agent, on behalf of the Tranche A-1 Lenders, to the Borrowers in accordance with <U>Section&nbsp;2.05 (<I>Funding of Loans</I>)</U>
and (b) with respect to the Revolving Loans, funds are disbursed by the Administrative Agent, on behalf of the Revolving Lenders,
to the Borrowers in accordance with <U>Section&nbsp;2.05 (<I>Funding of Loans</I>)</U> in each case, as the context may require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Funding Default</U>&rdquo; has
the meaning specified in <U>Section 2.08 (<I>Defaulting Lenders)</I></U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Funding Notice</U>&rdquo; means
each request for Funding in the form of <U>Exhibit&nbsp;2.04-A</U> to this Agreement or <U>Exhibit&nbsp;2.04-B</U> to the Original
Credit Agreement, as applicable, delivered in accordance with <U>Section&nbsp;2.04 (<I>Notice of Fundings</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>GAAP</U>&rdquo; means generally
accepted accounting principles in effect from time to time in the United States, applied on a consistent basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Governmental Approval</U>&rdquo;
means any authorization, consent, approval, license, lease, ruling, permit, certification, exemption, filing for registration by
or with any Governmental Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Governmental Authority</U>&rdquo;
means any nation, state, sovereign, or government, any federal, regional, state, local or political subdivision and any entity
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Grain Supply Agreements</U>&rdquo;
means any agreement relating to the purchase or supply of grain to any Borrower with a scheduled term in excess of one year and
with payments thereunder expected to be in excess of two million Dollars ($2,000,000) and each agreement between any Borrower and
Pacific Ag Products relating to the purchase or supply of grain to such Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Granting Lender</U>&rdquo; has
the meaning provided in <U>Section&nbsp;11.03(h) (<I>Assignments</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Guarantee</U>&rdquo; means, as
to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing
any Indebtedness or other obligation payable or performable by another Person (the &ldquo;primary obligor&rdquo;) in any manner,
whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance
or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities
or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance
of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition
or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness
or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness
or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole
or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether
or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of
such Indebtedness to obtain any such Lien).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Heiskell</U>&rdquo; means J.D.
Heiskell Holdings, LLC, a California limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Heiskell GSA</U>&rdquo; means
the Grain Storage Agreement dated as of December 11, 2009 between Heiskell and Burley.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Hot Idle</U>&rdquo; in respect
of a Plant, means the maintenance of such Plant in a state in which the Plant facilities are not producing ethanol with the exception
of completing work-in- process inventory, and a range of operations from a state wherein (i) Plant systems including fermentation
tanks are maintained with an amount of work-in-process Product to a state in which such systems have been emptied and cleaned and
the required process water and chemicals have been removed from the Plant facilities and (ii) Plant facilities operate with either
a full complement of head count, or, subject to prior written notice and consultation with the Administrative Agent (in the case
of any reduction in headcount that is not the result of a termination for cause or a voluntary resignation by any person working
at such Plant) a reduced headcount. &ldquo;Hot Idle&rdquo; does not include or contemplate a shutdown of such plant&rsquo;s utility
systems or any cessation of compliance monitoring with respect to Necessary Project Approvals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Indebtedness</U>&rdquo; means,
as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities
in accordance with GAAP:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all obligations of such Person for
or in respect of moneys borrowed or raised, whether or not for cash by whatever means (including acceptances, deposits, discounting,
letters of credit, factoring, and any other form of financing which is recognized in accordance with GAAP in such Person&rsquo;s
financial statements as being in the nature of a borrowing or is treated as &ldquo;off-balance sheet&rdquo; financing);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all obligations of such Person evidenced
by bonds, debentures, notes, loan agreements or other similar instruments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all obligations of such Person for
the deferred purchase price of property or services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all obligations of such Person under
conditional sale or other title retention agreements relating to property or assets acquired by such Person (even though the rights
and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property
or are otherwise limited in recourse);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the maximum amount of all direct
or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers&rsquo; acceptances,
bank guaranties, surety bonds and similar instruments;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all Capitalized Lease Liabilities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net obligations of such Person under
any Swap Contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all obligations of such Person to
purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interests in such Person or any other
Person or any warrants, rights or options to acquire such Equity Interests, valued, in the case of redeemable preferred interests,
at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all Guarantees of such Person in
respect of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">For all purposes hereof, the Indebtedness of any Person shall
include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse
to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination
Value thereof as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Indemnified Taxes</U>&rdquo;
means Taxes other than Excluded Taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Indemnitee</U>&rdquo; has the
meaning provided in <U>Section&nbsp;11.09 (<I>Indemnification by the Borrowers</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Independent Engineer</U>&rdquo;
means Harris Group Inc., or any replacement independent engineer appointed by the Required Senior Lenders or, from and after the
Senior Discharge Date, the Required Lenders and, so long as no Default or Event of Default has occurred and is continuing, reasonably
acceptable to the Borrower&rsquo;s Agent (which acceptance shall not be unreasonably withheld or delayed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Information</U>&rdquo; has the
meaning provided in <U>Section&nbsp;11.18 (<I>Treatment of Certain Information; Confidentiality</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Initial Annual Forecast</U>&rdquo;
means the initial forecast of the projected requirements for Operation and Maintenance Expenses and Maintenance Capital Expenses
on a monthly basis for each Plant prepared by the Borrowers and attached hereto as <U>Schedule 6.01(m)B</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Initial Budget</U>&rdquo; means
the initial budget reflecting projected cash flows, operating disbursements, payroll disbursements, non-operating disbursements
and cash balances of the Borrowers, prepared by the Borrowers and attached to the Original Credit Agreement as <U>Schedule 6.01(m)A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Insolvency Proceeding</U>&rdquo;
means, with respect to any Person:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>any case commenced by or against such Person under the Bankruptcy Code or any similar federal or state law for the relief of
debtors, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities
of such Person, any receivership or assignment for the benefit of creditors relating to such Person or any similar case or proceeding
relative to such Person or its creditors, as such, in each case whether or not voluntary;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to such Person, in each
case whether or not voluntary and whether or not involving bankruptcy or insolvency; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>any other proceeding of any type or nature in which substantially all claims of creditors of such Person are determined and
any payment or distribution is or may be made on account of such claims.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Insurance and Condemnation Proceeds
Accounts</U>&rdquo; means, collectively, the Madera Insurance and Condemnation Proceeds Account, the Boardman Insurance and Condemnation
Proceeds Account, the Stockton Insurance and Condemnation Proceeds Account and the Burley Insurance and Condemnation Proceeds Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Insurance and Condemnation Proceeds
Request Certificate</U>&rdquo; means a certificate, in substantially the form of <U>Exhibit&nbsp;8.07</U>, executed by an Authorized
Officer of the Borrowers&rsquo; Agent and setting forth proposed instructions for the transfer or withdrawal of Insurance Proceeds
or Condemnation Proceeds, as the case may be, from an Insurance and Condemnation Proceeds Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Insurance Consultant</U>&rdquo;
means any insurance consultant appointed by the Required Senior Lenders or, from and after the Senior Discharge Date, the Required
Lenders and, so long as no Default or Event of Default has occurred and is continuing, reasonably acceptable to the Borrower&rsquo;s
Agent (which acceptance shall not be unreasonably withheld or delayed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Insurance Proceeds</U>&rdquo;
means all proceeds of any insurance policies required pursuant to this Agreement or otherwise obtained with respect to any Borrower,
any Plant or the Project that are paid or payable to or for the account of any Borrower, or the Collateral Agent as loss payee,
or additional insured (other than Business Interruption Insurance Proceeds and proceeds of insurance policies relating to third
party liability).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Intercreditor Agreement</U>&rdquo;
means the Intercreditor Agreement dated as of the Restatement Effective Date, the Collateral Agent, the Administrative Agent, the
Senior Collateral Agent and the Senior Administrative Agent, as acknowledged and, as to certain provisions thereof, agreed by the
Borrowers and Borrowers&rsquo; Agent attached as <U>Exhibit&nbsp;B</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Interest Payment Date</U>&rdquo;
means, with respect to any Loan without duplication, the last day of each Interest Period applicable to each Funding of which such
Loan is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Interest Period</U>&rdquo; means,
with respect to any Eurodollar Loan, the period beginning on (and including) the date on which such Eurodollar Loan is made pursuant
to <U>Section&nbsp;2.05 (<I>Funding of Loans</I>)</U> or the date on which each successive interest period for each such Eurodollar
Loan is determined pursuant to <U>Section&nbsp;3.03 (<I>Interest Rates</I>)</U> and ending on (and including) the day that numerically
corresponds to such date one (1) month thereafter; provided, that (i) if such Interest Period would otherwise end on a day that
is not a Business Day, such Interest Period shall end on the next following Business Day (unless such next following Business Day
is in a different a calendar month, in which case such Interest Period shall end on the next preceding Business Day), (ii) any
Interest Period that begins on the last Business Day of a month (or on a day for which there is no numerically corresponding day
in the month at the end of such Interest Period) shall end on the last Business Day of the month at the end of such Interest Period,
(iii) no Interest Period shall end after any Monthly Date unless the aggregate outstanding principal amount of Eurodollar Loans
having Interest Periods which end on or prior to such Monthly Date shall be at least equal to the aggregate principal amount of
Eurodollar Loans due and payable on or prior to such Monthly Date, and (iv) no Interest Period may end later than the Maturity
Date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Interest Period Notice</U>&rdquo;
means a notice in substantially the form attached hereto as <U>Exhibit&nbsp;3.03</U>, executed by an Authorized Officer of the
Borrowers&rsquo; Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Interest Rate Protection Agreement</U>&rdquo;
means each interest rate swap, collar, put, or cap, or other interest rate protection arrangement, with a Qualified Counterparty,
in each such case that is reasonably satisfactory to the Administrative Agent and is entered into in accordance with <U>Section&nbsp;7.02(u)
(<I>Negative Covenants - Interest Rate Protection Agreement</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Interest Rate Protection Provider</U>&rdquo;
means a Qualified Counterparty that is party to an Interest Rate Protection Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Kirby Equipment</U>&rdquo; means
the equipment leased by Pacific Ag Products pursuant to the Lease Agreement dated as of September 19, 2008 between Pacific Ag Products
and Kirby Manufacturing Inc. (&ldquo;<U>KMI</U>&rdquo;) as assigned by KMI to Agricredit Acceptance LLC on September 30, 2008.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Kinergy</U>&rdquo; means Kinergy
Marketing, LLC, an Oregon limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Law</U>&rdquo; means, with respect
to any Governmental Authority, any constitutional provision, law, statute, rule, regulation, ordinance, treaty, order, decree,
judgment, decision, common law, holding, injunction, Governmental Approval or requirement of such Governmental Authority. Unless
the context clearly requires otherwise, the term &ldquo;<U>Law</U>&rdquo; shall include each of the foregoing (and each provision
thereof) as in effect at the time in question, including any amendments, supplements, replacements, or other modifications thereto
or thereof, and whether or not in effect as of the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Leased Premises</U>&rdquo; means,
with respect to the Boardman Plant, the Premises, as defined in the Boardman Lease and, with respect to the Stockton Plant, the
Premises, as defined in the Stockton Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Leases</U>&rdquo; means, collectively,
the Boardman Lease and the Stockton Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Lender Assignment Agreement</U>&rdquo;
means a Lender Assignment Agreement, substantially in the form of <U>Exhibit&nbsp;11.03</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Lender Committee</U>&rdquo; means
&ldquo;Lender Committee&rdquo; referred to in the consent and direction letter, dated as of August 1, 2011 and attached hereto
as <U>Schedule A</U>, and any successor committee representing the Lenders (it being understood that there shall be no more than
one Lender Committee entitled to indemnification pursuant to <U>Section 11.09 (<I>Indemnification by the Borrowers</I>)</U> at
any time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Lenders</U>&rdquo; means the
persons identified as &ldquo;Lenders&rdquo; on <U>Schedule 1.01(a)</U> and each other Person that acquires the rights and obligations
of a Lender hereunder pursuant to <U>Section&nbsp;11.03 (<I>Assignments</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>LIBOR</U>&rdquo; means, for any
Interest Period:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the rate per annum equal to the
rate determined by the Administrative Agent to be the offered rate that appears on the page of the Telerate screen (or any successor
thereto) that displays an average British Bankers Association Interest Settlement Rate for deposits in Dollars (for delivery on
the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m.
(London time) two (2) Business Days prior to the first day of such Interest Period; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the rate referenced in the preceding
clause (a) does not appear on such page or service or such page or service is not available, the rate per annum equal to the rate
determined by the Administrative Agent to be the offered rate on such other page or other service that displays an average British
Bankers Association Interest Settlement Rate for deposits in Dollars (for delivery on the first day of such Interest Period) with
a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two (2) Business Days prior
to the first day of such Interest Period; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the rates referenced in the preceding
clauses (a) and (b) are not available, the last available rate for LIBOR pursuant to this definition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">Notwithstanding the foregoing, in no event
shall LIBOR be less than a rate per annum equal to four percent (4%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Lien</U>&rdquo; means any security
interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, bailment, conditional sales or title retention
agreement, lien (statutory or otherwise), charge against or interest in property, in each case of any kind, to secure payment of
a debt or performance of an obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Liquidity Agreement</U>&rdquo;
dated as of June 7, 2012 among the Pacific Holdings, Burly, Boardman, Stockton, Kinergy and Pacific Ag Products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Loan Parties</U>&rdquo; means,
collectively, each Borrower and the Pledgor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Loans</U>&rdquo; means, collectively,
the Term Loans and the Revolving Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Local Account</U>&rdquo; means
any local bank account (other than the Project Accounts) in the name of any Borrower.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Madera</U>&rdquo; has the meaning
set forth in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Madera Deed of Trust</U>&rdquo;
means the Deed of Trust, Security Agreement, Financing Statement, Fixture Filing and Assignment of Leases, Rents and Security Deposits,
in form and substance reasonably satisfactory to the Lenders and the Collateral Agent, dated on or about the date of the Original
Credit Agreement, made by Madera to Stewart Title Guaranty Company, as trustee, for the benefit of the Collateral Agent, as beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Madera Insurance and Condemnation
Proceeds Account</U>&rdquo; has the meaning provided in <U>Section&nbsp;8.01(e) (<I>Establishment of Project Accounts</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Madera LLC Agreement</U>&rdquo;
means the Fourth Amended and Restated Limited Liability Company Operating Agreement of Madera dated as of June 29, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Madera Plant</U>&rdquo; means
the ethanol production facility located at Madera, California, with a capacity of approximately forty (40) million gallons-per-year
of denatured ethanol, including the Site on which such facility is located, and all buildings, structures, improvements, easements
and other property related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Madera Pledge Agreement</U>&rdquo;
means the Pledge and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the date of the Original Credit Agreement, among Pacific Holding, Madera and the Collateral Agent, pursuant to
which Pacific Holding pledges one hundred percent (100%) of the Equity Interests in Madera to the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Madera Security Agreement</U>&rdquo;
means the Assignment and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the date of the Original Credit Agreement, made by Madera in favor of the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Madera Subordination Agreement</U>&rdquo;
means that certain Subordination Agreement, dated as of the Restatement Effective Date, by and among Madera, the Senior Collateral
Agent, and Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Maintenance Capital Expense Account</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;8.01(c) (<I>Establishment of Project Accounts</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Maintenance Capital Expenses</U>&rdquo;
means all expenditures by the Borrowers for regularly scheduled (or reasonably anticipated) major maintenance of the Project, Prudent
Ethanol Operating Practice and vendor and supplier requirements constituting major maintenance (including teardowns, overhauls,
capital improvements, replacements and/or refurbishments of major components of the Project).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Major Project Party</U>&rdquo;
means Pacific Ethanol (until the termination of the Asset Management Agreement), each Offtaker, each Corn Supplier, the landlord
under each Lease, Heiskell, the guarantor under any Project Document Guarantee guarantying the obligations of any other Major Project
Party and any other Project Party designated as a Major Project Party by the Administrative Agent and the Borrowers&rsquo; Agent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Majority Condition</U>&rdquo;
means that two or fewer Lenders (excluding all Non-Voting Lenders) (each Lender and its Affiliates that are Lenders shall be considered
a single Lender for purposes of this definition) of a Class hold (i) in excess of fifty percent (50.00%) of the outstanding principal
amount of the Loans of such Class (or in the case of the Revolving Loans, in excess of fifty percent (50.00%) of the outstanding
principal amount of the Revolving Loans and the undisbursed amount of the Aggregate Revolving Loan Commitment) (excluding the principal
amounts of any Loans of such Class made by, and any Revolving Loan Commitments of, any Non-Voting Lenders); provided that in each
case the undisbursed Revolving Loan Commitment of, and the portion of the outstanding principal amount of the Loans of a Class
held by, any Defaulting Lender shall be excluded for purposes of this definition and (ii) in excess of fifty percent (50.00%) of
the Equity Interests of Pledgor. In determining the composition of the Majority Condition of a Class, the two Lenders holding the
largest amount of the Loans of such Class shall be included.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Majority of the Minority</U>&rdquo;
means Lenders (excluding all Non-Voting Lenders) of a Class holding in excess of fifty percent (50.00%) of the outstanding principal
amount of the Loans of such Class (or in the case of the Revolving Loans, in excess of fifty percent (50.00%) of the outstanding
principal amount of the Revolving Loans and the undisbursed amount of the Aggregate Revolving Loan Commitment) (excluding the principal
amounts of any Loans of such Class made by, and any Revolving Loan Commitments of, any Non-Voting Lenders) excluding the outstanding
principal amount of the Loans and the undisbursed amount of the Revolving Loan Commitment of the Lenders comprising the Majority
Condition in respect of such Class;<FONT STYLE="color: black"> provided that in each case the </FONT>undisbursed<FONT STYLE="color: black">
Revolving Loan Commitment of, and the portion of the </FONT>outstanding principal amount of the Loans<FONT STYLE="color: black">
of a Class held by, any Defaulting Lender shall be excluded for purposes of</FONT> this definition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Mandatory Prepayment</U>&rdquo;
means a prepayment in accordance with <U>Section&nbsp;3.08 (<I>Mandatory Prepayment</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Material Adverse Effect</U>&rdquo;
means any event, development or circumstance that has had or could reasonably be expected to have a material adverse effect in
respect of any Plant or the Project on (i) the business, assets, property, condition (financial or otherwise) or operations (as
applicable) of any Borrower, (ii) the ability of any Borrower or any other Loan Party or any Project Party to perform its material
obligations under any Transaction Document to which it is a party, (iii) creation, perfection or priority of the Liens granted,
or purported to be granted, in favor, or for the benefit, of the Collateral Agent or (iv) the rights or remedies of any Senior
Secured Party under any Financing Document; provided that clauses (i) or (ii) of this definition shall not be a Material Adverse
Effect with respect to any Borrower if such event, development or circumstance results from the Cold Shutdown of a Plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Materials of Environmental Concern</U>&rdquo;
means chemicals, pollutants, contaminants, wastes, toxic substances and hazardous substances, any toxic mold, radon gas or other
naturally occurring toxic or hazardous substance or organism and any material that is regulated in any way, or for which liability
is imposed, pursuant to an Environmental Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Maturity Date</U>&rdquo; means
(a) with respect to the Extended Loans, June 30, 2016, and (b) with respect to all other Loans, the Original Maturity Date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Maximum Rate</U>&rdquo; has the
meaning provided in <U>Section&nbsp;11.10 (<I>Interest Rate Limitation</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Monthly Date</U>&rdquo; means
the last Business Day of each calendar month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Monthly Period</U>&rdquo; means
each one (1) month period beginning on (and including) the day immediately following a Monthly Date and ending on (and including)
the next Monthly Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Moody&rsquo;s</U>&rdquo; means
Moody&rsquo;s Investors Service Inc., and any successor thereto that is a nationally recognized rating agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Mortgaged Property</U>&rdquo;
means all real property right, title and interest of each Borrower that is subject to the relevant Mortgage in favor of the Collateral
Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Mortgages</U>&rdquo; means, together,
the Madera Deed of Trust, the Boardman Deed of Trust, the Stockton Deed of Trust and the Burley Deed of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Multiemployer Plan</U>&rdquo;
means a Plan that is a &ldquo;multiemployer plan&rdquo; as defined in Section&nbsp;4001(a)(3) of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Necessary Project Approvals</U>&rdquo;
means (i) all material Governmental Approvals that are required under applicable Law to be obtained by any Borrower in connection
with the ownership and operation of a Plant at its full nameplate capacity as contemplated by the Transaction Documents and (ii)
the Governmental Approvals described in <U>Section&nbsp;5.03(a) (<I>Governmental Approvals</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Necessary Project Contracts</U>&rdquo;
means all material contracts, agreements, technology licenses, instruments, letters, understandings, or other documentation that
are required to be obtained by any Borrower in connection with the operation of the applicable Plant as contemplated by the Transaction
Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Net Swap Payment</U>&rdquo; means,
with respect to any Interest Rate Protection Agreement and for any period, all scheduled Obligations due and payable by any Borrower
under such Interest Rate Protection Agreement during such period, after giving effect to any netting applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Non-Appealable</U>&rdquo; means,
with respect to any specified time period allowing an appeal of any ruling under any constitutional provision, Law, statute, rule,
regulation, ordinance, treaty, order, decree, judgment, decision, certificate, holding or injunction that such specified time period
has elapsed without an appeal having been brought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Non-U.S. Lender</U>&rdquo; has
the meaning set forth in <U>Section&nbsp;4.07(e) (<I>Taxes - Foreign Lenders</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Non-Voting Lender</U>&rdquo;
means any Lender who (a) is a Defaulting Lender, (b) is a Loan Party, a Project Party or any Affiliate or Subsidiary thereof or
(c) has sold a participation in the Loan held by it to any such Person (to the extent of such participation).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Notes</U>&rdquo; means the Term
Notes and the Revolving Notes, including any promissory notes issued by any Borrower in connection with assignments of any Loan
of a Lender, in each case substantially in the form of <U>Exhibit&nbsp;2.06</U>, as they may be amended, restated, supplemented
or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Notice of Suspension</U>&rdquo;
has the meaning provided in <U>Section&nbsp;8.18 (<I>Notices of Suspension of Accounts</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Obligations</U>&rdquo; means
and includes all loans, advances, debts, liabilities, Indebtedness and obligations, howsoever arising, owed to the Agents, the
Lenders or any other Senior Secured Party of every kind and description (whether or not evidenced by any note or instrument and
whether or not for the payment of money), direct or indirect (including those acquired by assumption), absolute or contingent,
due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or
against any Borrower of any Insolvency Proceeding naming such Borrower as the debtor in such proceeding, regardless of whether
such interest and fees are allowed claims in such proceeding, pursuant to the terms of this Agreement or any of the other Financing
Documents, including all principal, interest, fees, charges, expenses, attorneys&rsquo; fees, costs and expenses, accountants&rsquo;
fees and Consultants&rsquo; fees payable by the Borrowers hereunder or thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Offtaker</U>&rdquo; means each
counterparty to each DG Offtake Agreement and each Ethanol Offtake Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Operating Account</U>&rdquo;
has the meaning provided in <U>Section&nbsp;8.01(b) (<I>Establishment of Project Accounts</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Operating Account Withdrawal
Certificate</U>&rdquo; means a certificate in substantially the form of <U>Exhibit&nbsp;8.04</U>, duly executed by an Authorized
Officer of the Borrowers&rsquo; Agent, directing the transfer or withdrawal of funds from the Operating Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Operating Statement</U>&rdquo;
means an operating statement with respect to each Plant, in substantially the form of <U>Exhibit&nbsp;7.03(l)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Operation and Maintenance Expenses</U>&rdquo;
means the sum without duplication of all (i) reasonable and necessary expenses of administering, managing and operating, and generating
Products for sale from, the Project and maintaining it in good repair and operating condition, (ii) costs associated with the supply
and transportation of all corn, natural gas, electricity and other supplies and raw materials to the Project and distribution and
sale of Products from the Project that any Borrower is obligated to pay, (iii) all reasonable and necessary insurance costs, (iv)
property, sales and franchise taxes to the extent that any Borrower is liable to pay such taxes to the taxing authority (other
than taxes imposed on or measured by income or receipts) to which the Project, may be subject (or payment in lieu of such taxes
to which the Project may be subject), (v) reasonable and necessary costs and fees incurred in connection with obtaining and maintaining
in effect Necessary Project Approvals, (vi) reasonable and arm&rsquo;s-length legal, accounting and other professional fees attendant
to any of the foregoing items and, (vii) the reasonable costs of administration and enforcement of the Transaction Documents. In
no event shall Maintenance Capital Expenses be considered Operation and Maintenance Expenses.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Organic Documents</U>&rdquo;
means, with respect to any Person that is a corporation, its certificate of incorporation, its by-laws and all shareholder agreements,
voting trusts and similar arrangements applicable to any of its authorized shares of capital stock and, with respect to any Person
that is a limited liability company, its certificate of formation or articles of organization and its limited liability agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Original Credit Agreement</U>&rdquo;
means the Credit Agreement, dated as of June 25, 2010, by and among the Borrowers, the Borrowers&rsquo; Agent, each of the Lenders
from time to time party thereto, WestLB, as administrative agent for the Lenders, collateral agent for the Senior Secured Parties
and issuing bank thereunder, and the Accounts Bank, as accounts bank, as amended, supplemented or otherwise modified prior to both
its amendment and restatement as the Prior Credit Agreement and the First Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Original Maturity Date</U>&rdquo;
means the date that occurs three (3) years after the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Pacific Ag Products</U>&rdquo;
means Pacific Ag. Products, LLC, a California limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Pacific Ethanol</U>&rdquo; means
Pacific Ethanol, Inc., a Delaware corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Pacific Ethanol Guarantees</U>&rdquo;
means each guaranty to be made by Pacific Ethanol, guaranteeing the performance and payment of the obligations of Kinergy or Pacific
Ag Products, as the case may be, under each of the Ethanol Offtake Agreements, DG Offtake Agreements, and Grain Supply Agreements
to which Kinergy or Pacific Ag Products are party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Pacific Holding</U>&rdquo; has
the meaning set forth in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Pacific Holding LLC Agreement</U>&rdquo;
means the Second Amended and Restated Limited Liability Company Agreement of Pacific Holding dated as of June 29, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Pacific Holding Pledge Agreement</U>&rdquo;
means the Pledge and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the date of the Original Credit Agreement, among Pacific Holding, Pledgor and the Collateral Agent, pursuant
to which Pledgor pledges one hundred percent (100%) of the Equity Interests in Pacific Holding to the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Pacific Holding Security Agreement</U>&rdquo;
means the Assignment and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the date of the Original Credit Agreement, made by Pacific Holding in favor of the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Participant</U>&rdquo; has the
meaning provided in <U>Section&nbsp;11.03(d) (<I>Assignments</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Patriot Act</U>&rdquo; means
United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism (USA PATRIOT ACT) of 2001, and the rules and regulations promulgated thereunder from time to time in effect.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>PBGC</U>&rdquo; means the Pension
Benefit Guaranty Corporation and any entity succeeding to any or all of its functions under ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>PE Newco LLC Agreement</U>&rdquo;
means the Limited Liability Company Agreement of New PE Holdco LLC dated as of June 29, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Permitted Commodity Hedge</U>&rdquo;
means any non-speculative Swap Contract in respect of certain commodities entered into in accordance with the Commodity Hedging
Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Permitted Indebtedness</U>&rdquo;
means Indebtedness identified in <U>Section&nbsp;7.02(a) (<I>Negative Covenants - Restrictions on Indebtedness of the Borrowers</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Permitted Liens</U>&rdquo; means
Liens identified in <U>Section&nbsp;7.02(b) (<I>Negative Covenants - Liens</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Permitted Tax Distribution</U>&rdquo;
means, with respect to any distributee that is required to pay tax as a result of its direct or indirect ownership of the Borrowers,
an amount equal to (a) the Effective Tax Rate multiplied by (b) such distributee&rsquo;s estimated share of the taxable income
of Pacific Holding and the other Borrowers (after netting or otherwise taking account of a distributee&rsquo;s shares of the income,
loss, deduction and credit associated with the distributee&rsquo;s interest in the Borrowers) that the distributee is reasonably
expected to have to report for income tax purposes for the month distributed to the extent necessary to fund a distributee&rsquo;s
timely payment to a Governmental Authority of tax liability (including estimated payments thereof) and subject to correction as
described below. &ldquo;<U>Effective Tax Rate</U>&rdquo; means the highest combined federal and state tax rate on corporations,
applicable to any distributee, after giving effect to the maximum amount of state income tax deductible for federal income tax
purposes. Permitted Tax Distributions as estimated for purposes of a Monthly Date shall be subject to later correction to reflect
amounts as actually reported on an income tax return by a distributee for federal and state income tax purposes. Thus, on any Monthly
Date, the Permitted Tax Distribution means the amount calculated as the product of (a) and (b), above, adjusted by the difference,
if any, between the Permitted Tax Distribution for the preceding Monthly Date as estimated for such date and the Permitted Tax
Distribution for that preceding Monthly Date as finally determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Permitted Variance</U>&rdquo;
means, for each Budget Period, the product of (x)&nbsp;the aggregate amount of the Budget for such Budget Period and (y)&nbsp;10%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Person</U>&rdquo; means any natural
person, corporation, partnership, limited liability company, firm, association, trust, government, governmental agency or any other
entity, whether acting in an individual, fiduciary or other capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Plan</U>&rdquo; means an employee
pension benefit plan (as defined in Section&nbsp;3(3) of ERISA) subject to Title IV of ERISA or Section&nbsp;412 of the Code that
is sponsored or maintained by any Borrower or any ERISA Affiliate, or in respect of which any Borrower or any ERISA Affiliate has
any obligation to contribute or liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Plants</U>&rdquo; means, collectively,
the Madera Plant, the Boardman Plant, the Stockton Plant and the Burley Plant.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Pledge Agreements</U>&rdquo;
means, collectively, the Madera Pledge Agreement, the Boardman Pledge Agreement, the Stockton Pledge Agreement, the Burley Pledge
Agreement and the Pacific Holding Pledge Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Pledgor</U>&rdquo; means New
PE Holdco LLC, a Delaware limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Plurality Condition</U>&rdquo;
means that two or fewer Lenders (excluding all Non-Voting Lenders) (each Lender and its Affiliates that are Lenders shall be considered
a single Lender for purposes of this definition) of a Class hold (i) in excess of fifty percent (50.00%) of the outstanding principal
amount of the Loans of such Class (or in the case of the Revolving Loans, in excess of fifty percent (50.00%) of the outstanding
principal amount of the Revolving Loans and the undisbursed amount of the Aggregate Revolving Loan Commitment) (excluding the principal
amounts of any Loans of such Class made by, and any Revolving Loan Commitments of, any Non-Voting Lenders); provided that in each
case the undisbursed Revolving Loan Commitment of, and the portion of the outstanding principal amount of the Loans of a Class
held by, any Defaulting Lender shall be excluded for purposes of this definition and (ii) fifty percent (50.00%) or less of the
Equity Interests of Pledgor. In determining the composition of the Plurality Condition of a Class, the two Lenders holding the
largest amount of the Loans of such Class shall be included.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Plurality of the Minority</U>&rdquo;
means Lenders (excluding all Non-Voting Lenders) of a Class holding in excess of thirty three and one-third percent (33&#8531;%)
of the outstanding principal amount of the Loans of such Class (or in the case of the Revolving Loans, in excess of thirty three
and one-third percent (33&#8531;%) of the outstanding principal amount of the Revolving Loans and the undisbursed amount of the
Aggregate Revolving Loan Commitment) (excluding the principal amounts of any Loans of such Class made by, and any Revolving Loan
Commitments of, any Non-Voting Lenders) excluding the outstanding principal amount of the Loans and the undisbursed amount of the
Revolving Loan Commitment of the Lenders comprising the Plurality Condition in respect of such Class;<FONT STYLE="color: black">
provided that in each case the </FONT>undisbursed<FONT STYLE="color: black"> Revolving Loan Commitment of, and the portion of the
</FONT>outstanding principal amount of the Loans<FONT STYLE="color: black"> of a Class held by, any Defaulting Lender shall be
excluded for purposes of</FONT> this definition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Plurality of the Minority (Stockton
Vote)</U>&rdquo; means Revolving Lenders (excluding all Non-Voting Lenders) holding in excess of sixty six and two-thirds percent
(66&#8532;%) of the outstanding principal amount of the Revolving Loans (or in excess of sixty six and two-thirds percent (66&#8532;%)
of the outstanding principal amount of the Revolving Loans and the undisbursed amount of the Aggregate Revolving Loan Commitment)
(excluding the principal amounts of any Revolving Loans made by, and any Revolving Loan Commitments of, any Non-Voting Lenders)
excluding the outstanding principal amount of the Revolving Loans and the undisbursed amount of the Revolving Loan Commitment of
the Lenders comprising the Plurality Condition with respect to the Revolving Loans; provided that in each case the undisbursed
Revolving Loan Commitment of, and the portion of the outstanding principal amount of the Revolving Loans held by, any Defaulting
Lender shall be excluded for purposes of this definition.</P>

<!-- Field: Page; Sequence: 189; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Primary Swap Obligations</U>&rdquo;
means, with respect to any Interest Rate Protection Agreement, all scheduled obligations due and payable by any Person party to
such Interest Rate Protection Agreement (after giving effect to any netting applicable thereto) and all payments of Swap Termination
Value due and payable by any Person party to such Interest Rate Protection Agreement, but excluding any amounts owed in respect
of Taxes, expenses and indemnification obligation which do not constitute payments of Swap Termination Value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Prior Credit Agreement</U>&rdquo;
means the Amended and Restated Credit Agreement, dated as of August 1, 2011, by and among the Borrowers, the Borrowers&rsquo; Agent,
each of the Lenders from time to time party thereto, the Agents and WestLB, as issuing bank thereunder (prior to the effectiveness
of the First Amendment), as amended by the First Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Priority Senior Secured Parties</U>&rdquo;
means the &ldquo;Senior Secured Parties&rdquo; as defined in the Senior Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Process Agent</U>&rdquo; means
any Person appointed as agent by any Borrower or any Project Party, as required under the Financing Documents, to receive on behalf
of itself and its property services of copies of summons and complaint or any other process which may be served in connection with
any action or proceeding before any court arising out of or relating to this Agreement or any other Financing Document to which
it is a party, including CT Corporation System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Products</U>&rdquo; means ethanol,
Distillers Grains, carbon dioxide, and any other co product or by-product produced in connection with the production of ethanol
at the Plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Project</U>&rdquo; means each
Plant and all auxiliary and other facilities constructed or to be constructed by or on behalf of the applicable Borrowers pursuant
to the Project Documents relating to each such Plant or otherwise, together with all fixtures and improvements thereto and each
Site and all other real property, easements and rights-of-way held by or on behalf of the applicable Borrowers and all rights to
use easements and rights-of-way of others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Project Accounts</U>&rdquo; means
the Revenue Account, the Operating Account, the Maintenance Capital Expense Account, the Debt Service Reserve Account, the Insurance
and Condemnation Proceeds Accounts and the Extraordinary Proceeds Account, including any sub-account within such accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Project Document Guarantees</U>&rdquo;
means each guarantee (by an Affiliate or otherwise) of the performance of any Project Party&rsquo;s obligations under a Project
Document, including the Pacific Ethanol Guarantees and any other such guarantee required as a condition to approval of any Project
Document in accordance with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Project Documents</U>&rdquo;
means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>the Asset Management Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>the Leases;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>the Grain Supply Agreements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>the Ethanol Offtake Agreements;</TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>the DG Offtake Agreements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)</FONT></TD><TD>the Burley Heiskell GSA;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vii)</FONT></TD><TD>the Stockton Heiskell GSA;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(viii)</FONT></TD><TD>the Boardman CHS GSA;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ix)</FONT></TD><TD>the Borrower LLC Agreements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(x)</FONT></TD><TD>the Project Document Guarantees;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xi)</FONT></TD><TD>the Liquidity Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xii)</FONT></TD><TD>any other documents designated as a Project Document by the Borrowers&rsquo; Agent and the Administrative Agent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xiii)</FONT></TD><TD>each Additional Project Document; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xiv)</FONT></TD><TD>any replacement agreement for any of such agreements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Project Document Termination
Payments</U>&rdquo; means all payments that are required to be paid to or for the account of any Borrower as a result of the termination
of any Project Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Project Party</U>&rdquo; means
each Person (other than the Borrowers) who is a party to a Project Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Prudent Ethanol Operating Practice</U>&rdquo;
means those reasonable practices, methods and acts that (i) are commonly used in the regions where the Plants are located to manage,
operate and maintain ethanol production, distribution, equipment and associated facilities of the size and type that comprise the
Project safely, reliably, and efficiently and in compliance with applicable Laws, manufacturers&rsquo; warranties and manufacturers&rsquo;
and licensor&rsquo;s recommendations and guidelines, and (ii) in the exercise of reasonable judgment, skill, diligence, foresight
and care are expected of an ethanol plant operator, in order to efficiently accomplish the desired result consistent with safety
standards, applicable Laws, manufacturers&rsquo; warranties, manufacturers&rsquo; recommendations and, in the case of the Project,
the Project Documents. Prudent Ethanol Operating Practice does not necessarily mean one particular practice, method, equipment
specifications or standard in all cases, but is instead intended to encompass a broad range of acceptable practices, methods, equipment
specifications and standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>QIB</U>&rdquo; means a Qualified
Institutional Buyer as such term is defined in Rule 144A promulgated pursuant to <FONT STYLE="color: black">the Securities Act
of 1933.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Qualified Counterparty</U>&rdquo;
means any of the following: (i) any Person who is a Lender, the Administrative Agent, or the Collateral Agent on the date the relevant
Interest Rate Protection Agreement is entered into or (ii) any Affiliate of any Person listed in clause (i).</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>RCRA</U>&rdquo; means the Resource
Conservation and Recovery Act (42 U.S.C. &sect; 6901 et seq.), as amended, and all rules, regulations, standards, guidelines, and
publications issued thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Register</U>&rdquo; has the meaning
set forth in <U>Section&nbsp;11.03(c) (<I>Assignments</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Related Parties</U>&rdquo; means,
with respect to any Person, such Person&rsquo;s Affiliates and the partners, directors, officers, employees, agents and advisors
of such Person and of such Person&rsquo;s Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Removal</U>,&rdquo; &ldquo;<U>Remedial</U>&rdquo;
and &ldquo;<U>Response</U>&rdquo; actions shall include the types of activities covered by CERCLA, RCRA, and other comparable Environmental
Laws, and whether the activities are those which might be taken by a Governmental Authority or those which a Governmental Authority
or any other Person might seek to require of waste generators, handlers, distributors, processors, users, storers, treaters, owners,
operators, transporters, recyclers, reusers, disposers, or other Persons under &ldquo;removal,&rdquo; &ldquo;remedial,&rdquo; or
other &ldquo;response&rdquo; actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Reorganization Plan</U>&rdquo;
has the meaning set forth in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Reportable Event</U>&rdquo; means
a &ldquo;reportable event&rdquo; within the meaning of Section&nbsp;4043(c) of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Required Cash Sweep</U>&rdquo;
means each mandatory prepayment of the Loans made pursuant to <U>Section&nbsp;3.08(a)(v) (<I>Mandatory Prepayment</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&ldquo;<U>Required Lenders</U>&rdquo; means, in
respect of any Class of Loan, (i) if the Majority Condition exists, Lenders (excluding all Non-Voting Lenders) holding in excess
of fifty percent (50.00%) of the outstanding principal amount of the Loans of such Class (or in the case of the Revolving Loans,
holding in excess of fifty percent (50.00%) of the outstanding principal amount of the Revolving Loans and the undisbursed amount
of the Aggregate Revolving Loan Commitment) (excluding the principal amounts of any Loans of such Class made by, and any Revolving
Loan Commitments of, any Non-Voting Lenders) including the Majority of the Minority of such Class, (ii) if the Plurality Condition
exists, Lenders (excluding all Non-Voting Lenders) holding in excess of fifty percent (50.00%) of the outstanding principal amount
of the Loans of such Class (or in the case of the Revolving Loans, holding in excess of fifty percent (50.00%) of the outstanding
principal amount of the Revolving Loans and the undisbursed amount of the Aggregate Revolving Loan Commitment) (excluding the principal
amounts of any Loans of such Class made by, and any Revolving Loan Commitments of, any Non-Voting Lenders) including the Plurality
of the Minority of such Class and (iii) if neither the Majority Condition nor the Plurality Condition exists, Lenders (excluding
all Non-Voting Lenders) holding in excess of fifty percent (50.00%) of the outstanding principal amount of the Loans of such Class
(or in the case of the Revolving Loans, holding in excess of fifty percent (50.00%) of the outstanding principal amount of the
Revolving Loans and the undisbursed amount of the Aggregate Revolving Loan Commitment) (excluding the principal amounts of any
Loans of such Class made by, and any Revolving Loan Commitments of, any Non-Voting Lenders);<FONT STYLE="color: black"> <U>provided</U>
that in each case the </FONT>undisbursed<FONT STYLE="color: black"> Revolving Loan Commitment of, and the portion of the </FONT>outstanding
principal amount of the Loans<FONT STYLE="color: black"> of a Class held by, any Defaulting Lender shall be excluded for purposes
of making a determination of Required Lenders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="color: black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="color: black"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="color: black"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Required Minority Lenders</U>&rdquo;
means (i) if the Majority Condition with respect to the Revolving Loans exists, Revolving Lenders (excluding all Non-Voting Lenders)
holding in excess of fifty percent (50.00%) of the outstanding principal amount of the Revolving Loans and the undisbursed amount
of the Aggregate Revolving Loan Commitment (excluding the principal amounts of any Revolving Loans made by, and any Revolving Loan
Commitments of, any Non-Voting Lenders) including the Majority of the Minority with respect to the Revolving Loans and (ii) if
the Plurality Condition with respect to the Revolving Loans exists, Revolving Lenders (excluding all Non-Voting Lenders) holding
in excess of fifty percent (50.00%) of the outstanding principal amount of the Revolving Loans and the undisbursed amount of the
Aggregate Revolving Loan Commitment (excluding the principal amounts of any Revolving Loans made by, and any Revolving Loan Commitments
of, any Non-Voting Lenders) including the Plurality of the Minority (Stockton Vote);<FONT STYLE="color: black"> provided that in
each case the </FONT>undisbursed<FONT STYLE="color: black"> Revolving Loan Commitment of, and the portion of the </FONT>outstanding
principal amount of the Revolving Loans<FONT STYLE="color: black"> held by, any Defaulting Lender shall be excluded for purposes
of making a determination of Required Minority Lenders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Required Senior Lenders</U>&rdquo;
means the &ldquo;Required Lenders&rdquo; as defined in the Senior Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Restatement Effective Date</U>&rdquo;
means the date on which all the conditions set forth in <U>Section&nbsp;6.01 (<I>Conditions to Closing</I>)</U> have been satisfied
or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Restoration or Replacement Plan</U>&rdquo;
means a plan and time schedule, reasonably satisfactory to (x)&nbsp;the Required Senior Lenders or, from and after the Senior Discharge
Date, the Required Lenders of the Revolving Loan Class and (y)&nbsp;the Independent Engineer, for the application of Insurance
Proceeds or Condemnation Proceeds arising from any Casualty Event or Event of Taking, as the case may be, and any other funds available
to the Borrowers with which to restore or replace any Plant (or any portion thereof) affected by such Casualty Event or Event of
Taking, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Restricted Payments</U>&rdquo;
means any (a) dividend or other distribution (whether in cash, securities or other property), or any payment (whether in cash,
securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
defeasance, acquisition, cancellation or termination of any Equity Interests of any Borrower, or on account of any return of capital
to any holder of any such Equity Interest in, or any other Affiliate of, any Borrower, or any option, warrant or other right to
acquire any such dividend or other distribution or payment and (b) any payment of any management, consultancy, administrative,
services, or other similar payments to any Person who owns, directly or indirectly, any Equity Interest in any Borrower, or any
Affiliate of any such Person (provided that (i) payments made under the Affiliated Project Documents when due and payable in accordance
with the terms thereof and the terms of the Financing Documents, (ii) any Permitted Tax Distributions, and (iii) payments of operating
expenses of the Pledgor set forth in the then- current Budget shall in each case not constitute Restricted Payments).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Revenue Account</U>&rdquo; has
the meaning set forth in <U>Section&nbsp;8.01(a) (<I>Establishment of Project Accounts</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Revenue Account Withdrawal Certificate</U>&rdquo;
means a certificate in substantially the form of <U>Exhibit&nbsp;8.03</U> duly executed by an Authorized Officer of the Borrowers&rsquo;
Agent, directing the transfer or withdrawal of funds from the Revenue Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Revolving Funding Notice</U>&rdquo;
means each request for Funding of Revolving Loans in the form of <U>Exhibit&nbsp;2.04-A</U> delivered in accordance with <U>Section&nbsp;2.04
(<I>Notice of Fundings</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Revolving Lenders</U>&rdquo;
means those Lenders of Revolving Loans, as identified on <U>Schedule&nbsp;1.01(a)</U>, and each other Person that acquires the
rights and obligations of any such Lender pursuant to <U>Section&nbsp;11.03 (<I>Assignments</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Revolving Loan</U>&rdquo; has
the meaning provided in <U>Section&nbsp;2.02 (<I>Revolving Loans</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Revolving Loan Commitment Availability</U>&rdquo;
of any Revolving Lender, means the amount by which (x) the Revolving Commitment of such Lender exceeds (y) the outstanding principal
balance of the Revolving Loans of such Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Revolving Loan Commitment</U>&rdquo;
means, with respect to each Revolving Lender, the commitment of such Revolving Lender to make Revolving Loans, as set forth opposite
the name of such Revolving Lender in <U>Schedule&nbsp;1.01(a)</U>, as the same may be reduced in accordance with <U>Section&nbsp;2.07
(<I>Termination or Reduction of Commitments</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Revolving Loan Commitment Availability
Percentage</U>&rdquo; means, as to any Lender at any time, the percentage that such Lender&rsquo;s Revolving Loan Commitment Availability
then constitutes of the aggregate amount of the Revolving Loan Commitment Availability of all Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Revolving Loan Commitment Percentage</U>&rdquo;
means, as to any Revolving Lender at any time, the percentage that such Revolving Lender&rsquo;s Revolving Loan Commitment then
constitutes of the Aggregate Revolving Loan Commitment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Revolving Notes</U>&rdquo; means
the promissory notes of the Borrower, substantially in the form of <U>Exhibit&nbsp;2.06</U>, evidencing Revolving Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Roll-Up Claims</U>&rdquo; has
the meaning set forth in the Reorganization Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>S&amp;P</U>&rdquo; means Standard
&amp; Poor&rsquo;s Ratings Services, a division of The McGraw Hill Companies, Inc., and any successor thereto that is a nationally
recognized rating agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Security</U>&rdquo; means the
security created in favor of the Collateral Agent pursuant to the Security Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Security Agreements</U>&rdquo;
means, collectively, the Madera Security Agreement, the Boardman Security Agreement, the Stockton Security Agreement, the Burley
Security Agreement and the Pacific Holding Security Agreement.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Security Documents</U>&rdquo;
means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>each Mortgage and each Subordination Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>this Agreement (to the extent that it relates to the Project Accounts);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>the Intercreditor Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>the Consents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>the Pledge Agreements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)</FONT></TD><TD>the Security Agreements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vii)</FONT></TD><TD>any other document designated as a Security Document by the Borrowers&rsquo; Agent and the Administrative Agent; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(viii)</FONT></TD><TD>any fixture filings, financing statements, notices, authorization letters, or other certificates filed, recorded or delivered
in connection with the foregoing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Senior Administrative Agent</U>&rdquo;
means the &ldquo;Administrative Agent&rdquo; as defined in the Senior Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Senior Collateral Agent</U>&rdquo;
means the &ldquo;Collateral Agent&rdquo; as defined in the Senior Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Senior Credit Agreement</U>&rdquo;
means the revolving Credit Agreement, dated as of the date of this Agreement by and among the Borrowers, the Borrowers&rsquo; Agent,
each of the financial institutions from time to time party thereto as lenders, the Senior Administrative Agent and the Senior Collateral
Agent and the Accounts Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Senior Discharge Date</U>&rdquo;
means the &ldquo;Discharge Date&rdquo; as defined in the Senior Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Senior Fees</U>&rdquo; means
the &ldquo;Fees&rdquo; as defined in the Senior Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Senior Financing Documents</U>&rdquo;
means the &ldquo;Financing Documents&rdquo; as defined in the Senior Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Senior Lender</U>&rdquo; means
a &ldquo;Lender&rdquo; as defined in the Senior Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Senior Loans</U>&rdquo; means
the &ldquo;Loans&rdquo; as defined in the Senior Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Senior Maturity Date</U>&rdquo;
means the &ldquo;Maturity Date&rdquo; as defined in the Senior Credit Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Senior Obligations</U>&rdquo;
means the &ldquo;Obligations&rdquo; as defined in the Senior Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Senior Secured Parties</U>&rdquo;
means the Lenders, the Agents, any Interest Rate Protection Provider, and each of their respective successors, transferees and
assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Senior Security Documents</U>&rdquo;
means the &ldquo;Security Documents&rdquo; as defined in the Senior Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Senior Transaction Documents</U>&rdquo;
means the &ldquo;Transaction Documents&rdquo; as defined in the Senior Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Site</U>&rdquo; means, with respect
to each Plant, those certain parcels described on <U>Schedule&nbsp;5.13(a)</U> with respect to such Plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Site Specific Bond</U>&rdquo;
means Site Certificate Bond, Bond No. 0590288, in the amount of $863,200 issued by Fidelity Insurance Company in favor of the State
of Oregon, acting by and through the Energy Facility Sitting Council, as the amount of such bond may be increased from time to
time as permitted by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Solvent</U>&rdquo; means, with
respect to any Person, that as of the date of determination both (i) (A) the then fair saleable value of the property of such Person
is (y) greater than the total amount of liabilities (including Contingent Liabilities but excluding amounts payable under intercompany
loans or promissory notes) of such Person and (z) not less than the amount that will be required to pay the probable liabilities
on such Person&rsquo;s then existing debts as they become absolute and matured considering all financing alternatives and potential
asset sales reasonably available to such Person; (B) such Person&rsquo;s capital is not unreasonably small in relation to its business
or any contemplated or undertaken transaction; and (C) such Person does not intend to incur, or reasonably believe that it will
incur, debts beyond its ability to pay such debts as they become due; and (ii) such Person is &ldquo;solvent&rdquo; within the
meaning given that term and similar terms under applicable Laws relating to fraudulent transfers and conveyances. For purposes
of this definition, the amount of any Contingent Liability at any time shall be computed as the amount that, in light of all of
the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or
matured liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Sponsor Support Agreement</U>&rdquo;
means the Amended and Restated Sponsor Support Agreement, dated as of October 22, 2008, among Pacific Holding, Pacific Ethanol
and the Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>SPV</U>&rdquo; has the meaning
provided in <U>Section&nbsp;11.03(h) (<I>Assignments</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>SSA Assignment and Assumption
Agreement</U>&rdquo; means the Assignment and Assumption Agreement, dated as of June 25, 2010, among Pacific Holding, Pacific Ethanol,
WestLB as administrative agent under the Pre-Petition Credit Agreement and the Administrative Agent regarding the Sponsor Support
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton</U>&rdquo; has the meaning
set forth in the Preamble.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton Deed of Trust</U>&rdquo;
means the Deed of Trust, Security Agreement, Financing Statement, Fixture Filing and Assignment of Leases, Rents and Security Deposits,
in form and substance reasonably satisfactory to the Lenders and the Collateral Agent, dated on or about the date of the Original
Credit Agreement, made by Stockton to Stewart Title Guaranty Company, as trustee, for the benefit of the Collateral Agent, as beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton Heiskell GSA</U>&rdquo;
means the Grain Storage Agreement dated as of December 10, 2010 between Heiskell and Stockton, as amended by that certain Amendment
No. 1 to Grain Storage Agreement dated November 17, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton Insurance and Condemnation
Proceeds Account</U>&rdquo; has the meaning provided in <U>Section&nbsp;8.01(g) (<I>Establishment of Project Accounts</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton Lease</U>&rdquo; means
the lease between the Stockton Port District and Stockton.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton LLC Agreement</U>&rdquo;
means the Third Amended and Restated Limited Liability Company Operating Agreement of Stockton dated as of June 29, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton Plant</U>&rdquo; means
the ethanol production facility located at Stockton, California, with a capacity of approximately fifty (50) million gallons-per-year
of denatured ethanol, including the Site on which such facility is located, and all buildings, structures, improvements, easements
and other property related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton Pledge Agreement</U>&rdquo;
means the Pledge and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the date of the Original Credit Agreement, among Pacific Holding, Stockton and the Collateral Agent, pursuant
to which Pacific Holding pledges one hundred percent (100%) of the Equity Interests in Stockton to the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton Revenue Event</U>&rdquo;
means the occurrence of both (i) the failure of Kinergy to have in full force and effect contracts to sell at least sixty percent
(60%) of the ethanol production capacity of the Stockton Plant at prices equal to or greater than the Floor Price and (ii) after
January 1, 2011, any event reasonably likely to result in Stockton failing to receive in cash at least ninety percent (90%) of
the revenue from the proposed California Ethanol Producer Incentive Program (&ldquo;<U>CEPIP</U>&rdquo;) set forth in the 2011
CEPIP Projections except receipt by Stockton of revenue from other sources sufficient to disqualify Stockton from CEPIP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton Security Agreement</U>&rdquo;
means the Assignment and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the date of the Original Credit Agreement, made by Stockton in favor of the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton Subordination Agreement</U>&rdquo;
means that certain Subordination Agreement, dated as of the Restatement Effective Date, by and among Stockton, the Senior Collateral
Agent, and Collateral Agent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Subordination Agreements</U>&rdquo;
means, collectively, the Madera Subordination Agreement, the Boardman Subordination Agreement, the Stockton Subordination Agreement
and the Burley Subordination Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Subsidiary</U>&rdquo; of any
Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority
of the shares of securities or other Equity Interests having ordinary voting power for the election of directors or other governing
body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially
owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both,
by such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Swap Contract</U>&rdquo; means
(a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps,
commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps
or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange
transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions,
currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options
to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, (b)
any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed
by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign
Exchange Master Agreement, or any other master agreement, including any such obligations or liabilities under any such master agreement
and (c) for the avoidance of doubt, includes any Interest Rate Protection Agreements and excludes any contract for the physical
sale or purchase of any commodity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Swap Termination Value</U>&rdquo;
means, in respect of any one or more Swap Contracts (including any Interest Rate Protection Agreements), after taking into account
the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date
such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s),
and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such
Swap Contracts, in accordance with the terms of the applicable Swap Contract, or, if no provision is made therein, as determined
based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts
(which may include a Lender or any Affiliate of a Lender).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Tax</U>&rdquo; or &ldquo;<U>Taxes</U>&rdquo;
means any present or future taxes (including income, gross receipts, license, payroll, employment, excise, severance, stamp, documentary,
occupation, premium, windfall profits, environmental, capital stock, franchise, profits, withholding, social security (or similar),
unemployment, disability, real property, personal property, sales, use, transfer, registration, value-added, ad valorem, alternative
or add-on minimum, estimated, or other tax of any kind whatsoever), levies, imposts, duties, fees or charges (including any interest,
penalty, or addition thereof) imposed by any government or any governmental agency or instrumentality or any international or multinational
agency or commission.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Tax Return</U>&rdquo; means all
returns, declarations, reports, claims for refund and information returns and statements of any Person required to be filed with
respect to, or in respect of, any Taxes, including any schedule or attachment thereto and any amendment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Term Funding Notice</U>&rdquo;
means a request for Funding of Term Loans in the form of <U>Exhibit&nbsp;2.04-A</U> delivered in accordance with <U>Section&nbsp;2.04
(<I>Notice of Fundings</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Term Lenders</U>&rdquo; means,
collectively, the Tranche A-1 Lenders and the Tranche A-2 Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Term Loan Commitment</U>&rdquo;
means the Tranche A-1 Term Loan Commitment and the Tranche A-2 Term Loan Commitment, as the context requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Term Loan Commitment Percentage</U>&rdquo;
means, as to any Lender at any time, the percentage that such Lender&rsquo;s Term Loan Commitment then constitutes of the relevant
Aggregate Term Commitment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Term Loans</U>&rdquo; means,
collectively, the Tranche A-1 Term Loans and the Tranche A-2 Term Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Term Notes</U>&rdquo; means the
promissory notes of each Borrower, substantially in the form of <U>Exhibit&nbsp;2.06</U>, evidencing Term Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Termination Event</U>&rdquo;
means (i) a Reportable Event with respect to any ERISA Plan, (ii) the initiation of any action by any Borrower, any ERISA Affiliate
or any ERISA Plan fiduciary to terminate an ERISA Plan (other than a standard termination under Section&nbsp;4041(b) of ERISA)
or the treatment of an amendment to an ERISA Plan as a termination under Section&nbsp;4041(e) of ERISA, (iii) the institution of
proceedings by the PBGC under Section&nbsp;4042 of ERISA to terminate an ERISA Plan or to appoint a trustee to administer any ERISA
Plan, (iv) the withdrawal of any Borrower or any ERISA Affiliate from a Multiemployer Plan during a plan year in which such Borrower
or such ERISA Affiliate was a &ldquo;substantial employer&rdquo; as defined in Section&nbsp;4001(a)(2) of ERISA or the cessation
of operations which results in the termination of employment of twenty percent (20%) of Multiemployer Plan participants who are
employees of any Borrower or any ERISA Affiliate, (v) the partial or complete withdrawal of any Borrower or any ERISA Affiliate
from a Multiemployer Plan, or (vi) any Borrower or any ERISA Affiliate is in default (as defined in Section&nbsp;4219(c)(5) of
ERISA) with respect to payments to a Multiemployer Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Title Insurance Company</U>&rdquo;
means Stewart Title Guaranty Company or such other title insurance company or companies reasonably satisfactory to the Required
Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Title Insurance Policy</U>&rdquo;
has the meaning provided in <U>Section&nbsp;6.01(n) (<I>Conditions to Closing - Title Insurance</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Tranche</U>&rdquo; means, as
the case may be, the Tranche A-1 Term Loans or the Tranche A-2 Term Loans.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Tranche A-1 Lenders</U>&rdquo;
means those Lenders of Tranche A-1 Term Loans, as identified on <U>Schedule&nbsp;1.01(a)</U> and each other Person that acquires
the rights and obligations of any such Lender pursuant to <U>Section&nbsp;11.03 (<I>Assignments</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Tranche A-1 Term Loan</U>&rdquo;
has the meaning provided in <U>Section&nbsp;2.01(a) (<I>Term Loans</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Tranche A-1 Term Loan Commitment</U>&rdquo;
means, with respect to each Tranche A-1 Lender, the commitment of such Tranche A-1 Lender to make Tranche A-1 Term Loans, as set
forth opposite the name of such Tranche A-1 Lender in <U>Schedule&nbsp;1.01(a),</U> as the same may be reduced in accordance with
<U>Section&nbsp;2.07 (<I>Termination or Reduction of Commitments</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Tranche A-2 Lenders</U>&rdquo;
means those Lenders of Tranche A-2 Term Loans, as identified on <U>Schedule&nbsp;1.01(a)</U> and each other Person that acquires
the rights and obligations of any such Lender pursuant to <U>Section&nbsp;11.03 (<I>Assignments</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Tranche A-2 Term Loan</U>&rdquo;
has the meaning provided in <U>Section&nbsp;2.01(b) (<I>Term Loans</I></U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Tranche A-2 Term Loan Commitment</U>&rdquo;
means, with respect to each Tranche A-2 Lender, the commitment of such Tranche A-2 Lender to make Tranche A-2 Term Loans, as set
forth opposite the name of such Tranche A-2 Lender in <U>Schedule&nbsp;1.01(a)</U>, as the same may be reduced or increased in
accordance with <U>Section&nbsp;2.07 (<I>Termination or Reduction of Commitments</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Transaction Documents</U>&rdquo;
means, collectively, the Financing Documents and the Project Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Unfunded Benefit Liabilities</U>&rdquo;
means, with respect to any ERISA Plan at any time, the amount (if any) by which (i) the present value of all accrued benefits calculated
on an accumulated benefit obligation basis and based upon the actuarial assumptions used for accounting purposes (<U>i</U>.<U>e</U>.,
those determined in accordance with FASB statement No. 35 and used in preparing the ERISA Plan&rsquo;s financial statements) exceeds
(ii) the fair market value of all ERISA Plan assets allocable to such benefits, determined as of the then most recent actuarial
valuation report for such ERISA Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Uniform Commercial Code</U>&rdquo;
or &ldquo;<U>UCC</U>&rdquo; means the Uniform Commercial Code as in effect from time to time in the State of New York; provided,
in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of the security interest
in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the
term &ldquo;<U>UCC</U>&rdquo; shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of provisions
relating to such perfection or priority and for purposes of definitions related to such provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>United States</U>&rdquo; or &ldquo;<U>U.S.</U>&rdquo;
means the United States of America, its fifty States and the District of Columbia.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>United States Person</U>&rdquo;
means a &ldquo;United States person&rdquo; as defined in Section&nbsp;7701(a)(30) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Voluntary Permanent Reduction
Payment</U>&rdquo; means any voluntary prepayment of principal which would be applied to reduce the outstanding principal balance
of the Revolving Loans or the Tranche A-1 Loans under either clause <I><U>fourth</U></I> or clause <I><U>sixth</U></I> of Section
3.07(d) with respect to which Borrowers' Agent has provided written notice to Administrative Agent and Extending Lenders at least
two (2) Business Days prior to the making of such prepayment that it intends such prepayment to constitute a Voluntary Permanent
Reduction Payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>WDG</U>&rdquo; means wet distillers
grains produced by the Borrowers at the Plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Wells Fargo</U>&rdquo; means
Wells Fargo Bank, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>WestLB</U>&rdquo; means WestLB
AG, New York Branch.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: right; margin-bottom: 0">EXHIBIT B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: right; margin-bottom: 0"><U>to Credit Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: right; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: right; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B><U>Intercreditor Agreement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">Filed as Exhibit
10.8 to Pacific Ethanol, Inc.&rsquo;s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, filed with the
Securities Exchange Commission on November 14, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 202; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">EXHIBIT 2.04-A<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>[FORM OF]<BR>
<U>REVOLVING FUNDING NOTICE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This Revolving Funding Notice (this
&ldquo;<U>Funding Notice</U>&rdquo;), dated as of <B>[</B>________<B>]</B>, 20<B>[</B>__<B>]</B>, is delivered to WELLS FARGO BANK,
N.A., as administrative agent (the &ldquo;<U>Administrative Agent</U>&rdquo;), pursuant to Section 2.04 of the Second Amended and
Restated Credit Agreement, dated as of October 29, 2012 (as amended, restated, supplemented or otherwise modified from time to
time, the &ldquo;<U>Credit Agreement</U>&rdquo;) among Pacific Ethanol Holding Co. LLC, a Delaware limited liability company (&ldquo;<U>Pacific
Holding</U>&rdquo;), Pacific Ethanol Madera LLC, a Delaware limited liability company (&ldquo;<U>Madera</U>&rdquo;), Pacific Ethanol
Columbia, LLC, a Delaware limited liability company (&ldquo;<U>Boardman</U>&rdquo;), Pacific Ethanol Stockton LLC, a Delaware limited
liability company (&ldquo;<U>Stockton</U>&rdquo;), and Pacific Ethanol Magic Valley, LLC, a Delaware limited liability company
(&ldquo;<U>Burley</U>&rdquo; and, together with Pacific Holding, Madera, Boardman and Stockton, each <FONT STYLE="color: black">a
&ldquo;<U>Borrower</U>&rdquo; and collectively the &ldquo;<U>Borrowers</U>&rdquo;), as borrowers</FONT>, Pacific Holding, as Borrowers&rsquo;
Agent, each of the Lenders from time to time party thereto, Wells Fargo Bank, N.A., as Administrative Agent and Collateral Agent,
and Amarillo National Bank, as accounts bank. This Funding Notice sets forth certain undertakings of the Borrowers with respect
to the transactions contemplated by the Credit Agreement. Capitalized terms used herein but not otherwise defined herein shall
have the respective meanings set forth in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">WHEREAS, the Borrowers wish to propose
a Funding of Revolving Loans under the Credit Agreement in accordance with Section 2.04 of the Credit Agreement and on the terms
and conditions set forth therein and herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">WHEREAS, to induce the Lenders to extend
credit under the Credit Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Borrowers hereby agree as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
1. </FONT><U>Funding Request</U>. The Borrowers hereby irrevocably propose a Funding (the &ldquo;<U>Proposed Funding</U>&rdquo;)
of Revolving Loans in the amounts set forth below: <B>[Note: each Funding Notice should only include those provisions applicable
to the requested Funding.]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[</B></FONT>_____<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]</B></FONT>
Dollars ($<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[</B></FONT>_____<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]</B></FONT>)
requested to be funded as <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[</B></FONT>Eurodollar Loans<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>][</B></FONT>and
<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[</B></FONT>_____<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]</B></FONT>
Dollars ($<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[</B></FONT>______<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]</B></FONT>)
requested to be funded as<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>][</B></FONT>Base Rate Loans<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]
</B></FONT>for application in accordance with the Budget.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Funding Date proposed for the Proposed Funding is </FONT><B>[</B>_______<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]</B></FONT>,
20<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[_</B></FONT>_<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]</B></FONT>
(the &ldquo;<U>Proposed Funding Date</U>&rdquo;). The Borrowers hereby certify that this Funding Notice is being delivered to the
Administrative Agent not later than 12:00 Noon New York City time five (5) Business Days prior to the Proposed Funding Date, and
that the Proposed Funding Date is a Business Day.</P>

<!-- Field: Page; Sequence: 203; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Borrowers hereby request that on the Proposed Funding Date the Administrative Agent deliver by wire transfer to the Revenue Account<SUP>1</SUP>, in immediately available funds,
the proceeds of such Proposed Funding in the amount of </FONT><B>[</B>_____<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]
</B></FONT>Dollars ($<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[</B></FONT>_____<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]</B></FONT>),
which is subject to the limits set forth in Section 2.02(a) and Section 2.02(b) of the Credit Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2. </FONT><U>Certifications</U>. The Borrowers certify that as of the Proposed Funding Date:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)
</FONT>each of the conditions to the Proposed Funding set forth in Article VI of the Credit Agreement have been satisfied;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)
</FONT>the Borrowers are in compliance with all applicable conditions set forth in Article VI of the Credit Agreement, on and as
of the Proposed Funding Date, before and after giving effect to such Proposed Funding and to the application of the proceeds therefrom;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)
</FONT>each of the representations and warranties made by each of the Borrowers and the Pledgor in the Financing Documents is true
and correct in all material respects (except with respect to representations and warranties that expressly refer to an earlier
date), before and after giving effect to the Proposed Funding and to the application of the proceeds therefrom;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)
</FONT>no Default or Event of Default has occurred and is continuing or would occur as a result of the Proposed Funding;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)
</FONT>since April 16, 2010, no Material Adverse Effect has occurred and is continuing;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)
</FONT>after giving effect to the Revolving Loans requested hereunder, the aggregate principal amount of the Revolving Loans will
not exceed the Aggregate Revolving Loan Commitment as of the Proposed Funding Date;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vii)
</FONT><FONT STYLE="color: black">each Borrower has all Necessary Project Approvals required under the Credit Agreement as of
the </FONT>date of this Funding Notice<FONT STYLE="color: black">, and the same are (i) in full force and effect and (ii) final
and Non-Appealable, except as a result of the Cold Shutdown of the Madera Plant;<SUP>2</SUP> and</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(viii)
</FONT>all and each of the statements contained in this Funding Notice are true and correct.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3. </FONT><U>Governing Law</U>. This Funding Notice, and the rights and obligations of the parties hereunder shall be governed
by, and construed and interpreted in accordance with, the laws of the State of New York.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4. </FONT><U>Execution in Counterparts</U>. This Funding Notice may be executed by the parties hereto in counterparts (and by different
parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall
constitute a single document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The undersigned are executing this Funding
Notice not in their individual capacities but in their respective capacities as Authorized Officers of the Borrowers.</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left"><SUP>1</SUP> Or if otherwise agreed to
by the Administrative Agent, specify account wire instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"><SUP>2</SUP> List any other Plants that
are in Cold Shutdown as approved in accordance with the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[</B></FONT>The
remainder of this page is intentionally blank. The next page is the signature page.<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]</B></FONT></P>

<!-- Field: Page; Sequence: 204; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IN
WITNESS WHEREOF</B></FONT>, the undersigned have caused this Funding Notice to be duly executed and delivered as of the day and
year first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PACIFIC ETHANOL HOLDING CO. LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"> &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PACIFIC ETHANOL MADERA LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"> &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PACIFIC ETHANOL COLUMBIA, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"> &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PACIFIC ETHANOL STOCKTON LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"> &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PACIFIC ETHANOL MAGIC VALLEY, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"> &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: right; margin-bottom: 0"></P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: right">EXHIBIT&nbsp;8.03<BR>
to Credit Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">[FORM OF]<BR>
<BR>
REVENUE ACCOUNT WITHDRAWAL CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: right">Date: <B>[</B>_____ __,____<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>[</B>ACCOUNTS BANK<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>[</B>ADDRESS<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">Reference is made to (x) Section 8.03(b)
of the Second Amended and Restated Credit Agreement, dated as of October 29, 2012 (as amended, restated, supplemented or otherwise
modified from time to time, the &ldquo;<U>Credit Agreement</U>&rdquo;) among Pacific Ethanol Holding Co. LLC, a Delaware limited
liability company (&ldquo;<U>Pacific Holding</U>&rdquo;), Pacific Ethanol Madera LLC, a Delaware limited liability company (&ldquo;<U>Madera</U>&rdquo;),
Pacific Ethanol Columbia, LLC, a Delaware limited liability company (&ldquo;<U>Boardman</U>&rdquo;), Pacific Ethanol Stockton,
LLC, a Delaware limited liability company (&ldquo;<U>Stockton</U>&rdquo;), and Pacific Ethanol Magic Valley, LLC, a Delaware limited
liability company (&ldquo;<U>Burley</U>&rdquo; and, together with Pacific Holding, Madera, Boardman and Stockton, each <FONT STYLE="color: black">a
&ldquo;<U>Borrower</U>&rdquo; and collectively the &ldquo;<U>Borrowers</U>&rdquo;), as borrowers</FONT>, Pacific Holding, as Borrowers&rsquo;
Agent, each of the Lenders from time to time party thereto, Wells Fargo Bank, N.A., as Administrative Agent (in such capacity,
the &ldquo;<U>Administrative Agent</U>&rdquo;) and Collateral Agent and Amarillo National Bank, as accounts bank (the &ldquo;<U>Accounts
Bank</U>&rdquo;) and (y) Section 8.03 of the Credit Agreement, dated as of October 29, 2012 (as amended, amended and restated,
supplemented or otherwise modified from time to time, the &ldquo;<U>Senior Credit Agreement</U>&rdquo;) among the Borrowers, Pacific
Holding, as the borrowers&rsquo; agent, each of the lenders from time to time party thereto, Wells Fargo Bank, N.A., as administrative
agent and collateral agent, Credit Suisse Loan Funding LLC, as syndication agent, and Amarillo National Bank, as accounts bank.
Capitalized terms used herein but not otherwise defined herein shall have the respective meanings set forth in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The Borrowers hereby direct the Accounts
Bank to withdraw and transfer, from the account entitled <B>[</B>_____<B>]</B>, No. <B>[</B>_____<B>]</B> (the &ldquo;<U>Revenue
Account</U>&rdquo;), on <B>[</B>_____<B>]</B>, 20<B>[</B>__<B>]</B> (the &ldquo;<U>Revenue Account Withdrawal Date</U>&rdquo;),
the following amounts: <B>[Note: each Revenue Account Withdrawal Certificate should only include those priorities relevant
on the given withdrawal date.] </b></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>[in accordance with Section&nbsp;8.03(b)(i)(a)&nbsp;of the Credit Agreement, <B>[</B>_____<B>]</B> Dollars ($<B>[</B>____<B>]</B>)
to the Operating Account]<SUP>1</SUP> [in accordance with Section&nbsp;8.03(b)(i)(b)&nbsp;of the Credit Agreement, <B>[</B>_____<B>]
</B>Dollars ($<B>[</B>____<B>]</B>) to the Operating Account]<SUP>2</SUP>;</P>

<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>1</SUP> To be included no more than 3 times per calendar week,
in respect of amounts required to pay operating expenses (other than for the cost of corn, natural gas, electricity, insurance
premiums and/or Borrower Taxes) that, in each such case, are or will become due and payable during the current calendar month
in accordance with the Budget.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>2</SUP> To be included no more than 7 times per calendar week,
in respect of amounts required to pay some or all of the cost of corn, natural gas, electricity, insurance premiums and/or Borrower
Taxes that, in each such case, are or will become due and payable during the current calendar month.</P>



<P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in accordance with Section&nbsp;8.03(b)(ii)&nbsp;of the Credit Agreement, <B>[</B>_____<B>]</B> Dollars ($<B>[</B>
____<B>]</B>) to the Maintenance Capital Expense Account;<SUP>3</SUP></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in accordance with Section&nbsp;8.03(b)(iii)&nbsp;of the Credit Agreement (A) <B>[</B>_____<B>]</B> Dollars ($<B>[</B>____<B>]</B>)
to the Senior Administrative Agent, for the account of the Priority Senior Secured Parties, for payment of Senior Fees, costs
and expenses due and payable under the Senior Financing Documents (other than principal and interest on the Senior Loans) and
(B) in accordance with Section 8.03(b)(iv) of the Credit Agreement, <B>[</B>_____<B>]</B> Dollars ($<B>[</B>____<B>]</B>) to the
Administrative Agent, for the account of the Senior Secured Parties, for payment of Fees, costs and expenses due and payable under
the Financing Documents (other than principal and interest on the Loans);<SUP>4</SUP></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(iv)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in accordance with Section&nbsp;8.03(b)(iv)&nbsp;of the Credit Agreement, to the Senior Administrative Agent, <B>[</B>_____<B>]
</B>Dollars ($<B>[</B>____<B>]</B>) for payment of interest due and payable on the Senior Loans (other than any Defaulting Lender
under the Senior Credit Agreement) based on the respective outstanding principal amounts on the date of such payment;<SUP>5</SUP></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(v)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in accordance with Section&nbsp;8.03(b)(v)&nbsp;of the Credit Agreement, to the Administrative Agent, (A) <B>[</B>_____<B>]
</B>Dollars ($<B>[</B>____<B>]</B>) for payment of interest due and payable on the Revolving Loans and the Tranche A-1 Term Loans
pro rata among the Revolving Lenders (other than any Defaulting Lender) and the Tranche A-1 Lenders based on their respective
outstanding principal amounts on the date of such payment and (B)&nbsp;<B>[</B>_____<B>]</B> Dollars ($<B>[</B>____<B>]</B>) for
payment of fees, expenses or Net Swap Payments owing to the Interest Rate Protection Providers;<SUP>6</SUP></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(vi)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in accordance with Section&nbsp;8.03(b)(vi)&nbsp;of the Credit Agreement, <B>[</B>_____<B>]</B> Dollars ($<B>[</B>____<B>]</B>)
to the Senior Administrative Agent, for payment of any interest then due and payable on the Senior Loans pro rata among the Defaulting
Lenders under the Senior Credit Agreement based on their respective outstanding principal amounts on the date of such payment;<SUP>7</SUP>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>3</SUP> To be included in certificates for each Monthly Date
when such amounts are due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>4</SUP> To be included in certificates for any date on which
such amounts are due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>5</SUP> To be included in certificates for any date on which
such amounts are due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>6</SUP> To be included in certificates for any date on which
such amounts are due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>7</SUP> To be included in certificates for any date on which
such amounts are due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(vii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in accordance with Section&nbsp;8.03(b)(vii)&nbsp;of the Credit Agreement, <B>[</B>_____<B>]</B> Dollars ($<B>[</B>____<B>]</B>)
to the Administrative Agent, for payment of any interest then due and payable on the Revolving Loans pro rata among the Defaulting
Lenders based on their respective outstanding principal amounts on the date of such payment;<SUP>8</SUP></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(viii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in accordance with Section&nbsp;8.03(b)(viii)&nbsp;of the Credit Agreement, <B>[</B>_____<B>]</B> Dollars ($<B>[</B>____<B>]</B>)
to the Administrative Agent, for payment of any interest then due and payable on the Tranche A-2 Term Loans pro rata among the
Tranche A-2 Lenders based on their respective outstanding principal amounts on the date of such payment;<SUP>9</SUP></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(ix)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in accordance with Section&nbsp;8.03(b)(ix)&nbsp;of the Credit Agreement, <B>[</B>_____<B>]</B> Dollars ($<B>[</B>____<B>]</B>)
to the Senior Administrative Agent, for payment of the principal amounts due and payable on the Senior Loans pro rata among the
Senior Lenders (other than any Defaulting Lender under the Senior Credit Agreement) based on their respective outstanding principal
amounts on the date of such payment;<SUP>10</SUP></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(x)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in accordance with Section&nbsp;8.03(b)(x)&nbsp;of the Credit Agreement, <B>[</B>_____<B>]</B> Dollars ($<B>[</B>____<B>]</B>)
to the Senior Administrative Agent, for payment of the principal amounts due and payable on the Senior Loans pro rata among the
Senior Lenders that are Defaulting Lenders under the Senior Credit Agreement based on their respective outstanding principal amounts
on the date of such payment;<SUP>11</SUP></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(xi)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in accordance with Section&nbsp;8.03(b)(xi)&nbsp;of the Credit Agreement, <B>[</B>_____<B>]</B> Dollars ($<B>[</B>____<B>]</B>)
to the Administrative Agent, for payment of Swap Termination Value due and payable with respect to the Interest Rate Protection
Agreements;<SUP>12</SUP></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(xii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in accordance with Section&nbsp;8.03(b)(xii)&nbsp;of the Credit Agreement, <B>[</B>_____<B>]</B> Dollars [($<B>[</B>____<B>]</B>),<B>[</B>_____<B>]
</B>Dollars ($<B>[</B>____<B>]</B>) to [___________________]]<SUP>13</SUP> for payment of [a] Permitted Tax Distribution[s]<B>]</B>;<SUP>14</SUP></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(xiii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in accordance with Section&nbsp;8.03(b)(xiii)&nbsp;of the Credit Agreement, <B>[</B>_____<B>]</B> Dollars ($<B>[</B>____<B>]</B>)to
the Administrative Agent, for payment of the principal amounts due and payable on the Revolving Loans and the Tranche A-1 Term
Loans (accompanied, in the case of the Tranche A-1 Term Loans that are held by Extended Lenders, with any prepayment premium required
by <U>Section 3.15</U> of the Credit Agreement) pro rata among the Revolving Lenders (other than any Defaulting Lender) and the
Tranche A-1 Lenders based on their respective outstanding principal amounts on the date of such payment;<SUP>15</SUP></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left"><SUP>8</SUP> To be included in
certificates for any date on which such amounts are due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>9</SUP> To be included in certificates for any date on which
such amounts are due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>10</SUP> To be included in certificates on the Senior Maturity
Date or the date of any optional prepayment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>11</SUP> To be included in certificates on the Senior Maturity
Date or the date of any optional prepayment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>12</SUP> To be included in certificates for each Monthly Date
when such amounts are due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>13</SUP> Repeat as necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>14</SUP> To be included provided that no Default or Event
of Default has occurred and is continuing, on each date on which a re-payment of principal of a Loan or Senior Loan is made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>15</SUP> To be included in certificates on the Maturity Date
or the date of any optional prepayment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 1in"><SUP>&nbsp;</SUP></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(xiv)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in accordance with Section&nbsp;8.03(b)(xiv)&nbsp;of the Credit Agreement, <B>[</B>_____<B>]</B> Dollars ($<B>[</B>____<B>]</B>)
to the Administrative Agent, for payment of the principal amounts due and payable on the Revolving Loans pro rata among the Defaulting
Lenders based on their respective outstanding principal amounts on the date of such payment;<SUP> 16</SUP></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(xv)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in accordance with Section&nbsp;8.03(b)(xv)&nbsp;of the Credit Agreement, <B>[</B>_____<B>]</B> Dollars ($<B>[</B>____<B>]</B>)
to the Administrative Agent, for payment of the principal amounts due and payable on the Tranche A-2 Term Loans pro rata among
the Tranche A-2 Lenders based on their respective outstanding principal amounts on the date of such payment;<SUP>17</SUP></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(xvi)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in accordance with Section&nbsp;8.03(b)(xvi)&nbsp;of the Credit Agreement, <B>[</B>_____<B>]</B> Dollars ($<B>[</B>____<B>]</B>)
to Debt Service Reserve Account;<SUP>18</SUP></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(xvii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in accordance with Section&nbsp;8.03(b)(xvii)&nbsp;of the Credit Agreement, <B>[</B>_____<B>]</B> Dollars ($<B>[</B>____<B>]</B>)
to the Senior Administrative Agent, for the account of the Senior Lenders, for a Mandatory Prepayment of the Senior Loans in an
amount equal to one hundred percent (100%) of the cash remaining in the Revenue Account after the transfer, if any, required pursuant
to priority sixteenth of Section&nbsp;8.03(b) of the Credit Agreement;<SUP>19</SUP> and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(xviii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in accordance with Section&nbsp;8.03(b)(xviii)&nbsp;of the Credit Agreement, <B>[</B>_____<B>]</B> Dollars ($<B>[</B>____<B>]</B>)
to the Administrative Agent, for the account of the Lenders, for a Mandatory Prepayment of the Loans in an amount equal to one
hundred percent (100%) of the cash remaining in the Revenue Account after the transfer, if any, required pursuant to priority
seventeenth of Section&nbsp;8.03(b) of the Credit Agreement;<SUP>20</SUP> and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(xix)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in accordance with Section&nbsp;8.03(b)(xix)&nbsp;of the Credit Agreement, <B>[</B>_____<B>]</B> Dollars ($<B>[</B>____<B>]</B>)
to the Pledgor.<SUP>21</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">In support of such direction, the undersigned,
on behalf of the Borrowers, hereby represents and certifies, as of the date hereof and as of the Revenue Account Withdrawal Date,
as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the undersigned is an Authorized Officer of the Borrowers&rsquo; Agent;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>this Revenue Account Withdrawal Certificate is being delivered to the Accounts Bank not later than 3:00 p.m. New
York City time on the Revenue Account Withdrawal Date, and the Revenue Account Withdrawal Date is [a][the] <B>[</B>Business Day<B>][</B>Monthly
Date<B>][</B>Maturity Date<B>][</B> date on which a re-payment of principal of a Loan is made<B>][</B>date of the payment and
performance in full of the Obligations<B>]</B>;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>16</SUP> To be included in certificates on the Maturity Date
or the date of any optional prepayment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>17</SUP> To be included in certificates on the Maturity Date
or the date of any optional prepayment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>18</SUP> To be included in certificates on each Monthly Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>19</SUP> To be included in certificates on each Monthly Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>20</SUP> To be included in certificates on each Monthly Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><SUP>21</SUP> To be included in certificate following payment
and performance in full of the Obligations and Senior Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>all conditions set forth in the Credit Agreement, the Senior Credit Agreement and the Intercreditor Agreement for
the withdrawals requested hereby have been satisfied; and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>on the date hereof, no Notice of Suspension is in effect and no Default or Event of Default would occur after giving
effect to any application of funds contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The undersigned is executing this Revenue
Account Withdrawal Certificate not in an individual capacity but as an Authorized Officer of the Borrowers&rsquo; Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: center"><B>[</B>The remainder of this page is
intentionally blank. The next page is the signature page.<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">CC: ADMINISTRATIVE AGENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">SENIOR ADMINISTRATIVE AGENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<!-- Field: Page; Sequence: 210; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">IN WITNESS WHEREOF, the undersigned has
caused this Revenue Account Withdrawal Certificate to be executed and delivered as of the day and year first above written.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PACIFIC ETHANOL HOLDING CO. LLC,<BR>
as Borrowers&rsquo; Agent</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"> &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5in 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5in 3in"></P>

<!-- Field: Page; Sequence: 211; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 3in; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 3in; text-align: right">EXHIBIT 8.04<BR>
to Credit Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">[FORM OF]<BR>
<U>OPERATING ACCOUNT WITHDRAWAL CERTIFICATE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Date: <B>[</B>_____ __, ____<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>[</B>ACCOUNTS BANK<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>[</B>ADDRESS<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Reference is made
to (x) Section 8.04(b) of the Second Amended and Restated Credit Agreement, dated as of October 29, 2012 (as amended, restated,
supplemented or otherwise modified from time to time, the &ldquo;<U>Credit Agreement</U>&rdquo;) among Pacific Ethanol Holding
Co. LLC, a Delaware limited liability company (&ldquo;<U>Pacific Holding</U>&rdquo;), Pacific Ethanol Madera LLC, a Delaware limited
liability company (&ldquo;<U>Madera</U>&rdquo;), Pacific Ethanol Columbia, LLC, a Delaware limited liability company (&ldquo;<U>Boardman</U>&rdquo;),
Pacific Ethanol Stockton LLC, a Delaware limited liability company (&ldquo;<U>Stockton</U>&rdquo;), and Pacific Ethanol Magic Valley,
LLC, a Delaware limited liability company (&ldquo;<U>Burley</U>&rdquo; and, together with Pacific Holding, Madera, Boardman and
Stockton, each <FONT STYLE="color: black">a &ldquo;<U>Borrower</U>&rdquo; and collectively the &ldquo;<U>Borrowers</U>&rdquo;),
as borrowers</FONT>, Pacific Holding, as Borrowers&rsquo; Agent, each of the Lenders from time to time party thereto, Wells Fargo
Bank, N.A., as Administrative Agent (in such capacity, the &ldquo;<U>Administrative Agent</U>&rdquo;) and Collateral Agent, and
Amarillo National Bank, as accounts bank (the &ldquo;<U>Accounts Bank</U>&rdquo;) and (y) Section 8.04 of the Credit Agreement,
dated as of October 29, 2012 (as amended, amended and restated, supplemented or otherwise modified from time to time, the &ldquo;<U>Senior
Credit Agreement</U>&rdquo;) among the Borrowers, Pacific Holding, as the borrowers&rsquo; agent, each of the lenders from time
to time party thereto, Wells Fargo Bank, N.A., as administrative agent and collateral agent, Credit Suisse Loan Funding LLC, as
syndication agent and Amarillo National Bank, as accounts bank. Capitalized terms used herein but not otherwise defined herein
shall have the respective meanings set forth in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The Borrowers hereby direct the Accounts
Bank to withdraw and transfer from the account entitled <B>[</B>_____<B>]</B>, No. <B>[</B>_____<B>]</B> (the &ldquo;<U>Operating
Account</U>&rdquo;), on <B>[</B>_____<B>]</B>, 20<B>[</B>__<B>]</B> (the &ldquo;<U>Operating Account Withdrawal Date</U>&rdquo;),
the amounts and to the account<B>[</B>s<B>]</B>, in each case as set forth on <U>Schedule 1</U> attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">In support of such direction, the undersigned,
on behalf of the Borrowers, hereby represents and certifies, as of the date hereof and as of the Operating Account Withdrawal Date,
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The undersigned is an Authorized Officer of the Borrowers&rsquo; Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Operating Account Withdrawal Certificate is being delivered to the Accounts Bank not later than 3:00 p.m. New York
City time on the Operating Account Withdrawal Date, and the Operating Account Withdrawal Date is a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 212; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All conditions set forth in the Credit Agreement, the Senior Credit Agreement and the Intercreditor Agreement for the withdrawal
requested hereby have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The funds to be withdrawn from the Operating Account pursuant to this Operating Account Withdrawal Certificate will be transferred
to the Local Account(s) identified on <U>Schedule 1</U> hereto, for further application to the payment of amounts due and owing
by the Borrowers for Operation and Maintenance Expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A Blocked Account Agreement with respect to each Local Account identified on <U>Schedule 1</U> hereto has been executed
and delivered and is in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>After giving effect to the transfers requested hereby, the amounts on deposit in and standing to the credit of any Local
Accounts permitted pursuant to Section 7.02(i) of the Credit Agreement will not exceed, in the aggregate, two hundred thousand
Dollars ($200,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(g)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Notice of Suspension is in effect and no Default or Event of Default would occur after giving effect to the application
of funds contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The undersigned officer is executing this
Operating Account Withdrawal Certificate not in an individual capacity but as an Authorized Officer of the Borrowers&rsquo; Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>[</B>The remainder of this page is
intentionally blank. The next page is the signature page.<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">CC: &#9;ADMINISTRATIVE AGENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SENIOR ADMINISTRATIVE AGENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 213; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">IN WITNESS WHEREOF, the undersigned has
caused this Operating Account Withdrawal Certificate to be executed and delivered as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PACIFIC ETHANOL HOLDING CO. LLC,<BR>
as Borrowers&rsquo; Agent</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"> &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"></P>

<!-- Field: Page; Sequence: 214; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: right">Schedule 1 to<BR>
<U>Operating Account<BR>
Withdrawal Certificate</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">WITHDRAWALS FROM OPERATING ACCOUNT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>[</B>details to be attached<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 30pt">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withdrawals from Operating Account to permitted Local
Account(s).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-decoration: underline">Local Account:</TD>
    <TD STYLE="width: 33%; text-decoration: underline">Amount</TD>
    <TD STYLE="width: 33%; text-decoration: underline">Wire Instructions</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<!-- Field: Page; Sequence: 215; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Exhibit 8.04 - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>





<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">EXHIBIT 8.06<BR>
to Credit Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">[FORM OF]<BR>
<U>DEBT SERVICE RESERVE RELEASE CERTIFICATE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Date: <B>[</B>_____ __, ____<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>[</B>ACCOUNTS BANK<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>[</B>ADDRESS<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Reference is made to (x) Section 8.06(c)
of the Second Amended and Restated Credit Agreement, dated as of October 29, 2012 (as amended, restated, supplemented or otherwise
modified from time to time, the &ldquo;<U>Credit Agreement</U>&rdquo;) among Pacific Ethanol Holding Co. LLC, a Delaware limited
liability company (&ldquo;<U>Pacific Holding</U>&rdquo;), Pacific Ethanol Madera LLC, a Delaware limited liability company (&ldquo;<U>Madera</U>&rdquo;),
Pacific Ethanol Columbia, LLC, a Delaware limited liability company (&ldquo;<U>Boardman</U>&rdquo;), Pacific Ethanol Stockton LLC,
a Delaware limited liability company (&ldquo;<U>Stockton</U>&rdquo;), and Pacific Ethanol Magic Valley, LLC, a Delaware limited
liability company (&ldquo;<U>Burley</U>&rdquo; and, together with Pacific Holding, Madera, Boardman and Stockton, each <FONT STYLE="color: black">a
&ldquo;<U>Borrower</U>&rdquo; and collectively the &ldquo;<U>Borrowers</U>&rdquo;), as borrowers</FONT>, Pacific Holding, as Borrowers&rsquo;
Agent, each of the Lenders from time to time party thereto, Wells Fargo Bank, N.A., as Administrative Agent (in such capacity,
the &ldquo;<U>Administrative Agent</U>&rdquo;) and Collateral Agent, and Amarillo National Bank, as accounts bank (the &ldquo;<U>Accounts
Bank</U>&rdquo;) and (y) Section 8.06 of the Credit Agreement, dated as of October 29, 2012 (as amended, amended and restated,
supplemented or otherwise modified from time to time, the &ldquo;<U>Senior Credit Agreement</U>&rdquo;) among the Borrowers, Pacific
Holding, as the borrowers&rsquo; agent, each of the lenders from time to time party thereto, Wells Fargo Bank, N.A., as administrative
agent and collateral agent, Credit Suisse Loan Funding LLC, as syndication agent, and Amarillo National Bank, as accounts bank.
Capitalized terms used herein but not otherwise defined herein shall have the respective meanings set forth in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The Borrowers hereby direct the Accounts
Bank to transfer [$_________] (the &ldquo;<U>Released Amount</U>&rdquo;) from the account entitled <B>[</B>_____<B>]</B>, No. <B>[</B>_____<B>]</B>
(the &ldquo;<U>Debt Service Reserve Account</U>&rdquo;) to the account entitled <B>[</B>_____<B>]</B>, No. <B>[</B>_____<B>]</B>
(the &ldquo;<U>Revenue Account</U>&rdquo;), on <B>[</B>_____<B>]</B>, 20<B>[</B>__<B>] </B>(the &ldquo;<U>Debt Service Release
Date</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">In support of such direction, the undersigned,
on behalf of the Borrowers, hereby represents and certifies, as of the date hereof and as of the Debt Service Release Date, as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The undersigned is an Authorized Officer of the Borrowers&rsquo; Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Debt Service Reserve Release Certificate is being delivered to the Accounts Bank not later than 3:00 p.m. New York
City time at least 10 Business Days prior to the Debt Service Release Date, and the Debt Service Release Date is a Business Day
and a Monthly Date.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All conditions set forth in the Credit Agreement, the Senior Credit Agreement and the Intercreditor Agreement for the withdrawal
requested hereby have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Released Amount is the difference between (x) [$________], which is the aggregate total amount of all funds on deposit
in or standing to the credit of the Debt Service Reserve Account and (y) [$_________], which is the Debt Service Reserve Requirement,
in each case as of the Debt Service Release Date and prior to giving effect to the application of funds contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Notice of Suspension is in effect and no Default or Event of Default would occur after giving effect to the application
of funds contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The undersigned officer is executing this
Debt Service Reserve Release Certificate not in an individual capacity but as an Authorized Officer of the Borrowers&rsquo; Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>[</B>The remainder of this page is
intentionally blank. The next page is the signature page.<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">CC: &#9;ADMINISTRATIVE AGENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SENIOR ADMINISTRATIVE AGENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">IN WITNESS WHEREOF, the undersigned has
caused this Debt Service Reserve Release Certificate to be executed and delivered as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PACIFIC ETHANOL HOLDING CO. LLC,<BR>
as Borrowers&rsquo; Agent</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"> &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"></P>

<!-- Field: Page; Sequence: 218; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"></P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">EXHIBIT&nbsp;8.07<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">[FORM OF]<BR>
<U>INSURANCE AND CONDEMNATION PROCEEDS REQUEST CERTIFICATE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Date: <B>[</B>_____ __, ____<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>[</B>ACCOUNTS BANK<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>[</B>ADDRESS<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">[Administrative Agent]<BR>
[Senior Administrative Agent]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Reference is made
to (x) Section&nbsp;8.07<B>[</B>(c)<B>][</B>(d)<B>]</B> of the Second Amended and Restated Credit Agreement, dated as of October
29, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the &ldquo;<U>Credit Agreement</U>&rdquo;)
among Pacific Ethanol Holding Co. LLC, a Delaware limited liability company (&ldquo;<U>Pacific Holding</U>&rdquo;), Pacific Ethanol
Madera LLC, a Delaware limited liability company (&ldquo;<U>Madera</U>&rdquo;), Pacific Ethanol Columbia, LLC, a Delaware limited
liability company (&ldquo;<U>Boardman</U>&rdquo;), Pacific Ethanol Stockton LLC, a Delaware limited liability company (&ldquo;<U>Stockton</U>&rdquo;),
and Pacific Ethanol Magic Valley, LLC, a Delaware limited liability company (&ldquo;<U>Burley</U>&rdquo; and, together with Pacific
Holding, Madera, Boardman and Stockton, each <FONT STYLE="color: black">a &ldquo;<U>Borrower</U>&rdquo; and collectively the &ldquo;<U>Borrowers</U>&rdquo;),
as borrowers</FONT>, Pacific Holding, as Borrowers&rsquo; Agent, each of the Lenders from time to time party thereto, Wells Fargo
Bank, N.A., as Administrative Agent (in such capacity, the &ldquo;<U>Administrative Agent</U>&rdquo;) and Collateral Agent, and
Amarillo National Bank, as accounts bank and (y) Section 8.07 of the Credit Agreement, dated as of October 29, 2012 (as amended,
amended and restated, supplemented or otherwise modified from time to time, the &ldquo;<U>Senior Credit Agreement</U>&rdquo;) among
the Borrowers, Pacific Holding, as the borrowers&rsquo; agent, each of the lenders from time to time party thereto, Wells Fargo
Bank, N.A., as administrative agent and collateral agent, Credit Suisse Loan Funding LLC, as syndication agent, and Amarillo National
Bank, as accounts bank. Capitalized terms used herein but not otherwise defined herein shall have the respective meanings set forth
in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Borrowers hereby
direct the Accounts Bank to withdraw and pay from the account entitled <B>[</B>_____<B>]</B>, No. <B>[</B>_____<B>]</B> (the &ldquo;<B><U>[</U></B><U>Madera<B>][</B>Boardman<B>][</B>Stockton<B>][</B>Burley<B>]</B>
Insurance and Condemnation Proceeds Accoun</U>t&rdquo;), on <B>[</B>_____<B>]</B>, 20<B>[</B>___<B>]</B> (the &ldquo;<U>Insurance
and Condemnation Proceeds Withdrawal Date</U>&rdquo;), the amounts and to the payees, in each case as set forth on <U>Schedule
1</U> attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In support of such
direction, the undersigned, on behalf of the Borrowers, hereby represents and certifies, as of the date hereof and as of the Insurance
and Condemnation Proceeds Withdrawal Date, as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the undersigned is an Authorized Officer of the Borrowers&rsquo; Agent;</P>

<!-- Field: Page; Sequence: 219; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>this Insurance and Condemnation Proceeds Request Certificate is being delivered to the Accounts Bank, the Senior
Administrative Agent and the Administrative Agent <B>[</B>in connection with a transfer or withdrawal of funds pursuant to Section&nbsp;8.07(c)
of the Credit Agreement and/or Section 8.07 of the Senior Credit Agreement, no fewer than three&nbsp;(3) Business Days in advance
of<B>][</B>in connection with a transfer or withdrawal of funds pursuant to Section&nbsp;8.07(d) of the Credit Agreement and/or
Section 8.07 of the Senior Credit Agreement, not later than 12:00 Noon New York City time on<B>]</B> the Insurance and Condemnation
Proceeds Withdrawal Date and the Insurance and Condemnation Proceeds Withdrawal Date is a Business Day;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>all conditions set forth in the Credit Agreement, the Senior Credit Agreement and the Intercreditor Agreement for
the withdrawals requested hereby have been satisfied;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the funds to be withdrawn from the <B>[</B>Madera<B>][</B>Boardman<B>][</B>Stockton<B>][</B>Burley<B>]</B> Insurance
and Condemnation Proceeds Account pursuant to this Insurance and Condemnation Proceeds Request Certificate will be applied directly
for the replacement or repair of damaged assets relating to the <B>[</B>Madera<B>][</B>Boardman<B>][</B>Stockton<B>][</B>Burley<B>]</B>
Plant to which such <B>[</B>Insurance Proceeds<B>] [</B>Condemnation Proceeds<B>]</B> relate, in accordance with <B>[</B>Section&nbsp;8.07(c)
of the Credit Agreement and/or Section 8.07 of the Senior Credit Agreement<B>][</B>Section&nbsp;8.07(d) of the Credit Agreement
and/or Section 8.07 of the Senior Credit Agreement and the Restoration or Replacement Plan attached hereto which has been approved
by the Required Senior Lenders or, after the Senior Discharge Date, the Required Lenders of the Revolving Loan Class and by the
Independent Engineer in accordance with Section&nbsp;8.07(d)(i)&nbsp;of the Credit Agreement and/or Section 8.07 of the Senior
Credit Agreement<B>]</B>;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>no withdrawal has been made from any other Project Account to pay the amounts requested hereby;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>this Insurance and Condemnation Proceeds Request Certificate is being delivered, and the withdrawals specified herein
are being requested, in accordance with the Credit Agreement, the Senior Credit Agreement, the Intercreditor Agreement and the
other Transaction Documents; and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(g)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>no Notice of Suspension has been delivered that has not been withdrawn and no Default or Event of Default would occur
as a result of the transfers or withdrawals requested hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The undersigned officer
is executing this Insurance Proceeds Request Certificate not in an individual capacity but as an Authorized Officer of the Borrowers&rsquo;
Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>[</B>The remainder
of this page is intentionally blank. The next page is the signature page.<B>]</B></P>

<!-- Field: Page; Sequence: 220; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">IN WITNESS WHEREOF, the undersigned has
caused this Insurance and Condemnation Proceeds Request Certificate to be executed and delivered as of the day and year first above
written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PACIFIC ETHANOL HOLDING CO. LLC,<BR>
as Borrowers&rsquo; Agent</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"> &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"></P>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 3in">&nbsp;</P>

<!-- Field: Page; Sequence: 221; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Schedule 1 to<BR>
<U>Insurance and Condemnation Proceeds Request Certificate</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>WITHDRAWALS FROM [MADERA] [BOARDMAN]
[STOCKTON] [BURLEY]</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>INSURANCE AND CONDEMNATION PROCEEDS
ACCOUNT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>[</B>details to be attached<B>]</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in"><FONT STYLE="color: #010000">I.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Withdrawals from <B>[</B>Madera<B>][</B>Boardman<B>][</B>Stockton<B>][</B>Burley<B>]</B> Insurance and Condemnation
Proceeds Account for the replacement or repair of damaged assets.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-decoration: underline">Payee</TD>
    <TD STYLE="width: 33%; text-decoration: underline">Amount</TD>
    <TD STYLE="width: 33%; text-decoration: underline">Wire Instructions</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">EXHIBIT&nbsp;8.08<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">[FORM OF]<BR>
<U>EXTRAORDINARY PROCEEDS RELEASE NOTICE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Date: <B>[</B>_____ __, ____<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>[</B>ACCOUNTS BANK<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>[</B>ADDRESS<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">Reference is made to (x) Section&nbsp;8.08<B>
[</B>(b)<B>][</B>(c)<B>]</B>(i)&nbsp;of the Second Amended and Restated Credit Agreement, dated as of October 29, 2012 (as amended,
restated, supplemented or otherwise modified from time to time, the &ldquo;<U>Credit Agreement</U>&rdquo;) among Pacific Ethanol
Holding Co. LLC, a Delaware limited liability company (&ldquo;<U>Pacific Holding</U>&rdquo;), Pacific Ethanol Madera LLC, a Delaware
limited liability company (&ldquo;<U>Madera</U>&rdquo;), Pacific Ethanol Columbia, LLC, a Delaware limited liability company (&ldquo;<U>Boardman</U>&rdquo;),
Pacific Ethanol Stockton LLC, a Delaware limited liability company (&ldquo;<U>Stockton</U>&rdquo;), and Pacific Ethanol Magic Valley,
LLC, a Delaware limited liability company (&ldquo;<U>Burley</U>&rdquo; and, together with Pacific Holding, Madera, Boardman and
Stockton, each <FONT STYLE="color: black">a &ldquo;<U>Borrower</U>&rdquo; and collectively the &ldquo;<U>Borrowers</U>&rdquo;),
as borrowers</FONT>, Pacific Holding, as Borrowers&rsquo; Agent, each of the Lenders from time to time party thereto, Wells Fargo
Bank, N.A., as Administrative Agent (in such capacity, the &ldquo;<U>Administrative Agent</U>&rdquo;) and Collateral Agent, and
Amarillo National Bank, as accounts bank and (y) Section 8.08 of the Credit Agreement, dated as of October 29, 2012 (as amended,
amended and restated, supplemented or otherwise modified from time to time, the &ldquo;<U>Senior Credit Agreement</U>&rdquo;) among
the Borrowers, Pacific Holding, as the borrowers&rsquo; agent, each of the lenders from time to time party thereto, Wells Fargo
Bank, N.A., as administrative agent and collateral agent, Credit Suisse Loan Funding LLC, as syndication agent, and Amarillo National
Bank, as accounts bank. Capitalized terms used herein but not otherwise defined herein shall have the respective meanings set forth
in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The Borrowers hereby direct the Accounts
Bank to withdraw and transfer, from the account entitled <B>[</B>_____<B>]</B>, No. <B>[</B>_____<B>]</B> (the &ldquo;<U>Extraordinary
Proceeds Account</U>&rdquo;), on <B>[</B>_____<B>]</B>, 20<B>[</B>__<B>]</B> (the &ldquo;<U>Extraordinary Proceeds Release Date</U>&rdquo;),
<B>[</B>_____<B>]</B> Dollars (<B>[</B>$_____<B>]</B>) for deposit into the Revenue Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">In support of such direction, the undersigned,
on behalf of the Borrowers, hereby represents and certifies, as of the date hereof and as of the Extraordinary Proceeds Release
Date, as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The undersigned is an Authorized Officer of the Borrowers&rsquo; Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>This Extraordinary Proceeds Release Notice is being delivered to the Accounts Bank not later than 12:00 Noon New
York City time on the Extraordinary Proceeds Release Date, and the Extraordinary Proceeds Release Date is a Business Day.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>All conditions set forth in the Credit Agreement, the Senior Credit Agreement and the Intercreditor Agreement for
the transfer requested hereby have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><B>[</B>(d)&#9;In the case of transfers
requested pursuant to Section&nbsp;8.08(b)(i)&nbsp;of the Credit Agreement and/or Section 8.08 of the Senior Credit Agreement,
the aggregate total amount of all proceeds of asset disposals deposited in or credited to the Extraordinary Proceeds Account during
the Fiscal Year in which this request is being made is less than one million Dollars ($1,000,000) (including any amounts previously
withdrawn from the Extraordinary Proceeds Account during this Fiscal Year in accordance with Section&nbsp;8.08(b)(i)&nbsp;of the
Credit Agreement and/or Section 8.08 of the Senior Credit Agreement pursuant to any previous Extraordinary Proceeds Release Notice).<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><B>[</B>(d)&#9;In the case of transfers
requested pursuant to Section&nbsp;8.08(c)(i)&nbsp;of the Credit Agreement and/or Section 8.08 of the Senior Credit Agreement,
the aggregate total amount of all Project Document Termination Payments deposited in or credited to the Extraordinary Proceeds
Account during the Fiscal Year in which this request is being made is less than one million Dollars ($1,000,000) (including any
amounts previously withdrawn from the Extraordinary Proceeds Account during this Fiscal Year in accordance with Section&nbsp;8.08(c)(i)&nbsp;of
the Credit Agreement and/or Section 8.08 of the Senior Credit Agreement pursuant to any previous Extraordinary Proceeds Release
Notice).<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(e)&#9;No Notice of Suspension is in effect
and no Default or Event of Default would occur after giving effect to any application of funds contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The undersigned officer is executing this
Extraordinary Proceeds Release Notice not in an individual capacity but as an Authorized Officer of the Borrower&rsquo;s Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: center"><B>[</B>The remainder of this page is
intentionally blank. The next page is the signature page.<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">CC: SENIOR ADMINISTRATIVE AGENT AND ADMINISTRATIVE AGENT</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">IN WITNESS WHEREOF, the undersigned has
caused this Extraordinary Proceeds Release Notice to be executed and delivered as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PACIFIC ETHANOL HOLDING CO. LLC,<BR>
as Borrowers&rsquo; Agent</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"> &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"></P>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 3in"></P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 3in">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">EXHIBIT 11.03</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><U>to Credit Agreement</U></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>[FORM OF]<BR>
<U>LENDER ASSIGNMENT AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">This LENDER ASSIGNMENT AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;),
dated as of <B>[</B>_________<B>]</B>, is by and between <B>[</B>____________<B>]</B> (the &ldquo;<U>Assignor</U>&rdquo;) and <B>[</B>____________<B>]</B>
(the &ldquo;<U>Assignee</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, the Assignor is party to the
Second Amended and Restated Credit Agreement, dated as of October 29, 2012 (as amended, restated, supplemented or otherwise modified
from time to time, the &ldquo;<U>Credit Agreement</U>&rdquo;) among Pacific Ethanol Holding Co. LLC, a Delaware limited liability
company (&ldquo;<U>Pacific Holding</U>&rdquo;), Pacific Ethanol Madera LLC, a Delaware limited liability company (&ldquo;<U>Madera</U>&rdquo;),
Pacific Ethanol Columbia, LLC, a Delaware limited liability company (&ldquo;<U>Boardman</U>&rdquo;), Pacific Ethanol Stockton LLC,
a Delaware limited liability company (&ldquo;<U>Stockton</U>&rdquo;), and Pacific Ethanol Magic Valley, LLC, a Delaware limited
liability company (&ldquo;<U>Burley</U>&rdquo; and, together with Pacific Holding, Madera, Boardman and Stockton, each <FONT STYLE="color: black">a
&ldquo;<U>Borrower</U>&rdquo; and collectively the &ldquo;<U>Borrowers</U>&rdquo;), as borrowers</FONT>, Pacific Holding, as Borrowers&rsquo;
Agent, each of the Lenders from time to time party thereto, Wells Fargo Bank, N.A., as Administrative Agent (in such capacity,
the &ldquo;<U>Administrative Agent</U>&rdquo;) and Collateral Agent, and Amarillo National Bank, as accounts bank;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, Assignor desires to assign certain
of its interests under the Credit Agreement to Assignee in accordance with Section 11.03(b) thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, as provided under the Credit
Agreement, Assignor is a Lender of <B>[</B>Tranche A-1 Term Loans<B>][</B>Tranche A-2 Term Loans<B>][</B>Revolving Loans<B>] </B>that
are <B>[</B>not<B>]</B><SUP>1</SUP> Extended Loans and, as such, as of the date hereof has the outstanding Commitments and has
disbursed the outstanding Loans as set forth in <U>Annex A</U> hereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, Assignee is <B>[</B>not<B>]</B>
an Affiliated Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, Assignor proposes to sell, assign
and transfer to the Assignee, and the Assignee proposes to accept and assume from the Assignor, a <B>[</B>___<B>]</B> percent (<B>[</B>__<B>]</B>%)
interest in all of the rights and obligations of the Assignor under the Credit Agreement and the other Financing Documents (which
includes the outstanding Loans disbursed by and owing to, and the undisbursed Commitments of, Assignor), all on the terms and subject
to the conditions of this Agreement (such interest in such rights and obligations being hereinafter referred to as the &ldquo;<U>Assigned
Interest</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, after giving effect to the assignment
and assumption under this agreement, the respective Loans and Commitments of Assignor and Assignee shall be in the amounts set
forth on <U>Annex A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">NOW, THEREFORE, in consideration of
the foregoing and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: left"><SUP>1</SUP> Delete for Extended Loans.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
1. </FONT><U>Definitions</U>. All capitalized terms not otherwise defined herein shall have the respective meanings set forth in
the Credit Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2. </FONT><U>Assignment</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)
</FONT>As of the effective date set forth on the signature page to this Agreement (the &ldquo;<U>Effective Date</U>&rdquo;), subject
to and in accordance with the Credit Agreement, the Assignor irrevocably sells, transfers, conveys and assigns, without recourse,
representation or warranty (except as expressly set forth herein), to Assignee, and the Assignee irrevocably purchases from the
Assignor, the Assigned Interest, which shall include (i) all of Assignor&rsquo;s rights and obligations in its capacity as a Lender
with respect to the Assigned Interest under the Credit Agreement, each other Financing Document, and any other documents or instruments
delivered pursuant thereto or in connection therewith to the extent related to the Assigned Interest and (ii)&nbsp;to the extent
permitted to be assigned under applicable Law, all claims, suits, causes of action and any other right of the Assignor (in its
capacity as a Lender), to the extent related to the Assigned Interest, against any Person, whether known or unknown, arising under
or in connection with the Credit Agreement, each other Financing Document, and any other documents or instruments delivered pursuant
thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not
limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity (the foregoing
rights, obligations and interests, collectively, the &ldquo;<U>Assigned Rights</U>&rdquo;).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)
</FONT>Upon acceptance and recording of the assignment and assumption made pursuant to this Agreement by the Administrative Agent,
from and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest and the
Assigned Rights (including all payments of principal, interest, fees and other amounts) to the Assignee. The Assignor and the
Assignee shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Effective Date
or with respect to the making of this assignment directly between themselves. Each of the Assignor and the Assignee agrees that
if it receives any amount under the Credit Agreement or any other Financing Document that is for the account of the other, it
shall hold the same for the other to the extent of the other&rsquo;s interest therein and shall pay promptly the same to the other.<SUP>2</SUP></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3. </FONT><B><U>[</U></B><U>Payments</U>. As a condition to the Effective Date, Assignee shall pay to the Administrative Agent
in the lawful currency of the United States and in immediately available funds the processing and recordation fee of three thousand
five hundred Dollars ($3,500), without set-off, counterclaim or deduction of any kind.<B>]</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4. </FONT><U>Representations, Warranties and Undertakings</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)
</FONT>The Assignor (i) represents and warrants that (A) it is the legal and beneficial owner of the Assigned Interest and such
Assigned Interest is free and clear of any Lien or adverse claim and (B) it has full power and authority, and has taken all action
necessary, to execute and deliver this Agreement and to consummate the transactions contemplated hereby; and (ii) makes no representation
or warranty and assumes no responsibility with respect to (A)&nbsp;any statements, warranties or representations made in or in
connection with the Credit Agreement or the other Financing Documents or the execution, legality, validity, enforceability or genuineness,
or sufficiency of value of the Credit Agreement, the other Financing Documents, or any other instrument or document furnished pursuant
thereto or in connection therewith or (B)&nbsp;the financial condition of any Borrower, any other Loan Party or any Project Party
or the performance or observance by any Borrower or any other Person of any of its obligations under the Credit Agreement, any
other Financing Document, or any other instrument or document furnished pursuant thereto or in connection therewith.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 1in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: left"><SUP>2</SUP> Assignor and Assignee to agree to treatment of Capitalized
Interest, if any.</P>

<!-- Field: Page; Sequence: 227; Value: 1 -->
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    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: left"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)
</FONT>The Assignee (i) represents and warrants that it (A) has full power and authority, and has taken all action necessary, to
execute and deliver this Agreement and to consummate the transactions contemplated hereby and to become a Lender under the Credit
Agreement and the other Financing Documents, and (B) meets all requirements of an Eligible Assignee, (ii) acknowledges and confirms
that it has received a copy of the Credit Agreement, each other Financing Document and such other documents and information as
it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement and to purchase the Assigned
Interest and assume the Assigned Rights, on the basis of which it has made such analysis and decision independently and without
reliance on the Administrative Agent or any other Senior Secured Party, (iii) agrees that it will, independently and without reliance
upon the Administrative Agent, any Borrower, or any other Senior Secured Party and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement
or any other Financing Document, (iv) appoints and authorizes each Agent to take such action as agent on its behalf and to exercise
such powers under the Credit Agreement or the other Financing Documents as are delegated to such Agent by the terms thereof and
(v) will perform in accordance with their terms all of the obligations that by the terms of the Financing Documents are required
to be performed by it as a Lender. The Assignee further confirms and agrees that in becoming a Lender and in making its Loans under
the Credit Agreement, such actions have and will be made without recourse to, or representation or warranty by, any Senior Secured
Party.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)
</FONT>The Assignee further agrees to furnish the tax form required by Section 4.07(e) (if so required) of the Credit Agreement
no later than the Effective Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5. </FONT><U>Effectiveness</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)
</FONT>The effectiveness of the sale, assignment and transfer hereunder is subject to (i) the due execution and delivery of this
Agreement by the Assignor and the Assignee, (ii) the receipt by the Assignor of the payment made as consideration for the sale,
assignment and transfer contemplated in Section 2 hereof, (iii) consent by the Administrative Agent to this Agreement and the assignment
contemplated hereby<B>[</B>, (iv) the receipt by the Administrative Agent of the processing and recordation fee provided for in
Section 3 hereof<B>]</B> and <B>[</B>(v)<B>]</B> the registration of such assignment by the Administrative Agent in the Register
in accordance with Section 11.03 of the Credit Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)
</FONT>Simultaneously with the execution and delivery by the parties hereto of this Agreement to the Administrative Agent for its
recording in the Register, the Assignor shall deliver its Note (if any) to the Administrative Agent and may request that new Notes
be executed and delivered to <B>[</B>the Assignor and<B>]</B> the Assignee and reflecting [the respective amounts of the reduced
undisbursed Commitment and outstanding principal of Assignor and<B>]</B> the assigned and assumed outstanding principal and undisbursed
Commitment of the Assignee (plus, if the Assignee is already a Lender, the amount of its outstanding principal and undisbursed
Commitment immediately prior to the assignment effected hereby). Any such new Note shall carry the rights to unpaid accrued interest
that were carried by any applicable superseded Note(s) such that no loss of interest shall result therefrom. Any applicable new
Note executed and delivered in accordance with the foregoing shall have set forth thereon a legend substantially in the following
form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1in 12pt">&ldquo;This Note is issued in replacement of <B>[</B>describe
replaced note<B>]</B> and, notwithstanding the date of this Note, this Note carries all of the rights to unpaid interest that were
carried by such replaced Note, such that no loss of interest shall result from any such replacement.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">If the Assignee is already a Lender, it
shall (promptly following its receipt of such new Note payable to it) return to the Borrower the prior Note, if any, held by it.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)
</FONT>Except as otherwise provided in the Credit Agreement, effective as of the Effective Date:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)
</FONT>the Assignee shall be deemed automatically to have become a party to, and the Assignee agrees that it will be bound by the
terms and conditions set forth in, the Credit Agreement, and shall have all the rights and obligations of a &ldquo;Lender&rdquo;
under the Credit Agreement and the other Financing Documents as if it were an original signatory thereto or an original Lender
thereunder with respect to the Assigned Interest and the Assigned Rights; and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)
</FONT>the Assignor shall relinquish its rights (but shall continue to be entitled to the benefits of Sections 11.07 (<I>Costs
and Expenses</I>) and 11.09 (<I>Indemnification by the Borrowers</I>) of the Credit Agreement) and be released from its obligations
under the Credit Agreement and the other Financing Documents to the extent specified herein.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
6. </FONT><U>Governing Law</U>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of
New York, United States of America.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
7. </FONT><U>Counterparts</U>. This Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together
shall constitute one and the same agreement. Delivery of an executed counterpart of this Agreement by telecopy or portable document
format (&ldquo;pdf&rdquo;) shall be effective as delivery of a manually executed counterpart of this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8. </FONT><U>Further Assurances</U>. The Assignor and the Assignee hereby agree to execute and deliver such other instruments,
and take such other action, as either party or the Administrative Agent may reasonably request in connection with the transactions
contemplated by this Agreement including, without limitation, the delivery of any notices to the Borrowers or the Agents that may
be required in connection with the assignment contemplated hereby.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
9. </FONT><U>Binding Effect; Amendment</U>. This Agreement shall be binding upon and inure to the benefit of the parties and their
respective successors and assigns, subject, however, to the provisions of the Credit Agreement. No provision of this Agreement
may be amended, waived or otherwise modified except by an instrument in writing signed by each party hereto and by the Administrative
Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10. </FONT><U>Administrative Agent Enforcement</U>. The Administrative Agent shall be entitled to rely upon and enforce this Agreement
against the Assignor and the Assignee in all respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[</B></FONT>The
remainder of this page is intentionally blank. The next page is the signature page.<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">IN WITNESS WHEREOF, the Assignor and the Assignee have caused
this Lender Assignment Agreement to be executed by their duly authorized officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The effective date for this Agreement is <B>[</B>the date
this Agreement is acknowledged and accepted by the Administrative Agent <B>[</B>and the Borrowers&rsquo; Agent<SUP>3</SUP><B>]]
[</B>____________, 20<B>[</B>__<B>]</B> (the &ldquo;<U>Trade Date</U>&rdquo;)<B>]</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">[ASSIGNOR]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"> &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">[ASSIGNEE]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"> &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>









<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Accepted and Acknowledged</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">this ___ day of _______, 20___</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">WELLS FARGO BANK, N.A.,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">as Administrative Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By: __________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17pt">Name:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17pt">Title:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">[<SUP>4</SUP>Accepted and Acknowledged</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">this ___ day of _______, 20___</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PACIFIC ETHANOL HOLDING CO. LLC,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">as Borrowers&rsquo; Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By: __________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17pt">Name:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17pt">Title:]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP></SUP></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>3</SUP> Only if required pursuant to definition of Eligible
Assignee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>4</SUP> Only if required pursuant to definition of Eligible
Assignee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 231; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Annex A<BR>
<U>to Lender Assignment Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 58.3pt">[Note: Include only those Loans that Assignor has an
interest in.]</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; border: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><B>Loan<SUP>5</SUP></B></TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><B>Assignor&rsquo;s<BR>
Undisbursed<BR>
Commitment<BR>
Pre-Assignment</B></TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><B>Assignor&rsquo;s<BR>
Outstanding<BR>
Loans<BR>
Pre-<BR>
Assignment</B></TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><B>Percentage<BR>
(of<BR>
Assignor&rsquo;s<BR>
interests)<BR>
Assigned</B></TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><B>Assignor&rsquo;s<BR>
Undisbursed<BR>
Commitment<BR>
Post-<BR>
Assignment</B></TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><B>Assignor&rsquo;s<BR>
Outstanding<BR>
Loans<BR>
Post-<BR>
Assignment</B></TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><B>Assignee&rsquo;s<BR>
Undisbursed<BR>
Commitment<BR>
Post-<BR>
Assignment*</B></TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><B>Assignee&rsquo;s<BR>
Outstanding<BR>
Loans<BR>
Post-<BR>
Assignment*</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">Tranche A-1 Term Loans </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">Tranche A-2 Term Loans </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">N/A</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">N/A </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">N/A </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">Revolving Loans </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">* </FONT>If
Assignee is already a Lender, this number should be calculated taking into account only the Commitments and Loans assumed by Assignee
pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP></SUP></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>5</SUP> <B>[</B>The Loans are [not]<SUP>&dagger;</SUP> Extended
Loans. <SUP>&dagger;</SUP>Delete for Extended Loans.<B>][</B>Assignment to specify treatment of Capitalized Interest, if any.<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<!-- Field: Page; Sequence: 232; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>







<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>Exhibit 11.21</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">To</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The SECOND AMENDED AND RESTATED
CREDIT AGREEMENT (the &ldquo;Agreement&rdquo;), dated as of October 29, 2012, by and among PACIFIC ETHANOL HOLDING CO. LLC, a Delaware
limited liability company (&ldquo;Pacific Holding&rdquo;), PACIFIC ETHANOL MADERA LLC, a Delaware limited liability company (&ldquo;Madera&rdquo;),
PACIFIC ETHANOL COLUMBIA, LLC, a Delaware limited liability company (&ldquo;Boardman&rdquo;), PACIFIC ETHANOL STOCKTON LLC, a Delaware
limited liability company (&ldquo;Stockton&rdquo;), and PACIFIC ETHANOL MAGIC VALLEY, LLC, a Delaware limited liability company
(&ldquo;Burley&rdquo; and, together with Pacific Holding, Madera, Boardman and Stockton, the &ldquo;Borrowers&rdquo;), Pacific
Holding, as Borrowers&rsquo; Agent (the &ldquo;Borrowers&rsquo; Agent&rdquo;), each of the Lenders from time to time party thereto,
WELLS FARGO BANK, N.A., as administrative agent for the Lenders (the &ldquo;Bank&rdquo;), WELLS FARGO BANK, N.A., as collateral
agent for the Senior Secured Parties and AMARILLO NATIONAL BANK, as accounts bank. Capitalized terms used but not defined herein
have the meanings given to such terms in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">I hereby certify
that I am authorized to deliver this Exhibit 11.21 on behalf of the Borrowers and the Borrowers&rsquo; Agent (collectively, the
&ldquo;Organization&rdquo;), and hereby further certify that the names, titles, telephone numbers, email addresses and specimen
signatures set forth below identify the persons authorized to provide direction and initiate or confirm transactions, including
funds transfer instructions, on behalf of the Organization, and that the option checked in Part C of this Exhibit 11.21 is the
security procedure selected by the Organization for use in verifying that a funds transfer instruction received by the Bank is
that of the Organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Organization
has reviewed each of these security procedures and has determined that the option checked in Part C of this Exhibit 11.21 best
meets its requirements; given the size, type and frequency of the instructions it will issue to the Bank. By selecting the security
procedure specified in Part C of this Exhibit 11.21, the Organization acknowledges that it has elected to not use the other security
procedures described below and agrees to be bound by any funds transfer instruction, whether or not authorized, issued in its name
and accepted by the Bank in compliance with the particular security procedure chosen by the Organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>NOTICE</U>: The
security procedure selected by the Organization will not be used to detect errors in the funds transfer instructions given by the
Organization. If a funds transfer instruction describes the beneficiary of the payment inconsistently by name and account number,
payment may be made on the basis of the account number even if it identifies a person different from the named beneficiary. If
a funds transfer instruction describes a participating financial institution inconsistently by name and identification number,
the identification number may be relied upon as the proper identification of the financial institution. Therefore, it is important
that the Organization take such steps as it deems prudent to ensure that there are no such inconsistencies in the funds transfer
instructions it sends to the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 233; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>Part A</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">Name, Title, Telephone
Number, Email Address and Specimen Signature</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="color: black">for
person(s) designated to </FONT>provide direction, including but not limited to funds transfer instructions, <FONT STYLE="color: black">and
to otherwise act on behalf of the Organization</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: -63pt; padding-left: 5.4pt; text-decoration: underline">Name</TD>
    <TD STYLE="width: 20%; padding-right: -63pt; padding-left: 5.4pt; text-decoration: underline">Title</TD>
    <TD STYLE="width: 20%; padding-right: -63pt; padding-left: 5.4pt; text-decoration: underline">Telephone Number</TD>
    <TD STYLE="width: 20%; padding-right: -63pt; padding-left: 5.4pt; text-decoration: underline">Email Address</TD>
    <TD STYLE="width: 20%; padding-right: -63pt; padding-left: 5.4pt; text-decoration: underline">Specimen Signature</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">Neil M. Koehler</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">President</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">916-403-2126</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; text-decoration: underline">neilk@pacificethanol.net</FONT></TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">/s/ Neil M. Koehler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">Bryon T. McGregor</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">CFO</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">916-403-2710</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; text-decoration: underline">bmcgregor@pacificethanol.net</FONT></TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">/s/ Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">_________________</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">________________</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">________________</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">_____________</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp; ________________</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><U>[list more if desired]</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center; text-indent: -0.25in"><B>Part B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center; text-indent: -0.25in">Name,
Title, Telephone Number and Email Address for</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center; text-indent: -0.25in"><B>person(s)
designated to confirm funds transfer instructions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-right: -0.5in; padding-left: 5.4pt; text-decoration: underline">Name</TD>
    <TD STYLE="width: 25%; padding-right: -0.5in; padding-left: 5.4pt; text-decoration: underline">Title</TD>
    <TD STYLE="width: 25%; padding-right: -0.5in; padding-left: 5.4pt; text-decoration: underline">Telephone Number</TD>
    <TD STYLE="width: 25%; padding-right: -0.5in; padding-left: 5.4pt; text-decoration: underline">Email Address</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">Michael Kramer</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">Treasurer</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">916-403-2738</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; text-decoration: underline">mkramer@pacificethanol.net</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">Rebecca Lane</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">Staff Accountant-Finance</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">916-403-2725</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; text-decoration: underline">rlane@pacificethanol.net</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">___________________</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">____________________</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">________________</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">_________________</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">[list more if desired]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<!-- Field: Page; Sequence: 234; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Exhibit 11.21 - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center; text-indent: -0.25in"><B>Part C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center; text-indent: -0.25in"><B><U>Means
for delivery of instructions and/or confirmations </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">The security procedure to be used
with respect to funds transfer instructions is checked below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></FONT><FONT STYLE="font-size: 10pt">&#9;<I><U>Option
1. Confirmation by telephone call-back</U></I>. The Bank shall confirm funds transfer instructions by telephone call-back<FONT STYLE="color: black">
to a person at the telephone number designated on Part B above. The person confirming the funds transfer instruction shall be a
person other than the person from whom the funds transfer instruction was received, unless only one person is designated in both
Parts A and B of this Exhibit 11.21.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT><FONT STYLE="font-size: 10pt; color: black"><B>&#9;</B>CHECK
box, if applicable:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: justify">If the Bank is unable to obtain confirmation by telephone call-back, the Bank may, at its discretion,
confirm by email, as described in Option 2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT><FONT STYLE="font-size: 10pt">&#9;<FONT STYLE="color: black"><I><U>Option
2. Confirmation by email</U></I>. </FONT>The Bank shall confirm funds transfer instructions by email<FONT STYLE="color: black">
to a person at the email address specified for such person in Part B of this Schedule. The person confirming the funds transfer
instruction shall be a person other than the person from whom the funds transfer instruction was received, unless only one person
is designated in both Parts A and B of this Exhibit 11.21. </FONT>The Organization understands the risks associated with communicating
sensitive matters, including time sensitive matters, by email. The Organization further acknowledges that instructions and data
sent by email may be less confidential or secure than instructions or data transmitted by other methods. The Bank shall not be
liable for any loss of the confidentiality of instructions and data prior to receipt by the Bank<FONT STYLE="color: black">. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT><FONT STYLE="font-size: 10pt">&#9;CHECK
box, if applicable:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">If the Bank is unable to obtain
confirmation by email, the Bank may, at its discretion,&nbsp;confirm by&nbsp;telephone call-back, as described in Option 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT><FONT STYLE="font-size: 10pt">&#9;<I><U>Option
3. Delivery of funds transfer instructions by password protected file transfer system only - no confirmation</U></I>. The Bank
offers the option to deliver funds transfer instructions through a password protected file transfer system. If the Organization
wishes to use the password protected file transfer system, further instructions will be provided by the Bank. If the Organization
chooses this Option 3, it agrees that no further confirmation of funds transfer instructions will be performed by the Bank. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT><FONT STYLE="font-size: 10pt">&#9;<I><U>Option
4. Delivery of funds transfer instructions by password protected file transfer system with confirmation</U></I>. Same as Option
3 above, but the Bank shall confirm funds transfer instructions by </FONT><FONT STYLE="font-family: Wingdings 2">&#163;</FONT><FONT STYLE="font-size: 10pt"> telephone call-back<FONT STYLE="color: black">
or </FONT></FONT><FONT STYLE="font-family: Wingdings 2">&#163;</FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="color: black">email (must check at least one, may check both) to
a person at the telephone number or email address designated on Part B above. By checking a box in the prior sentence, the party
shall be deemed to have agreed to the terms of such confirmation option as more fully described in Option 1 and Option 2 above.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Dated this 29th day of October, 2012.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>By <U>/s/ BRYON T. MCGREGOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Name:</B> Bryon T. McGregor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Title:</B> Chief Operating Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>3
<FILENAME>paceth_10q-ex1007.htm
<DESCRIPTION>CREDIT AGREEMENT
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.7</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>CREDIT AGREEMENT</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>dated as of October 29, 2012</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>among</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>PACIFIC ETHANOL HOLDING CO. LLC,<BR>
PACIFIC ETHANOL MADERA LLC,<BR>
PACIFIC ETHANOL COLUMBIA, LLC,<BR>
PACIFIC ETHANOL STOCKTON LLC, and<BR>
PACIFIC ETHANOL MAGIC VALLEY, LLC,<BR>
as Borrowers,</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>PACIFIC ETHANOL HOLDING CO. LLC,<BR>
as Borrowers&rsquo; Agent,</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>THE LENDERS REFERRED TO HEREIN,</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>WELLS FARGO BANK, N.A.,<BR>
as Administrative Agent for the Lenders,</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>WELLS FARGO BANK, N.A.,<BR>
as Collateral Agent for the Senior Secured Parties,</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CREDIT SUISSE LOAN FUNDING LLC,</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>as Syndication Agent</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>and</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>AMARILLO NATIONAL BANK,<BR>
as Accounts Bank</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Page</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="width: 95%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE I</FONT> DEFINITIONS AND INTERPRETATION</TD>
    <TD STYLE="width: 5%; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 1.01</FONT><U> Defined Terms</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 1.02</FONT><U> Principles of Interpretation</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 1.03</FONT><U> UCC Terms</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 1.04</FONT><U> Accounting and Financial Determinations</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 1.05</FONT><U> Joint and Several</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE II</FONT> COMMITMENTS AND BORROWING</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 2.01</FONT><U> Loans</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 2.02</FONT><U> Notice of Fundings</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 2.03</FONT><U> Funding of Loans</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 2.04</FONT><U> Evidence of Indebtedness</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 2.05</FONT><U> Termination or Reduction of Commitments</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 2.06</FONT><U> Defaulting Lenders</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE III</FONT> REPAYMENTS, PREPAYMENTS, INTEREST AND FEES</TD>
    <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.01</FONT><U> Repayment of Loan Fundings</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.02</FONT><U> Interest Payment Dates</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.03</FONT><U> Interest Rates</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.04</FONT><U> Default Interest Rate</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.05</FONT><U> Interest Rate Determination</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.06</FONT><U> Computation of Interest and Fees</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.07</FONT><U> Optional Prepayment</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.08</FONT><U> Mandatory Prepayment</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.09</FONT><U> Time and Place of Payments</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.10</FONT><U> Fundings and Payments Generally</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.11</FONT><U> Fees</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.12</FONT><U> Pro rata Treatment</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.13</FONT><U> Sharing of Payments</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.14</FONT><U> Commitment Increase</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE IV</FONT> EURODOLLAR RATE AND TAX PROVISIONS</TD>
    <TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 4.01</FONT><U> Eurodollar Rate Lending Unlawful</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 4.02</FONT><U> Inability to Determine Eurodollar Rates</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 4.03</FONT><U> Increased Eurodollar Loan Costs</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 4.04</FONT><U> Obligation to Mitigate</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 4.05</FONT><U> Funding Losses</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 4.06</FONT><U> Increased Capital Costs</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 4.07</FONT><U> Taxes</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">19</TD></TR>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE V</FONT> REPRESENTATIONS AND WARRANTIES</TD>
    <TD STYLE="text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.01</FONT><U> Organization; Power and Compliance with Law</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.02</FONT><U> Due Authorization; Non-Contravention</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.03</FONT><U> Governmental Approvals</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.04</FONT><U> Investment Company Act</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.05</FONT><U> Validity of Financing Documents</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.06</FONT><U> Financial Information</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.07</FONT><U> No Material Adverse Effect</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.08</FONT><U> Project Compliance</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.09</FONT><U> Litigation</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.10</FONT><U> Sole Purpose Nature; Business</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.11</FONT><U> Contracts</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.12</FONT><U> Collateral</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.13</FONT><U> Ownership of Properties</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">25</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.14</FONT><U> Taxes</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.15</FONT><U> Patents, Trademarks, Etc.</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.16</FONT><U> ERISA Plans</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.17</FONT><U> Property Rights, Utilities, Supplies Etc.</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.18</FONT><U> No Defaults</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">27</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.19</FONT><U> Environmental Warranties</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">27</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.20</FONT><U> Regulations T, U and X</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.21</FONT><U> Accuracy of Information</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.22</FONT><U> Indebtedness</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.23</FONT><U> Separateness</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.24</FONT><U> Subsidiaries</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.25</FONT><U> Foreign Assets Control Regulations, Etc.</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.26</FONT><U> Employment Matters</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.27</FONT><U> Solvency</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.28</FONT><U> Legal Name and Place of Business</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.29</FONT><U> No Brokers</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.30</FONT><U> Insurance</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.31</FONT><U> Accounts</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.32</FONT><U> Interest Rate Protection Agreements</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE VI</FONT> CONDITIONS PRECEDENT</TD>
    <TD STYLE="text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 6.01</FONT><U> Conditions to Closing</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 6.02</FONT><U> Conditions to All Fundings</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>ARTICLE VII COVENANTS</TD>
    <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.01</FONT><U> Affirmative Covenants</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.02</FONT><U> Negative Covenants</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.03</FONT><U> Reporting Requirements</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE VIII</FONT> PROJECT ACCOUNTS</TD>
    <TD STYLE="text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.01</FONT><U> Existence of Project Accounts</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.02</FONT><U> Deposits into and Withdrawals from Project Accounts</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">54</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.03</FONT><U> Revenue Account</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.04</FONT><U> Operating Account</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.05</FONT><U> Maintenance Capital Expense Account</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.06</FONT><U> Debt Service Reserve Account</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">56</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.07</FONT><U> Insurance and Condemnation Proceeds Accounts</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.08</FONT><U> Extraordinary Proceeds Account</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">57</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.09</FONT><U> Representations, Warranties and Covenants of Accounts Bank</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">57</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.10</FONT><U> Project Accounts</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">60</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.11</FONT><U> Project Accounts as Deposit Account</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">60</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.12</FONT><U> Duties of Accounts Bank</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">61</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.13</FONT><U> Subordination</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">62</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.14</FONT><U> Borrower Acknowledgments</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">62</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.15</FONT><U> Agreement to Hold In Trust</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">62</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.16</FONT><U> Interest and Investments</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">63</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.17</FONT><U> Accounts Bank Information</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">64</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 8.18</FONT><U> Notices of Suspension of Accounts</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">65</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE IX</FONT> DEFAULT AND ENFORCEMENT</TD>
    <TD STYLE="text-align: right">66</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 9.01</FONT><U> Events of Default</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">66</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 9.02</FONT><U> Action Upon Bankruptcy</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">71</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 9.03</FONT><U> Action Upon Other Event of Default</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">72</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 9.04</FONT><U> Application of Proceeds</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">72</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE X</FONT> THE AGENTS</TD>
    <TD STYLE="text-align: right">72</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.01</FONT><U> Appointment and Authority</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">72</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.02</FONT><U> Rights as a Lender or Interest Rate Protection Provider</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">75</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.03</FONT><U> Exculpatory Provisions</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">75</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.04</FONT><U> Reliance by Agents</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">77</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.05</FONT><U> Delegation of Duties</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">78</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.06</FONT><U> Resignation or Removal of Agent</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">78</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.07</FONT><U> No Amendment to Duties of Agent Without Consent</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">79</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.08</FONT><U> Non-Reliance on Agent and Other Lenders</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">79</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.09</FONT><U> Collateral Agent May File Proofs of Claim</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">79</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.10</FONT><U> Collateral Matters</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">80</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.11</FONT><U> Copies</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">81</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 10.12</FONT><U> Syndication Agent</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">81</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE XI</FONT> MISCELLANEOUS PROVISIONS</TD>
    <TD STYLE="text-align: right">81</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.01</FONT><U> Amendments, Etc.</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">81</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.02</FONT><U> Applicable Law; Jurisdiction; Etc.</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">83</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.03</FONT><U> Assignments</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">85</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.04</FONT><U> Benefits of Agreement</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">88</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.05</FONT><U> Borrowers&rsquo; Agent</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">88</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.06</FONT><U> Consultants</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">89</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.07</FONT><U> Costs and Expenses</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">89</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.08</FONT><U> Counterparts; Effectiveness</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">89</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.09</FONT><U> Indemnification by the Borrowers</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">90</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.10</FONT><U> Interest Rate Limitation</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">91</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.11</FONT><U> No Waiver; Cumulative Remedies</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">91</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.12</FONT><U> Notices and Other Communications</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">91</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.13</FONT><U> Patriot Act Notice</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">94</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.14</FONT><U> Payments Set Aside</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">94</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.15</FONT><U> Right of Setoff</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">95</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.16</FONT><U> Severability</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">95</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.17</FONT><U> Survival</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">95</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.18</FONT><U> Treatment of Certain Information; Confidentiality</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">96</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.19</FONT><U> Waiver of Consequential Damages, Etc.</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">97</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.20</FONT><U> Waiver of Litigation Payments</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">97</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 11.21</FONT><U> Security Procedure For Funds Transfers</U></TD>
    <TD STYLE="text-indent: 0in; text-align: right">97</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0"><B>SCHEDULES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 1.01(a) &ndash; Commitments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 5.11 &ndash; Contracts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 5.12 &ndash; UCC Filing
Offices</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 5.13(a) &ndash; Site Descriptions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 5.19(a)(i) &ndash; Environmental
Warranties</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 5.19(d)(ii) &ndash; Underground
Storage Tanks</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 5.23 &ndash; Separateness
Provisions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 5.28 &ndash; Legal Names
and Places of Business</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 5.29 &ndash; Broker Fees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 6.01(a)(ix) &ndash; Project
Document Consents</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 6.01(m)A &ndash; Initial
Budget</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 6.01(m)B &ndash; Initial
Annual Forecast</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 7.01(h) &ndash; Insurance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 7.02(a) &ndash; Bonds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Schedule 11.12 &ndash; Notice Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0"><B>EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit A &ndash; Defined Terms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit B &ndash; Intercreditor Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit C &ndash; Amended Credit
Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 2.02 &ndash; Form of Funding
Notice</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 2.04 &ndash; Form of Note</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 3.03 &ndash; Form of Interest
Period Notice</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 4.07 &ndash; Form of Non-U.S.
Lender Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 6.01(k) &ndash; Form of Insurance
Certificate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 7.01(t)A &ndash; Form of
Estoppel Certificate (Stockton)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 7.01(t)B &ndash; Form of
Estoppel Certificate (Boardman)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 7.03(l) &ndash; Form of Operating
Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 11.03 &ndash; Form of Lender
Assignment Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Exhibit 11.21 &ndash; Security Procedures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">This CREDIT AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;),
dated as of October 29, 2012, is by and among Pacific Ethanol Holding Co. LLC, a Delaware limited liability company (&ldquo;<U>Pacific
Holding</U>&rdquo;), Pacific Ethanol Madera LLC, a Delaware limited liability company (&ldquo;<U>Madera</U>&rdquo;), Pacific Ethanol
Columbia, LLC, a Delaware limited liability company (&ldquo;<U>Boardman</U>&rdquo;), Pacific Ethanol Stockton LLC, a Delaware limited
liability company (&ldquo;<U>Stockton</U>&rdquo;), and Pacific Ethanol Magic Valley, LLC, a Delaware limited liability company
(&ldquo;<U>Burley</U>&rdquo; and, together with Pacific Holding, Madera, Boardman and Stockton, the &ldquo;<U>Borrowers</U>&rdquo;),
Pacific Holding, as Borrowers&rsquo; Agent, each of the Lenders from time to time party hereto, WELLS FARGO BANK, N.A., as administrative
agent for the Lenders, WELLS FARGO BANK, N.A., as collateral agent for the Senior Secured Parties, CREDIT SUISSE LOAN FUNDING LLC,
as Syndication Agent and AMARILLO NATIONAL BANK, as accounts bank.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
the undersigned Lenders are parties to the Amended and Restated Credit Agreement, dated as of August&nbsp;1, 2011, by and among
the Borrowers, the Borrowers&rsquo; Agent, each of the lenders from time to time party thereto, Wells Fargo, as administrative
agent for the Lenders (as defined therein) and collateral agent for the Senior Secured Parties (as defined therein), WestLB, as
issuing bank thereunder, and the Accounts Bank, as accounts bank, as amended by the First Amendment thereto, dated as of July 13,
2012 (as so amended, and as further amended, supplemented or otherwise modified prior to giving effect to the Existing Credit Agreement
Amendment referred to below, the &ldquo;<U>Existing Credit Agreement</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
the Borrowers have requested, and the Lenders have agreed, pursuant to the term of this Agreement, to enter into a priming first
priority secured credit facility whereby the Lenders shall extend credit and make certain financial accommodations to the Borrowers,
which facility shall be senior in right of payment and lien priority to the credit facility provided pursuant to the Existing Credit
Agreement, in each case subject to the terms set forth herein, in the Intercreditor Agreement and in the other Financing Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
as a condition to the extension of credit hereunder, the Borrowers in their capacity as Borrowers under the Existing Credit Agreement,
certain Lenders (as defined in the Existing Credit Agreement) and the Existing Agents shall enter into a second amendment and restatement
to the Existing Credit Agreement, dated as of the date hereof (the &ldquo;<U>Existing Credit Agreement Amendment</U>&rdquo;; the
Existing Credit Agreement as amended by the Existing Credit Agreement Amendment, as attached hereto as <U>Exhibit C</U>, the &ldquo;<U>Amended
Credit Agreement</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
in connection with the foregoing agreements and concurrently herewith, the Loan Parties, the Existing Agents and the Agents are
entering into the Intercreditor Agreement, to set forth the respective rights and obligations with respect to payment and lien
priority under the credit facilities established pursuant to the Amended Credit Agreement and this Agreement, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOW,
THEREFORE</B></FONT>, the parties hereto agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
I<BR>
<BR>
</FONT>DEFINITIONS AND INTERPRETATION</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
1.01 </FONT><U>Defined Terms</U>. Capitalized terms used in this Agreement, including its preamble and recitals, shall, except
as otherwise defined herein or where the context otherwise requires, have the meanings provided in <U>Exhibit A</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
1.02 </FONT><U>Principles of Interpretation</U>. (a) Unless otherwise defined or the context otherwise requires, terms for which
meanings are provided in this Agreement shall have the same meanings when used in each Financing Document, notice and other communication
delivered from time to time in connection with any Financing Document.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless the context requires otherwise, any reference in this Agreement to any Transaction Document shall mean such Transaction
Document and all schedules, exhibits and attachments thereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All the agreements, contracts or documents defined or referred to herein shall mean such agreements, contracts or documents
as the same may from time to time be supplemented or amended or the terms thereof waived or modified to the extent permitted by,
and in accordance with, the terms thereof and this Agreement, and shall disregard any supplement, amendment or waiver made in breach
of this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any reference in any Financing Document relating to a Default or an Event of Default that has occurred and is continuing
(or words of similar effect) shall be understood to mean that (i) in the case of a Default only, such Default has not been cured
or remedied, or has not been waived in the manner set forth herein, before becoming an Event of Default and (ii) in the case of
an Event of Default, such Event of Default has not been waived in the manner set forth herein.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;knowledge&rdquo; in relation to the Borrowers, and any other similar expressions, shall mean knowledge of
each of the Borrowers after due inquiry.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Defined terms in this Agreement shall include in the singular number the plural and in the plural number the singular.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The words &ldquo;herein,&rdquo; &ldquo;hereof&rdquo; and &ldquo;hereunder&rdquo; and words of similar import when used in
this Agreement shall, unless otherwise expressly specified, refer to this Agreement as a whole and not to any particular provision
of this Agreement and all references to Articles, Sections, Exhibits and Schedules shall be references to Articles, Sections, Exhibits
and Schedules of this Agreement, unless otherwise specified.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The words &ldquo;include,&rdquo; &ldquo;includes&rdquo; and &ldquo;including&rdquo; are not limiting.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The word &ldquo;or&rdquo; is not exclusive.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any reference to any Person shall include its permitted successors and permitted assigns in the capacity indicated, and
in the case of any Governmental Authority, any Person succeeding to its functions and capacities.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
1.03 </FONT><U>UCC Terms</U>. Unless otherwise defined herein, terms used herein that are defined in the UCC shall have the respective
meanings given to those terms in the UCC.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
1.04 </FONT><U>Accounting and Financial Determinations</U>. Unless otherwise specified, all accounting terms used in any Financing
Document shall be interpreted, all accounting determinations and computations hereunder or thereunder shall be made, and all financial
statements required to be delivered hereunder or thereunder shall be prepared, in accordance with GAAP.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
1.05 </FONT><U>Joint and Several</U>. Subject to <U>Section 1.05(b)</U>, the Obligations of each Borrower under this Agreement
and each other Financing Document to which any Borrower is a party shall constitute the joint and several obligations of all Borrowers.
All representations, warranties, undertakings, agreements and obligations of each Borrower expressed or implied in this Agreement
or any other Financing Document shall, unless the context requires otherwise, be deemed to be made, given or assumed by the Borrowers
jointly and severally.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Borrowers, the Administrative Agent and the Lenders hereby confirms that it is the intention of all such Persons
that this Agreement and the other Financing Documents and the Obligations of each Borrower hereunder and thereunder not constitute
a fraudulent transfer or conveyance for purposes of any Debtor Relief Laws, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar foreign, federal or state law, to the extent applicable to this Agreement or such other
Financing Document and the Obligations of each Borrower hereunder and thereunder. To effectuate the foregoing intention, the Administrative
Agent, the Lenders and the Borrowers hereby irrevocably agree that the Obligations of each Borrower at any time shall be limited
to the maximum amount as will result in the Obligations of such Borrower not constituting a fraudulent transfer or conveyance.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
II<BR>
<BR>
</FONT>COMMITMENTS AND BORROWING</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">On the terms, subject to the conditions
and relying upon the representations and warranties herein set forth:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2.01 </FONT><U>Loans</U>. (a) Each Lender agrees, severally and not jointly, on the terms and conditions of this Agreement, to
make loans (each such loan, a &ldquo;<U>Loan</U>&rdquo;) to the Borrowers, from time to time but not more frequently than six
(6) times each calendar month, until the last Business Day immediately preceding the Maturity Date, in an aggregate principal
amount from time to time outstanding not in excess of the Commitment of such Lender; provided<I>,</I> that the aggregate principal
amount of the Funded Loans of any Lender at any one time outstanding shall not exceed such Lender&rsquo;s Commitment. For the
avoidance of doubt, the aggregate principal balance of the outstanding Loans of any Lender may exceed such Lender&rsquo;s Commitment,
and the aggregate principal balance of the outstanding Loans of all Lenders may exceed the Aggregate Commitments, in each case
solely as the result of the payment of Capitalized Interest in accordance with <U>Section 3.02(a) (<I>Interest Payment Dates</I>)</U>.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Funding of Loans shall be in the minimum amount of one hundred thousand Dollars ($100,000).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Proceeds of each Loan shall be deposited into the Revenue Account (or as otherwise agreed by Borrowers&rsquo; Agent and
the Administrative Agent, at the direction of the Required Lenders, and specified in the relevant Funding Notice) and applied solely
in accordance with this Agreement and shall be used solely in accordance with the then-current Budget.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Within the limits set forth in <U>Sections 2.01(a)</U> and <U>3.08(d)</U>, the Borrowers may pay or prepay Loans in accordance
with <U>Section 3.07</U> and reborrow Funded Loans that have been so repaid.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2.02 </FONT><U>Notice of Fundings</U>. (a) From time to time, but not more frequently than six times per calendar month, the Borrowers
may propose a Funding by delivering to the Administrative Agent a properly completed Funding Notice not later than 12:00 noon,
New York City time, five (5) Business Days prior to the proposed Funding Date; provided that in the case of the Loans to be made
on the Closing Date such five (5) Business Days period is hereby waived. Each Funding Notice delivered pursuant to this <U>Section
2.02</U> shall be irrevocable and shall refer to this Agreement and specify (i) whether such Funding is requested to be of Eurodollar
Loans and/or Base Rate Loans, (ii) the requested Funding Date (which shall be a Business Day) and (iii) the amount of such requested
Funding.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Administrative Agent shall promptly advise each Lender of any Funding Notice given pursuant to this <U>Section 2.02</U>,
and of each such Lender&rsquo;s portion of the requested Funding.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2.03 </FONT><U>Funding of Loans</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Subject to <U>Section 2.03(d)</U>,
each Funding shall consist of Loans made by the Lenders ratably in accordance with their respective applicable Commitment Availability
Percentages and shall consist of Eurodollar Loans or Base Rate Loans as the Borrowers may request pursuant to <U>Section 2.02
(<I>Notice of Fundings</I>)</U>; provided<I>,</I> that the failure of any Lender to make any Loan shall not in itself relieve
any other Lender of its obligation to lend hereunder (it being understood, however, that no Lender shall be responsible for the
failure of any other Lender to make any Loan required to be made by such other Lender).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to <U>Section 4.04 (<I>Obligation to Mitigate</I>)</U>, each Lender may (without relieving any Borrower of its obligation
to repay a Loan in accordance with the terms of this Agreement and the Notes) at its option fulfill its Commitment with respect
to any such Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that the use
of such domestic or foreign branch does not result in any increased costs payable by any of the Borrowers hereunder.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to <U>Section 2.03(d)</U>, each Lender shall make a Loan in the amount of its applicable Commitment Availability
Percentage of each Funding of Loans hereunder on the proposed Funding Date by wire transfer of immediately available funds to the
Administrative Agent, not later than 11:00 a.m. New York City time, and the Administrative Agent shall transfer the amounts so
received to the Accounts Bank for deposit into the Revenue Account in the amount set forth in the Funding Notice (or as otherwise
agreed by the Administrative Agent, at the direction of the Required Lenders, and specified in the relevant Funding Notice); provided<I>,</I>
that if a Funding does not occur on the proposed Funding Date because any condition precedent to such requested Funding herein
specified has not been met and not all Lenders have made their respective Loans on such date, the Administrative Agent shall return
any amounts so received to the respective Lenders without interest.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless the Administrative Agent has been notified in writing by any Lender prior to a proposed Funding Date that such Lender
will not make available to the Administrative Agent its portion of the Funding proposed to be made on such date, the Administrative
Agent may assume that such Lender has made such amounts available to the Administrative Agent on such date and the Administrative
Agent in its sole discretion may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. If
such corresponding amount is not in fact made available to the Administrative Agent by such Lender and the Administrative Agent
has made such amount available to the Borrowers, the Administrative Agent shall be entitled to recover such corresponding amount
on demand from such Lender and, if such Lender pays such amount (together with the interest noted below), then the amount so paid
shall constitute such Lender&rsquo;s Loan included in such Funding. If such Lender does not pay such corresponding amount forthwith
upon the Administrative Agent&rsquo;s demand, the Administrative Agent shall promptly notify the Borrowers and the Borrowers shall
immediately repay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover
from such Lender or the Borrowers, as the case may be, interest on such corresponding amount in respect of each day from the date
such corresponding amount was made available by the Administrative Agent to the Borrowers to the date such corresponding amount
is recovered by the Administrative Agent, at an interest rate <I>per annum</I> equal to (i) in the case of a payment made by such
Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation and (ii) in the case of a payment made by the Borrowers, the Base Rate plus the Applicable
Margin. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its commitment hereunder. Notwithstanding
anything to the contrary in this Agreement or any other Financing Document, the Administrative Agent may, subject to the Intercreditor
Agreement and the rights of the other Senior Secured Parties under the Security Documents and with prior notice to the Borrowers,
apply all funds and proceeds of Collateral available for the payment of any Obligation to repay any amount owing by any Lender
to the Administrative Agent as a result of such Lender&rsquo;s failure to fund its applicable share of any Funding hereunder. A
notice of the Administrative Agent to any Lender or the Borrowers with respect to any amounts owing under this <U>Section 2.03(d)</U>
shall be conclusive, absent manifest error.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2.04 </FONT><U>Evidence of Indebtedness</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Each Loan made
by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent
in the ordinary course of business, including the Register for the recordation of the Loans maintained by the Administrative Agent
in accordance with the provisions of <U>Section 11.03(c) (<I>Assignments</I>)</U>. The accounts or records maintained by the Administrative
Agent and each Lender shall be conclusive evidence, absent manifest error, of the amount of the Loans made by the Lenders to the
Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or
otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event
of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent
in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers agree that in addition to the Register and any other accounts and records maintained pursuant to <U>Section
2.04(a)</U>, the Loans made by each Lender shall be evidenced, in each case when requested by a Lender, by a Note or Notes duly
executed on behalf of each Borrower, dated the Closing Date (or, if later, the date of any such request), payable to the order
of such Lender in a principal amount equal to such Lender&rsquo;s Commitment. Each Lender may attach schedules to its Note and
endorse thereon the date, amount and maturity of its Loan and payments with respect thereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2.05 </FONT><U>Termination or Reduction of Commitments</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a)
Any unused Commitments shall be automatically and permanently terminated on the Maturity Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any prepayment of Loans is required by <U>Section 3.08 (<I>Mandatory Prepayment</I>)</U>, the Commitments shall be automatically
and permanently reduced in an amount equal to such required prepayment, without regard to whether any Loans are outstanding as
of the date of such prepayment (unless such Commitment reduction is waived pursuant to <U>Section 3.08(a) (<I>Mandatory Prepayment</I>)</U>).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any unused Commitments shall be terminated upon the occurrence of an Event of Default if and to the extent required pursuant
to <U>Section 9.02 (<I>Action upon Bankruptcy</I>)</U> or <U>Section 9.03 (<I>Action Upon Other Event of Default</I>)</U> in accordance
with the terms thereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2.06 </FONT><U>Defaulting Lenders</U>. Anything contained herein to the contrary notwithstanding, in the event that any Lender,
other than at the direction or request of any regulatory agency or authority or due to a temporary disruption in the financial
markets generally, defaults (such Lender, and each Affiliate of such Lender that is a Lender, a &ldquo;<U>Defaulting Lender</U>&rdquo;)
in its obligation to fund (a &ldquo;<U>Funding Default</U>&rdquo;) any Loan (in each case, a &ldquo;<U>Defaulted Loan</U>&rdquo;),
then (i) during any Default Period with respect to such Defaulting Lender, such Defaulting Lender shall be a Non-Voting Lender;
and (ii) to the extent permitted by applicable law, during any Default Period and until such time as the Default Excess with respect
to such Defaulting Lender shall have been reduced to zero, (A) any voluntary prepayment of the Loans shall be applied to the outstanding
Loans of Lenders other than Defaulting Lenders prior to the outstanding Loans of the Defaulting Lenders, (B) any mandatory prepayment
of the Loans shall be applied to the outstanding Loans of Lenders other than Defaulting Lenders prior to the outstanding Loans
of the Defaulting Lenders, (C) such Defaulting Lender shall not be entitled to receive any Commitment Fee pursuant to <U>Section
3.11 (<I>Fees</I>)</U> with respect to such Defaulting Lender&rsquo;s Commitment; and (D) availability of Loans pursuant to <U>Section
2.01(a) (<I>Loans</I>)</U> shall, as at any date of determination, be calculated as if such Defaulting Lender had funded all Defaulted
Loans of such Defaulting Lender. No Commitment of any Lender shall be increased or otherwise affected, and, except as otherwise
expressly provided in this <U>Section 2.06</U>, performance by the Borrowers of their obligations hereunder and the other Financing
Documents shall not be excused or otherwise modified as a result of any Funding Default or the operation of this <U>Section 2.06</U>.
The rights and remedies against a Defaulting Lender under this <U>Section 2.06</U> are in addition to other rights and remedies
which the Borrowers may have against such Defaulting Lender with respect to any Funding Default and which the Administrative Agent
or any Lender may have against such Defaulting Lender with respect to any Funding Default.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
III<BR>
<BR>
</FONT>REPAYMENTS, PREPAYMENTS, INTEREST AND FEES</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.01 </FONT><U>Repayment of Loan Fundings</U>. The Borrowers unconditionally and irrevocably promise to pay in full to the Administrative
Agent, for the ratable account of each Lender, the aggregate outstanding principal amount of the Loans on the Maturity Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.02 </FONT><U>Interest Payment Dates</U>. (a) Interest accrued on each Loan shall be payable, without duplication:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>on the Maturity Date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>with respect to Eurodollar Loans, the last day of each applicable Interest Period or, if applicable, any date on which such
Eurodollar Loan is converted to a Base Rate Loan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>with respect to Base Rate Loans, on each Monthly Date or, if applicable, any date on which such Base Rate Loan is converted
to a Eurodollar Loan; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>with respect to any Loan, on any date when such Loan is prepaid hereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">provided, that in the case of the foregoing
clauses (ii) and (iii), as applicable, so long as no Default or Event of Default has occurred and is continuing, if, not later
than two (2) Business Days prior to the date on which such payment is due, the Borrowers&rsquo; Agent notifies the Administrative
Agent and the Lenders in writing that the Borrowers&rsquo; shall not pay all interest due on such date in cash, on the date such
interest would, but for the application of this proviso, be payable, the amount of such interest (as adjusted in accordance with
the definition of &ldquo;Applicable Margin&rdquo;) shall (x) automatically be deemed to be added to the outstanding principal amount
of the Loans (but not, for the avoidance of doubt, an additional amount of Funded Loans) as of such date, (y) be treated as an
additional principal amount of Loans (but not, for the avoidance of doubt, an additional amount of Funded Loans) due under, and
evidenced by, this Agreement and the Notes, and (z) shall bear interest, from such date until paid in full, at the rate per annum
otherwise applicable to Loans (such amounts being referred to herein as &ldquo;<U>Capitalized Interest</U>&rdquo;).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Interest accrued on the Loans or other monetary Obligations after the date such amount is due and payable (whether on the
Maturity Date, any Monthly Date, any Interest Payment Date, upon acceleration or otherwise) shall be payable, subject to the Intercreditor
Agreement, upon demand.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Interest hereunder shall be due and payable in accordance with the terms hereof, before and after judgment, regardless of
whether an Insolvency Proceeding exists in respect of any Borrower, and to the fullest extent permitted by law, the Lenders shall
be entitled to receive post-petition interest during the pendency of an Insolvency Proceeding.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.03 </FONT><U>Interest Rates</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Pursuant to each properly
delivered Funding Notice and Interest Period Notice, (i) the Eurodollar Loans shall accrue interest at a rate <I>per annum</I>
during each Interest Period applicable thereto equal to the sum of the Eurodollar Rate for such Interest Period plus the Applicable
Margin and (ii) each Base Rate Loan shall accrue interest at a rate <I>per annum</I> during each Monthly Period equal to the sum
of the Base Rate for such Monthly Period plus the Applicable Margin. Any Loan made within thirty (30) days of the Maturity Date
shall be a Base Rate Loan.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On or before 12:00 noon, New York City time, at least four (4) Business Days prior to the end of each Interest Period for
each Eurodollar Loan, the Borrowers shall, and at least four (4) Business Days prior to the end of any Monthly Period for any Base
Rate Loans, the Borrowers may, deliver to the Administrative Agent an Interest Period Notice setting forth the Borrowers&rsquo;
election (i) to continue any such Eurodollar Loan as (or convert any such Base Rate Loan to) a Eurodollar Loan or (ii) to convert
any such Eurodollar Loan to a Base Rate Loan at the end of the then-current Interest Period; provided<I>,</I> that if an Event
of Default has occurred and is continuing, all Eurodollar Loans shall automatically convert into Base Rate Loans at the end of
the then-current Interest Periods. Upon the waiver or cure of such Event of Default, the Borrowers shall have the option to continue
such Loans as Base Rate Loans and/or to convert such Loans to Eurodollar Loans (by delivery of an Interest Period Notice), subject
to the notice periods set forth above. Notwithstanding anything to the contrary, any portion of the Loans maturing in less than
one month may not be continued as, or converted to, Eurodollar Loans and will automatically convert to Base Rate Loans at the end
of the then-current Interest Period.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Borrowers fail to deliver an Interest Period Notice in accordance with <U>Section 3.03(b)</U> with respect to any
Eurodollar Loan, such Eurodollar Loan shall automatically continue as a Eurodollar Loan.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Eurodollar Loans shall bear interest from and including the first day of the applicable Interest Period to (and excluding)
the last day of such Interest Period at the interest rate determined as applicable to such Eurodollar Loan.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary, the Borrowers shall have, in the aggregate, no more than eight (8) separate Eurodollar
Loans outstanding at any one time. For purposes of the foregoing, all Eurodollar Loans commencing on the same day of a month (notwithstanding
that such Eurodollar Loans commence in different months) shall be considered a single Eurodollar Loan.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Base Rate Loans shall bear interest from and including the first day of each Monthly Period (or the day on which Eurodollar
Loans are converted to Base Rate Loans as required under <U>Section 3.03(b)</U> or under <U>Article IV (<I>Eurodollar Rate and
Tax Provisions</I>)</U>) to (and including) the next succeeding Monthly Date at the interest rate determined as applicable to such
Base Rate Loan.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.04 </FONT><U>Default Interest Rate</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If all or a portion of (i) the principal amount of any Loan is not paid when due (whether on the Maturity Date, by acceleration
or otherwise), at the election of the Required Lenders (which election may be rescinded by the Required Lenders) such overdue amount
shall bear interest at a rate <I>per annum</I> equal to the rate that would otherwise be applicable thereto <U>plus</U> two percent
(2%) or (ii) any Obligation (other than principal on the Loans) is not paid when due (whether on the Maturity Date, by acceleration
or otherwise), at the election of the Required Lenders (which election may be rescinded by the Required Lenders) such overdue amount
shall bear interest at a rate <I>per annum</I> equal to the rate then applicable to Base Rate Loans <U>plus</U> two percent (2%)
(the rate in effect as described in the foregoing clauses (i) or (ii), as applicable, plus such two percent (2%) <I>per annum</I>,
the &ldquo;<U>Default Rate</U>&rdquo;), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment
until such amount is paid in full (after as well as before judgment).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the occurrence and during the continuance of any Event of Default (other than an Event of Default addressed by <U>Section
3.04(a)</U>), at the election of the Required Lenders (which election may be rescinded by the Required Lenders) the Borrowers shall
pay interest (after as well as before judgment) on the Loans at a rate <I>per annum</I> equal to the rate then applicable to Base
Rate Loans <U>plus</U> two percent (2%) until such Event of Default is cured or waived.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.05 </FONT><U>Interest Rate Determination</U>. The Administrative Agent shall determine the interest rate applicable to the Loans
in accordance with the terms of this Agreement, and shall give prompt notice to the Borrowers and the Lenders of such determination,
and its determination thereof shall be conclusive in the absence of manifest error.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.06 </FONT><U>Computation of Interest and Fees</U>. (a) All computations of interest for Base Rate Loans when the Base Rate is
determined by Wells Fargo&rsquo;s &ldquo;prime rate&rdquo; shall be made on the basis of a year of 365 or 366 days, as the case
may be, and actual days elapsed. All computations of interest for Eurodollar Loans and for Base Rate Loans when the Base Rate
is determined by the Federal Funds Effective Rate shall be made on the basis of a 360-day year and actual days elapsed.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion
thereof, for the day on which the Loan or such portion is paid; provided<I>,</I> that any Loan that is repaid on the same day on
which it is made shall bear interest for one (1) day.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for
all purposes, absent manifest error.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.07 </FONT><U>Optional Prepayment</U>. (a) Subject to the Intercreditor Agreement, the Borrowers shall have the right at any
time, and from time to time, to prepay the Loans, in whole or in part, upon not fewer than three (3) Business Days&rsquo; prior
written notice from the Borrowers&rsquo; Agent to the Administrative Agent.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any partial prepayment of such Loans shall be in a minimum amount of five hundred thousand Dollars ($500,000) and in integral
multiples of one hundred thousand Dollars ($100,000) in excess thereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each notice of prepayment given by the Borrowers&rsquo; Agent under this <U>Section 3.07</U> shall specify the prepayment
date and the portion of the principal amount of such Loans to be prepaid. All prepayments under this <U>Section 3.07</U> shall
be made by the Borrowers to the Administrative Agent for the account of the applicable Lenders and shall be accompanied by accrued
interest on the principal amount being prepaid to but excluding the date of payment and by any additional amounts required to be
paid under <U>Section 4.05 (<I>Funding Losses</I>)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Amounts of principal prepaid under this <U>Section 3.07</U> shall be allocated by the Administrative Agent as follows, subject
to the terms of the Intercreditor Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>first</U></FONT>,
to the payment of all fees then due and payable to the Agents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>second</U></FONT>,
to the payment of all costs, fees, expenses and indemnities then due and payable to the Senior Secured Parties, including fees
and expenses of attorneys and Consultants reimbursable hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>third</U></FONT>,
subject only to <U>Section 3.02(a)</U>, to the payment of all accrued and unpaid interest then due and payable in cash (excluding,
for the avoidance of doubt, any previously Capitalized Interest) on the Loans <I>pro rata </I>among the Lenders (other than any
Defaulting Lender) based on their respective outstanding principal amounts on the date of such prepayment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>fourth</U></FONT>,
to the payment <I>first</I>, of principal of the Funded Loans (excluding, for the avoidance of doubt, any previously Capitalized
Interest) <I>pro rata </I>among the Lenders (other than any Defaulting Lender) based on their respective outstanding principal
amounts of Funded Loans on the date of such prepayment and <I>second</I>, of principal of any Loans resulting from any Capitalized
Interest <I>pro rata </I>among the Lenders (other than any Defaulting Lender) based on their respective outstanding principal amounts
of such Loans on the date of such prepayment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>fifth</U></FONT>,
to the payment of all accrued and unpaid interest then due and payable in cash (excluding, for the avoidance of doubt, any previously
Capitalized Interest) on the Loans <I>pro rata</I> among the Defaulting Lenders based on their respective outstanding principal
amounts on the date of such prepayment;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>sixth</U></FONT>,
to the payment <I>first</I>, of principal of the Funded Loans (excluding, for the avoidance of doubt, any previously Capitalized
Interest) <I>pro rata</I> among the Defaulting Lenders based on their respective outstanding principal amounts of Funded Loans
on the date of such prepayment and a corresponding reduction in the Commitments of such Defaulting Lenders and <I>second, </I>of
principal of any Loans resulting from any Capitalized Interest <I>pro rata</I> among the Defaulting Lenders based on their respective
outstanding principal amounts of such Loans on the date of such prepayment; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>seventh</U></FONT>,
to the Existing Administrative Agent for application under the Amended Credit Agreement, subject to the terms of the Intercreditor
Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">provided, that unless the notice of such
prepayment delivered by the Borrowers&rsquo; Agent in accordance with <U>Section 3.07(a)</U> expressly provides otherwise, (i)
any Lender may in its sole discretion advise the Administrative Agent in writing by 12:00 p.m., New York City time, at least two
(2) Business Days prior to the prepayment date specified in the Borrowers&rsquo; notice of any such prepayment, that such Lender
elects to decline such prepayment, and (ii) the aggregate amount of payments declined pursuant to this proviso shall not be applied
as a prepayment pursuant to this <U>Section 3.07</U> and shall instead be applied by the Borrowers as a prepayment pursuant to
<U>Section 3.07</U> of the Amended Credit Agreement, as soon as practicable after giving effect to the notice requirements set
forth therein. After giving effect to any such prepayments that have been applied to one or more Lenders and such prepayments that
have been waived by one or more Lenders, the <I>pro rata</I> allocations among the Lenders shall be adjusted accordingly and the
Administrative Agent shall give notice of the new outstanding balance of the Loans to each Lender.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Amounts prepaid, and not declined, pursuant to this <U>Section 3.07</U> may be reborrowed within the limits of <U>Section
2.01(a)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.08 </FONT><U>Mandatory Prepayment</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Subject to the Intercreditor
Agreement, the Borrowers shall be required to prepay the Loans:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>upon receipt by any of the Borrowers of Insurance Proceeds, as required pursuant to clauses (y) or (z) of <U>Section 8.07 (<I>Insurance
and Condemnation Proceeds Accounts</I>)</U>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>upon receipt by any of the Borrowers of Condemnation Proceeds, as required pursuant to clauses (y) or (z) of <U>Section 8.07
(<I>Insurance and Condemnation Proceeds Accounts</I>)</U>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>upon receipt of any Project Document Termination Payments, as required pursuant to clause (y) of <U>Section 8.08 (<I>Extraordinary
Proceeds Account</I>)</U>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>upon receipt of proceeds of any asset disposal (other than proceeds received from the sale of Products) that are not used for
replacement in accordance with <U>Section 7.02(f)(i) (<I>Negative Covenants &ndash; Asset Dispositions</I>)</U>, as required pursuant
to clause (x) of <U>Section&nbsp;8.08 (<I>Extraordinary Proceeds Account</I>)</U>; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>on each Monthly Date, as required pursuant to <U>Section&nbsp;8.03 (<I>Revenue Account)</I></U>;</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">provided, that (i) the Borrowers&rsquo;
Agent shall provide not fewer than four (4) Business Days&rsquo; prior written notice to the Administrative Agent of any prepayment
in accordance with this <U>Section 3.08</U> specifying the prepayment date and the amount thereof, (ii) any Lender may in its
sole discretion advise the Administrative Agent in writing by 12:00 noon, New York City time, at least two (2) Business Days prior
to the prepayment date specified in the Borrowers&rsquo; notice of any prepayment, that such Lender, with respect to such prepayment,
(y) elects to decline such prepayment or (z) if such Lender does not have any Loans outstanding as of the date of such prepayment
(or the amount of such Lender&rsquo;s outstanding Loans at such time is less than such Lender&rsquo;s pro rata share of such prepayment),
elects for its Commitment not to be reduced in connection with such prepayment (and any such notice of election delivered by any
Lender hereunder shall include the amount of the prepayment such Lender is declining and/or the amount by which its Commitment
shall not be reduced, as applicable), and (iii) the aggregate amount of payments declined pursuant to this proviso shall not be
applied as a mandatory prepayment pursuant to this <U>Section 3.08</U> and shall instead be applied by the Borrowers as a mandatory
prepayment pursuant to <U>Section 3.08</U> of the Amended Credit Agreement, as soon as practicable after giving effect to the
notice requirements set forth therein. After giving effect to any such prepayments that have been applied to one or more Lenders
and such prepayments that have been waived by one or more Lenders, the <I>pro rata</I> allocations among the Lenders shall be
adjusted accordingly and the Administrative Agent shall give notice of the new outstanding balance of the Loans to each Lender.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All prepayments under this <U>Section 3.08</U> shall be made by the Borrowers to the Administrative Agent for the account
of the applicable Lenders and shall be accompanied by accrued cash interest on the principal amount being prepaid to but excluding
the date of payment and by any additional amounts required to be paid under <U>Section 4.05 (<I>Funding Losses</I>)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Amounts of principal required to be prepaid under this <U>Section 3.08</U> shall be allocated by the Administrative Agent,
subject to the terms of the Intercreditor Agreement, in accordance with the priorities set forth in <U>Section 3.07(d)</U>; provided
that any mandatory prepayment under this <U>Section 3.08</U> which results in the prepayment of principal of the Loans in accordance
with clause <I><U>fourth</U></I> or <I><U>sixth</U></I> of <U>Section 3.07(d)</U> shall, notwithstanding anything to the contrary
set forth elsewhere in this Agreement (other than each Lender&rsquo;s right to waive a reduction of its Commitments pursuant to
this <U>Section 3.08)</U>, result in a corresponding reduction in the Commitments of the Lenders. If any Lender has no Loans outstanding
at any time at which a prepayment under this <U>Section 3.08</U> would otherwise be required or the amount of any Lender&rsquo;s
outstanding Loans at such time is less than such Lender&rsquo;s pro rata share of such prepayment, the Commitments of the Lenders
shall be reduced (i) in the instance of no Loans outstanding, in an amount equal to the amount of such Lender&rsquo;s pro rata
share of such prepayment or (ii) in the instance of a Lender&rsquo;s pro rata share of such prepayment exceeding the amount of
such Lender&rsquo;s then outstanding Loans, in an amount equal to such excess, unless such Lender declines (in whole or in part)
such reduction of Commitments in accordance with this <U>Section 3.08</U>.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Amounts prepaid pursuant to this <U>Section 3.08</U> that reduce Commitments may not be reborrowed.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.09 </FONT><U>Time and Place of Payments</U>. (a) The Borrowers shall make each payment (including any payment of principal of
or interest on any Loan or any Fees or other Obligations) hereunder and under any other Financing Document without setoff, deduction
or counterclaim not later than 12:00 noon New York City time on the date when due in Dollars in immediately available funds to
the Administrative Agent at the account as may from time to time be specified by the Administrative Agent to the Borrowers. Funds
received after 12:00 noon New York City time shall be deemed to have been received by the Administrative Agent on the next succeeding
Business Day.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Administrative Agent shall promptly remit in immediately available funds to each Senior Secured Party its share, if
any, of any payments received by the Administrative Agent for the account of such Senior Secured Party, in accordance with the
terms hereof and subject to the terms of the Intercreditor Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Whenever any payment (including any payment of principal of or interest on any Loan or any Fees or other Obligations) hereunder
or under any other Financing Document shall become due, or otherwise would occur, on a day that is not a Business Day, such payment
shall (except as otherwise required by the proviso to the definition of &ldquo;Interest Period&rdquo; with respect to Eurodollar
Loans) be made on the immediately succeeding Business Day, and such increase of time shall in such case be included in the computation
of interest or Fees, if applicable.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.10 </FONT><U>Fundings and Payments Generally</U>. (a) Unless the Administrative Agent has received notice from the Borrowers
prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrowers
will not make such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in accordance
with this Agreement and may, in reliance upon such assumption, distribute to the Lenders the amount due. If the Borrowers have
not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand
the amount so distributed to such Lender in immediately available funds with interest thereon, for each day from and including
the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of
(i) the Federal Funds Effective Rate and (ii) a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation. A notice of the Administrative Agent to any Lender with respect to any amount owing under this
<U>Section 3.10(a)</U> shall be conclusive, absent manifest error.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Nothing herein shall be deemed to obligate any Lender to obtain funds for any Loan in any particular place or manner or
to constitute a representation by any Lender that it has obtained or will obtain funds for any Loan in any particular place or
manner.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers hereby authorize each Lender, if and to the extent payment owed to such Lender is not made when due under
this Agreement or under the Notes held by such Lender, to charge from time to time against any or all of any Borrower&rsquo;s accounts
with such Lender (other than, in the event that the Account Bank is also a Lender, any Project Account) any amount so due.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.11 </FONT><U>Fees</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) From and including the Closing Date
until the Maturity Date, the Borrowers agree to pay to the Administrative Agent, for the account of the Lenders, on each Monthly
Date, a commitment fee (a &ldquo;<U>Commitment Fee</U>&rdquo;) equal to two percent (2.0%) <I>per annum</I> on the average daily
amount by which the Aggregate Commitment exceeds the outstanding amount of all Loans during the calendar month then ended. All
Commitment Fees shall be computed on the basis of the actual number of days elapsed in a year of 365 or 366 days, as pro-rated
for any partial quarter, as applicable.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Borrower agrees to pay to the Administrative Agent, for the account of the Agents, additional fees in the amounts and
at the times from time and time agreed to in writing by the Borrowers and the respective Agent, including pursuant to the Fee Letters.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Fees shall be paid on the dates due, in immediately available funds, subject to the Intercreditor Agreement. Once paid,
none of the Fees shall be refundable under any circumstances.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.12 </FONT><U>Pro rata Treatment</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Except as otherwise expressly
provided herein (including <U>Section 4.01 (<I>Eurodollar Rate Lending Unlawful</I>)</U>, <U>Section 2.05 (<I>Termination or Reduction
of Commitments</I>)</U>, <U>Section 2.06 (<I>Defaulting Lenders</I>)</U>, <U>Section 3.07 (<I>Optional Prepayment</I>)</U> and
<U>Section 3.08 (<I>Mandatory Prepayment</I>)</U>), each Funding of Loans shall be allocated by the Administrative Agent <I>pro
rata</I> among the Lenders in accordance with their respective Commitment Availability Percentages and each reduction of Commitments
shall be allocated by the Administrative Agent <I>pro rata</I> among the Lenders in accordance with their respective Commitments.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as required under <U>Section 2.06 (<I>Defaulting Lenders</I></U><I>)</I>, <U>Section 3.07 (<I>Optional Prepayment</I>)</U>,
<U>Section&nbsp;3.08 (<I>Mandatory Prepayment</I>)</U> or <U>Article IV (<I>Eurodollar Rate and Tax Provisions</I>)</U>, each payment
or prepayment of principal of the Loans shall be allocated by the Administrative Agent <I>pro rata</I> among the Lenders in accordance
with the respective principal amounts of their outstanding Loans, each payment of interest on the Loans shall be allocated by the
Administrative Agent <I>pro rata</I> among the Lenders in accordance with the respective interest amounts outstanding on their
outstanding Loans, and each payment of fees on the Commitments shall be allocated by the Administrative Agent <I>pro rata</I> among
the Lenders in accordance with their respective Commitment Availability.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Lender agrees that in computing such Lender&rsquo;s portion of any Funding to be made hereunder, the Administrative
Agent may, in its discretion, round each Lender&rsquo;s percentage of such Funding to the next higher or lower whole Dollar amount.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.13 </FONT><U>Sharing of Payments</U>. (a) If any Lender shall obtain any payment or other recovery (whether voluntary, involuntary,
by application of setoff or otherwise) on account of any Loan (other than pursuant to the terms of <U>Article IV (<I>Eurodollar
Rate and Tax Provisions</I>)</U>) in excess of its <I>pro rata</I> share of payments then or therewith obtained by all Lenders
(other than as a result of the waiver by any Lender of its right to receive payment pursuant to <U>Section 3.07</U> or <U>Section
3.08</U>), such Lender shall purchase from the other Lenders such participations in Loans made by them as shall be necessary to
cause such purchasing Lender to share the excess payment or other recovery ratably with each of them; provided, that if all or
any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender, the purchase shall be
rescinded and each Lender that has sold a participation to the purchasing Lender shall repay to the purchasing Lender the purchase
price to the ratable extent of such recovery together with an amount equal to such selling Lender&rsquo;s ratable share (according
to the proportion of (x) the amount of such selling Lender&rsquo;s required repayment to the purchasing Lender to (y) the total
amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect
of the total amount so recovered. Each Borrower agrees that any Lender so purchasing a participation from another Lender pursuant
to this <U>Section 3.13</U> may, to the fullest extent permitted by law, exercise all its rights of payment (including pursuant
to <U>Section 11.15 (<I>Rights of Setoff)</I></U>) with respect to such participation as fully as if such Lender were the direct
creditor of the Borrowers in the amount of such participation.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If under any applicable bankruptcy, insolvency or other similar law, any Lender receives a secured claim in lieu of a setoff
to which this <U>Section 3.13</U> applies, such Lender shall, to the extent practicable, exercise its rights in respect of such
secured claim in a manner consistent with the rights of the Lenders entitled under this <U>Section 3.13</U> to share in the benefits
of any recovery on such secured claim.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3.14 </FONT><U>Commitment Increase</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Request for Increase</U>. Provided there exists no Default or Event of Default, upon notice to the Administrative Agent,
the Borrowers&rsquo; Agent may from time to time, request from all Lenders an increase in the Commitments by an amount in the aggregate
(for all such increases) not exceeding $5,000,000; provided that (i) any such increase shall be in a minimum amount of $1,000,000,
and (ii) the Borrowers&rsquo; Agent may make a maximum of five such requests. At the time of sending such notice, the Borrowers&rsquo;
Agent shall specify the time period within which each such Lender is requested to respond (which shall in no event be less than
ten (10) Business Days or more than fifteen (15) Business Days, in each case as measured from the date of delivery of such notice
to the Lenders).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lender Election to Increase</U>. Each Lender shall notify the Administrative Agent within such time period whether or
not it agrees to increase its Commitment and, if so, whether by an amount, equal to or less than its Commitment Percentage of such
requested increase. Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notification by Administrative Agent; Additional Lenders</U>. The Administrative Agent shall notify the Borrowers and
each Lender of the Lenders&rsquo; responses to each request for a Commitment Increase made hereunder. If the Lenders have not agreed
to increase their collective Commitments by an amount equal to one-hundred percent (100%) of the requested Commitment Increase,
then, the Borrowers may invite Eligible Assignees to participate in the remaining amount of such requested increase (the &ldquo;<U>Shortfall</U>&rdquo;)
and become Lenders pursuant to a joinder agreement to this Agreement delivered to the Administrative Agent in form and substance
satisfactory to the Required Lenders. If the invited Eligible Assignees do not collectively commit to participate in an aggregate
amount equal to the Shortfall, then the Borrowers&rsquo; Agent shall offer to those Lenders that have increased their respective
Commitments in connection with such requested increase pursuant to this <U>Section 3.14</U> their respective <I>pro rata</I> share
of the remaining amount of the Shortfall, and each such Lender shall respond within five (5) Business Days after the date such
offer is made to such Lender. Any such Lender not responding within such time period shall be deemed to have declined to further
increase its Commitment.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effective Date and Allocations</U>. If the Commitments are increased in accordance with this <U>Section 3.14</U> (each
such increase, a &ldquo;<U>Commitment Increase</U>&rdquo;), the Administrative Agent (at the direction of the Lenders holding in
excess of 50% of the Commitments provided pursuant to the applicable Commitment Increase) and the Borrowers shall determine the
effective date (the &ldquo;<U>Increase Effective Date</U>&rdquo;) and the final amount and allocation of such increase, it being
understood that if Lenders and invited Eligible Assignees, if any, elect to participate in such Commitment Increase in an amount
less than the full amount requested by the Borrowers, such Commitment Increase shall be in such lesser amount. The Borrowers shall
promptly notify the Administrative Agent and the Lenders of the final allocation of each Commitment Increase and the applicable
Increase Effective Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions to Effectiveness of Increase</U>. As a condition precedent to each Commitment Increase, on the applicable
Increase Effective Date the Borrowers shall deliver to the Administrative Agent (x) a certificate of each Loan Party dated as of
such Increase Effective Date (in sufficient copies for each Lender) signed by an Authorized Officer of such Loan Party (i) certifying
and attaching the resolutions adopted by such Loan Party approving or consenting to such Commitment Increase, and (ii) in the case
of the Borrowers&rsquo; Agent, certifying that, before and after giving effect to such Commitment Increase, (A) all representations
and warranties made by any Borrower or the Pledgor in this Agreement and each other Financing Document to which any Borrower or
the Pledgor is a party are true and correct in all material respects on and as of the applicable Increase Effective Date, except
to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct
as of such earlier date, and (B) no Default or Event of Default exists, (y) such opinions of counsel, certificates, documents or
other requirements as may be requested by any Lender participating in such Commitment Increase and (z) (1) the joinder agreement
referenced in <U>Section 3.14(c)</U>, duly executed by the Person becoming a Party hereto pursuant to the terms thereof (other
than for any Lender already a party to this Agreement) and (2) an amendment to <U>Schedule 1.01(a)</U> setting forth the Commitments
of each Lender after giving effect to the Commitment Increase. For the avoidance of doubt, after giving effect to any Commitment
Increase, the pro rata allocations among the Lenders shall be adjusted and the Administrative Agent shall provide each Lender with
a copy of the amendment to Schedule 1.01(a) delivered by the Borrowers. Other than the foregoing requirements to execute and deliver
a joinder to this Agreement, if applicable, any conditions to the Funding of Loans made available pursuant to a Commitment Increase
on the applicable Increase Effective Date may, notwithstanding anything to the contrary contained in this Agreement, be waived,
unless a Default or Event of Default has occurred and is continuing, solely by the Lenders providing such Commitment Increase if
immediately prior to giving effect to any Commitment Increase, the Commitment Availability of all Lenders is zero. Except as set
forth in this <U>Section 3.14</U>, each Funding of Loans made available pursuant to this <U>Section 3.14</U> shall otherwise comply
with the requirements for each Funding set forth in this Agreement and shall require the delivery of a Funding Notice.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Amendment</U>. Notwithstanding anything to the contrary contained in <U>Section 11.01 (<I>Amendments, Etc.</I>)</U>
or otherwise, any Commitment Increase in accordance with this <U>Section 3.14</U> may be effected with the consent of the Borrowers
and the Lenders participating in such Commitment Increase, shall not require the consent of any other Lender or any Agent, and
is permitted by the terms of the Intercreditor Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 1in"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
IV<BR>
<BR>
</FONT>EURODOLLAR RATE AND TAX PROVISIONS</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4.01 </FONT><U>Eurodollar Rate Lending Unlawful</U>. (a) If any Lender reasonably determines (which determination shall, upon
notice thereof to the Borrowers and the Administrative Agent, be conclusive and binding on the Borrowers absent manifest error)
that the introduction of or any change in or in the interpretation of any Law after the Closing Date makes it unlawful, or any
central bank or other Governmental Authority asserts after the Closing Date that it is unlawful, for such Lender to make, maintain
or fund any Loan as a Eurodollar Loan, the obligations of such Lender to make, maintain or fund any Loan as a Eurodollar Loan
shall, upon such determination, forthwith be suspended until such Lender shall notify the Borrowers and the Administrative Agent
that the circumstances causing such suspension no longer exist, and all Eurodollar Loans of such Lender shall automatically convert
into Base Rate Loans at the end of the then-current Interest Periods with respect thereto or sooner, if required by such Law or
assertion. Upon any such conversion the Borrowers shall pay any accrued interest on the amount so converted and, if such conversion
occurs on a day other than the last day of the then-current Interest Period for such affected Eurodollar Loans, such Lender shall
be entitled to make a request for, and the Borrowers shall pay, compensation for breakage costs under <U>Section 4.05 (<I>Funding
Losses</I>)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If such Lender notifies the Borrowers and the Administrative Agent that the circumstances giving rise to the suspension
described in <U>Section 4.01(a)</U> no longer apply, the Borrowers may elect (by delivering an Interest Period Notice) to convert
the principal amount of any such Base Rate Loan to a Eurodollar Loans in accordance with this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4.02 </FONT><U>Inability to Determine Eurodollar Rates</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a)
In the event, and on each occasion, that on or before the day that is three (3) Business Days prior to the commencement of any
Interest Period for any Eurodollar Loan, (A) the Administrative Agent shall have determined in good faith that adequate and reasonable
means do not exist for ascertaining LIBOR or (B) the Required Lenders shall have determined in good faith and notified the Administrative
Agent in writing that (i) Dollar deposits in the amount of such Loan and with an Interest Period similar to such Interest Period
are not generally available in the London interbank market, or (ii) the rate at which such Dollar deposits are being offered will
not adequately and fairly reflect the cost to any Lender of making, maintaining or funding the principal amount of such Loan during
such Interest Period, then in either case the Administrative Agent shall forthwith notify the Borrowers and the Lenders of such
determination, whereupon each such Eurodollar Loan will automatically, on the last day of the then-existing Interest Period for
such Eurodollar Loan, convert into a Base Rate Loan. In the event of any such determination pursuant to <U>Section 4.02(a)(A)
or (B)(i)</U>, any Funding Notice delivered by the Borrowers shall be deemed to be a request for a Base Rate Loan until the Administrative
Agent or the Required Lenders, as the case may be, determines that the circumstances giving rise to such notice no longer exist.
In the event of any determination pursuant to <U>Section 4.02(a)(B)(ii)</U>, each affected Lender shall, and is hereby authorized
by the Borrowers to, fund its portion of the Loans as a Base Rate Loan. Each determination by the Administrative Agent or the
Required Lenders, as the case may be, hereunder shall be conclusive absent manifest error.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the Administrative Agent&rsquo;s or the Required Lenders&rsquo; determination, as the case may be, that the condition
that was the subject of a notice under <U>Section 4.02(a)</U> has ceased, the Administrative Agent shall forthwith notify the Borrower
and the Lenders of such determination, whereupon the Borrowers may elect (by delivering an Interest Period Notice) to convert any
such Base Rate Loan to a Eurodollar Loan on the last day of the then-current Monthly Period in accordance with this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4.03 </FONT><U>Increased Eurodollar Loan Costs</U>. If after the Closing Date, the adoption of any applicable Law or any change
therein, or any change in the interpretation or administration thereof by any Governmental Authority charged with the interpretation
or administration thereof, or compliance by any Lender (or its Eurodollar Office) with any request or directive (whether or not
having the force of law) of any Governmental Authority would increase the cost (other than with respect to Taxes, which are addressed
in <U>Section 4.07 (<I>Taxes</I>)</U>) to such Lender of, or result in any reduction in the amount of any sum receivable by such
Lender (whether of principal, interest or any other amount) in respect of, making, maintaining or funding (or of its obligation
to make, maintain or fund) the Loans as Eurodollar Loans, then the Borrowers agree to pay directly to such Lender the amount of
any such increase or reduction. Such Lender shall promptly notify the Administrative Agent and the Borrowers in writing of the
occurrence of any such event, such notice to state in reasonable detail the reasons (including the basis for determination) therefor
and the additional amount required to compensate fully such Lender for such increased cost or reduced amount. Such additional
amounts shall be payable by the Borrowers directly to such Lender within thirty (30) days of delivery of such notice, and such
notice shall be binding on the Borrowers absent manifest error.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4.04 </FONT><U>Obligation to Mitigate</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Each Lender agrees
after it becomes aware of the occurrence of an event that would entitle it to give notice pursuant to <U>Sections 4.01 (<I>Eurodollar
Rate Lending Unlawful</I>)</U>, <U>4.03 (<I>Increased Eurodollar Loan Costs</I>)</U>, or <U>4.06 (<I>Increased Capital Costs</I>)
</U>or to receive additional amounts pursuant to <U>Section 4.07 (<I>Taxes</I>)</U>, such Lender shall use reasonable efforts
to make, fund or maintain its affected Loan through another lending office if as a result thereof the increased costs would be
avoided or materially reduced or the illegality would thereby cease to exist and if, in the opinion of such Lender, the making,
funding or maintaining of such Loan through such other lending office would not be disadvantageous to such Lender, contrary to
such Lender&rsquo;s normal banking practices or violate any applicable Law.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No change by a Lender in its Domestic Office or Eurodollar Office made for such Lender&rsquo;s convenience shall result
in any increased cost to the Borrowers.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any Lender demands compensation pursuant to <U>Sections 4.03 (<I>Increased Eurodollar Loan Costs</I>)</U> or <U>4.06
(<I>Increased Capital Costs</I>)</U> with respect to any Eurodollar Loan, the Borrowers may, at any time upon at least three (3)
Business Day&rsquo;s prior notice to such Lender through the Administrative Agent, elect to convert such Loan into a Base Rate
Loan. Thereafter, unless and until such Lender notifies the Borrowers that the circumstances giving rise to such notice no longer
apply, all such Eurodollar Loans by such Lender shall bear interest as Base Rate Loans. If such Lender notifies the Borrowers that
the circumstances giving rise to such notice no longer apply, the Borrowers may elect (by delivering an Interest Period Notice)
to convert the principal amount of each such Base Rate Loan to a Eurodollar Loans in accordance with this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4.05 </FONT><U>Funding Losses</U>. In the event that any Lender incurs any loss or expense (including any loss or expense incurred
by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to make, continue or maintain
any portion of the principal amount of any Loan as a Eurodollar Loan, and any customary administrative fees charged by such Lender
in connection with the foregoing, but excluding any lost profits) as a result of (a) any conversion or repayment or prepayment
of the principal amount of any Loans on a date other than the scheduled last day of the Interest Period applicable thereto, whether
pursuant to <U>Section 3.07 (<I>Optional Prepayment</I>)</U>, <U>3.08 (<I>Mandatory Prepayment</I>)</U>, <U>4.01(a) (<I>Eurodollar
Rate Lending Unlawful</I>)</U> or otherwise or (b) the Borrowers failing to make a Funding in accordance with any Funding Notice;
then, upon the written notice (including the basis for determination) of such Lender to the Borrowers (with a copy to the Administrative
Agent), the Borrowers shall, within thirty (30) days of receipt thereof, pay to the Administrative Agent for the account of such
Lender such amount as will (in the reasonable determination of such Lender) reimburse such Lender for such loss or expense. Such
written notice shall be binding on the Borrowers absent manifest error.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4.06 </FONT><U>Increased Capital Costs</U>. If after the Closing Date any change in, or the introduction, adoption, effectiveness,
interpretation, reinterpretation or phase-in of, any applicable Law or guideline, or request (whether or not having the force
of law) of any Governmental Authority affects the amount of capital required to be maintained by any Lender, and such Lender reasonably
determines that the rate of return on its capital as a consequence of its Loan is reduced to a level below that which such Lender
could have achieved but for the occurrence of any such circumstance then, in any such case upon notice from time to time by such
Lender to the Borrowers, the Borrowers shall pay within thirty (30) days after such demand directly to such Lender additional
amounts sufficient to compensate such Lender for such reduction in rate of return. A statement of such Lender as to any such additional
amount or amounts (including the basis for determination) shall be binding on the Borrowers absent manifest error.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4.07 </FONT><U>Taxes</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payments Free of Taxes</U>. Any and all payments by or on account of any Obligations shall be made free and clear of,
and without deduction for, any Taxes, unless required by Law; provided, that if any Borrower shall be required to deduct any Indemnified
Taxes from any such payment, then (i) the sum payable shall be increased as necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this <U>Section 4.07</U>) the Agent or Lender (as the case may
be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrowers shall make
such deductions and (iii) the Borrowers shall pay the full amount deducted to the relevant Governmental Authority in accordance
with applicable Law.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Other Taxes by the Borrowers</U>. In addition, the Borrowers shall timely pay any Indemnified Taxes arising
from any payment made under any Financing Document or from the execution, delivery or enforcement of, or otherwise with respect
to, any Financing Document and not collected by withholding at the source as contemplated by <U>Section&nbsp;4.07(a)</U> to the
relevant Governmental Authority in accordance with applicable Law.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification by the Borrowers</U>. The Borrowers shall indemnify each Agent and each Lender, within thirty (30) days
after written demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on
or attributable to amounts payable under this <U>Section 4.07</U>) paid by such Agent or Lender, as the case may be, and any penalties,
interest, additions to tax and reasonable expenses arising therefrom or with respect thereto (other than those resulting from the
gross negligence or willful misconduct of such Agent or Lender), whether or not such Indemnified Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability (including
the basis of determination) delivered to the Borrowers by a Lender or Agent, as the case may be, shall be conclusive absent manifest
error.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Evidence of Payments</U>. As soon as reasonably practicable after any payment of Indemnified Taxes by any Borrower to
a Governmental Authority, such Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Foreign Lenders</U>. Each Lender (including any Participant and any other Person to which any Lender transfers its interests
in this Agreement as provided under <U>Section&nbsp;11.03 (<I>Assignments</I>)</U>) that is not a United States Person (a &ldquo;<U>Non-U.S.
Lender</U>&rdquo;) shall deliver to the Borrowers and the Administrative Agent two (2) copies of U.S. Internal Revenue Service
Form W-8ECI, Form W-8BEN, Form W-8EXP or Form W-8IMY (with supporting documentation), or any subsequent versions thereof or successors
thereto, properly completed and duly executed by such Non-U.S. Lender and claiming, to the extent applicable, complete exemption
from, or a reduced rate of, U.S. federal withholding tax on all payments of interest by the Borrowers under the Financing Documents,
together with, in the case of a Non-U.S. Lender that is relying on an exemption pursuant to Section 871(h) or 881(c) of the Code,
a statement substantially in the form of <U>Exhibit 4.07</U>. Such forms shall be delivered by each Non-U.S. Lender on or before
the date it becomes a party to this Agreement. In addition, each Non-U.S. Lender shall deliver such forms promptly upon the obsolescence
or invalidity of any form previously delivered by such Non-U.S. Lender. Each Non-U.S. Lender shall promptly notify the Borrowers
and the Administrative Agent at any time it determines that it is no longer in a position to provide any previously delivered certificate
to the Borrowers (or any other form of certification adopted by U.S. taxing authorities for such purpose). The Borrowers shall
not be obligated to pay any additional amounts in respect of U.S. federal income taxes pursuant to this <U>Section 4.07</U> (or
make an indemnification payment pursuant to this <U>Section 4.07</U>) to any Lender (or any Participant or other Person to which
any Lender transfers its interests in this Agreement as provided under <U>Section 11.03 (<I>Assignments</I>)</U>) if the obligation
to pay such additional amounts (or such indemnification) would not have arisen but for a failure by such Lender to comply with
this <U>Section 4.07(e)</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In no event shall the Administrative
Agent or the Collateral Agent have any duty, obligation or liability with respect to the payment of any Taxes.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
V<BR>
<BR>
</FONT>REPRESENTATIONS AND WARRANTIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">In order to induce each Agent, each Lender
and each other party hereto (other than the Borrowers and the Borrowers&rsquo; Agent) to enter into this Agreement and to induce
each Lender to make the Loans hereunder, each Borrower represents and warrants to each Agent and each Lender as set forth in this
<U>Article V</U> on the date hereof, on the Closing Date, on the date of each Funding Notice and on each Funding Date (in each
case, except to the extent such representations and warranties expressly relate to a future date or as otherwise provided in <U>Article
VI (<I>Conditions Precedent</I>)</U>).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.01 </FONT><U>Organization; Power and Compliance with Law</U>. Each of the Borrowers (a) is a limited liability company duly
formed, validly existing and in good standing under the laws of the State of Delaware, (b) is duly qualified to do business as
is now being conducted and as is proposed to be conducted by such Borrower and is in good standing as a foreign limited liability
company in each jurisdiction where the nature of its business requires such qualification (other than any such failure to be so
qualified or in good standing that could not reasonably be expected to have a Material Adverse Effect) and (c) has all requisite
limited liability company power and authority required as of the date this representation is made or deemed repeated to enter
into and perform its obligations under each Transaction Document to which it is a party and to conduct its business as currently
conducted by it.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.02 </FONT><U>Due Authorization; Non-Contravention</U>. The execution, delivery and performance by each of the Borrowers of each
Transaction Document to which it is a party are within such Borrower&rsquo;s limited liability company powers, have been duly
authorized by all necessary limited liability company action, and do not:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>contravene such Borrower&rsquo;s Organic Documents (including its Borrower LLC Agreement);</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>contravene in any material respect any Law binding on or affecting such Borrower;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) in the case of any Financing Document, contravene any Contractual Obligation binding on or affecting such Borrower or
(ii) in the case of any Project Document, contravene any Contractual Obligation binding on or affecting such Borrower (other than
in the case of this <U>Section 5.02(c)(ii)</U> any contravention which could not reasonably be expected to have a Material Adverse
Effect);</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>require any consent or approval under such Borrower&rsquo;s Organic Documents that has not been obtained;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>require any consent or approval under any Contractual Obligations binding on or affecting such Borrower other than any approvals
or consents which have been obtained (and, in the case only of the execution, delivery and performance of the Project Documents,
any other approvals or consents the failure of which to obtain could not reasonably be expected to have a Material Adverse Effect);
or</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>result in, or require the creation or imposition of, any Lien on any of such Borrower&rsquo;s properties other than Permitted
Liens.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.03 </FONT><U>Governmental Approvals</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Governmental Approvals that are required to be obtained by any Borrower in connection with (i) the due execution, delivery
and performance by such Borrower of the Financing Documents to which it is a party and (ii) the grant by the Borrowers and the
Pledgor of the Liens granted under the Security Documents and the validity, perfection and enforceability thereof have been obtained,
are in full force and effect, are properly in the name of the appropriate Person, and are final and Non-Appealable.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Necessary Project Approvals are in full force and effect, are properly in the name of the appropriate Person, and are
final and Non-Appealable except as a result of the Cold Shutdown of the Madera Plant.&nbsp; There is no action, suit, investigation
or proceeding pending or to the knowledge of each Borrower, threatened that could reasonably be expected to result in the modification,
rescission, termination or suspension of any Necessary Project Approval that could reasonably be expected to have<FONT STYLE="color: black">
a Material Adverse Effect.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The information set forth in each application (including any updates or supplements thereto) submitted by or on behalf of
any Borrower in connection with each Necessary Project Approval was accurate and complete in all material respects at the time
of submission and continues to be accurate in all material respects and complete in all respects to the extent required for the
continued effectiveness of such Necessary Project Approval.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.04 </FONT><U>Investment Company Act</U>. None of the Borrowers is, and after giving effect to the Loans and the application
of the proceeds of the Loans as described herein none of the Borrowers will be, an &ldquo;investment company&rdquo; or a company
&ldquo;controlled&rdquo; by an &ldquo;investment company,&rdquo; within the meaning of the Investment Company Act of 1940, as
amended.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.05 </FONT><U>Validity of Financing Documents</U>. Each Financing Document to which any Borrower is a party has been duly authorized,
validly executed and delivered, and constitutes the legal, valid and binding obligations of such Borrower enforceable in accordance
with its respective terms, except as the enforceability hereof or thereof may be limited by (a) bankruptcy, insolvency, reorganization,
or other similar laws affecting the enforcement of creditors&rsquo; rights generally and (b) general equitable principles (whether
considered in a proceeding in equity or at law).</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.06 </FONT><U>Financial Information</U>. Each of the financial statements delivered pursuant to <U>Section 6.01(h) (<I>Conditions
to Closing &ndash; Financial Statements</I>)</U> and <U>Section 7.03 (<I>Reporting Requirements</I>)</U> has been prepared in
accordance with GAAP, and fairly presents in all material respects the consolidated financial condition of the Borrowers as at
the dates thereof and the results of their operations for the period then ended (subject, in the case of unaudited financial statements,
to changes resulting from audit and normal year-end adjustments and the absence of footnotes).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.07 </FONT><U>No Material Adverse Effect</U>. Since April 16, 2010 no Material Adverse Effect has occurred and is continuing.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.08 </FONT><U>Project Compliance</U>. (a) Each Plant is owned and maintained in material compliance with all applicable Laws
and the requirements of all Necessary Project Approvals.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Plant is owned and maintained in compliance in all material respects with all of the Borrowers&rsquo; Contractual Obligations
(including the Project Documents applicable to such Plant, taking into account any cure or grace periods thereunder and the Borrower&rsquo;s
right to replace Project Documents as set forth in <U>Section 9.01(i) (<I>Events of Default &ndash; Project Document Defaults;
Termination</I>)</U>) (except, (i) in the case of Contractual Obligations other than Project Documents, to the extent such failure
to comply could not reasonably be expected to result in a Material Adverse Effect with respect to such Plant or Borrower and (ii)
the cessation of operations and Cold Shutdown of the Madera Plant).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.09 </FONT><U>Litigation</U>. (a) No action, suit, proceeding or investigation has been instituted or threatened against any
of Pacific Holding, the Pledgor, or any Plant or Borrower (including in connection with any Necessary Project Approval) that,
individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect on any Plant or Borrower;
and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no action, suit, proceeding or investigation has been instituted or threatened against any Major Project Party that is party
to any Project Document with Pacific Holding or that relates to any Borrower or Plant that, individually or in the aggregate, has
had or could reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.10 </FONT><U>Sole Purpose Nature; Business</U>. None of the Borrowers has conducted nor is conducting any business or activities
other than businesses and activities relating to the ownership, development, testing, financing, construction, operation and maintenance
of the Project as contemplated by the Transaction Documents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.11 </FONT><U>Contracts</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All contracts, agreements, instruments, letters, understandings, or other documentation to which any Borrower is a party
or by which it or any of its properties is bound as of June 25, 2010 (other than the Existing Financing Documents), including the
Project Documents (including all documents amending, supplementing, interpreting or otherwise modifying or clarifying such agreements
and instruments) are listed in <U>Schedule 5.11(i)</U>. All material contracts, agreements, instruments, letters, understandings,
or other documentation to which any Borrower entered into after June 25, 2010 (other than the Financing Documents and the Existing
Financing Documents), including any such Project Documents (including all documents amending, supplementing, interpreting or otherwise
modifying or clarifying such agreements and instruments), are listed in <U>Schedule 5.11(ii)</U>, provided, that for the purposes
of this <U>Section 5.11(a)</U>, any such contract, agreement, instrument, letter, understanding, or other document that would reasonably
be expected to provide for aggregate payments to or from, or aggregate liabilities of, the Loan Parties, equal to or in excess
of five hundred thousand Dollars ($500,000) and each Project Document entered into since June 25, 2010 shall be deemed to be material.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Necessary Project Contracts are in full force and effect except such Necessary Projects Contracts the invalidity of
which could not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As of any date (after the Closing Date) on which this representation is made or deemed repeated, there are no material contracts,
agreements, instruments, or documents between any Borrower and any other Person relating to any Borrower or the Project other than
(i) the Transaction Documents, (ii) the agreements listed in <U>Schedule 5.11</U>, and (iii) any other agreements permitted by
this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.12 </FONT><U>Collateral</U>. (a) The Collateral includes all of the Equity Interests in and all of the tangible and intangible
assets of each Borrower (except, with respect to any asset the assignment of which is not permitted, as otherwise expressly provided
in the applicable Security Agreement).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The respective Liens and security interests granted to the Collateral Agent (for the benefit of the Senior Secured Parties)
pursuant to the Security Documents in effect on each date this representation is made or deemed repeated (i) constitute, as to
personal property included in the Collateral, a valid first-priority security interest in such personal property and (ii) constitute,
as to the Mortgaged Property included in the Collateral, a valid first-priority Lien of record in the Mortgaged Property, in each
case subject only to Permitted Liens.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The security interests granted to the Collateral Agent (for the benefit of the Senior Secured Parties) pursuant to the Security
Documents in the Collateral consisting of personal property will be perfected, as specified in the Intercreditor Agreement, (i)
with respect to any property that can be perfected by filing, upon the filing of UCC financing statements in the filing offices
identified in <U>Schedule 5.12</U>, (ii) with respect to any Project Account or Local Account Collateral that can be perfected
solely by control, upon execution of this Agreement and the Blocked Account Agreements, respectively and (iii) with respect to
any property (if any) that can be perfected solely by possession, pursuant to the Intercreditor Agreement, upon the Existing Collateral
Agent receiving possession thereof, for purposes of perfecting the First Priority Liens (as defined in the Intercreditor Agreement),
as gratuitous bailee for the Collateral Agent, and in each case such security interest will be, as to Collateral perfected under
the UCC or otherwise as aforesaid, superior and prior to the rights of all third Persons now existing or hereafter arising whether
by way of mortgage, lien, security interests, encumbrance, assignment or otherwise, in each case subject only to Permitted Liens.
All such action as is necessary has been taken to establish and perfect the Collateral Agent&rsquo;s rights in and to the Collateral
covered by the Security Documents on the date this representation is made or deemed repeated to the extent the Collateral Agent&rsquo;s
security interest can be perfected by filing, including any recordation, filing, registration, giving of notice or other similar
action. No filing, recordation, re-filing or re-recording other than those listed on <U>Schedule 5.12</U> (as the same may be updated
at the written request of the Borrowers&rsquo; Agent, with the written agreement of the Administrative Agent, following any change
in applicable law) is necessary to perfect (or maintain the perfection of) the interest, title or Liens of the Security Documents
(to the extent the Collateral Agent&rsquo;s security interest can be perfected by filing or recording), and on and as of each relevant
date which this representation and warranty is made or deemed repeated, all such filings or recordings have been made with respect
to each Security Document then in effect. The Borrowers and the Pledgor have properly delivered or caused to be delivered to the
Existing Collateral Agent, or provided the Existing Collateral Agent control of (in each case for purposes of perfecting the First
Priority Liens (as defined in the Intercreditor Agreement), as gratuitous bailee for the Collateral Agent), all Collateral that
requires perfection of the Liens and security interests described above by possession or control, in each case in accordance with
the Intercreditor Agreement. All or substantially all of the Collateral (other than the Project Account Collateral, the Local Account
Collateral, certificates, securities, investments, chattel paper, books and records and general intangibles), including the Mortgaged
Property, is or will (when acquired) be located on the Sites.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.13 </FONT><U>Ownership of Properties</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Madera has a good
and valid fee ownership interest in the Site for the Madera Plant (except as contemplated by <U>Section 7.02(f) (<I>Negative Covenants
&ndash; Asset Dispositions</I>)</U>). Boardman has a good and valid leasehold interest or valid fee ownership in the Site for
the Boardman Plant (except as contemplated by <U>Section&nbsp;7.02(f) (<I>Negative Covenants &ndash; Asset Dispositions</I>)</U>).
Burley has a good and valid fee ownership interest in the Site for the Burley Plant (except as contemplated by <U>Section 7.02(f)
(<I>Negative Covenants &ndash; Asset Dispositions</I>)</U>). Stockton has a good and valid leasehold interest or valid fee ownership
in the Site for the Stockton Plant (except as contemplated by <U>Section 7.02(f) (<I>Negative Covenants &ndash; Asset Dispositions</I>)</U>).
Each such Site is described on <U>Schedule 5.13(a)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as contemplated by <U>Section 7.02(f) (<I>Negative Covenants &ndash; Asset Dispositions</I></U><I>), </I>the Borrowers
have a good and valid ownership interest, leasehold interest, license interest or other right of use in all other property and
assets (tangible and intangible) included in the Collateral (other than the collateral pledged pursuant to the Pacific Holding
Pledge Agreement). Such ownership interests, leasehold interest, license interest or other rights of use are and will be sufficient
(along with the Kirby Equipment) to permit operation of the Plants substantially in accordance with the Project Documents applicable
to each such Plant. None of said properties or assets are subject to any Liens or, to the knowledge of each Borrower, any other
claims of any Person, including any easements, rights of way or similar agreements affecting the use or occupancy of the Project,
any Plant or any Site, other than Permitted Liens and, with respect to claims, to the extent permitted by <U>Section 5.09 (<I>Litigation</I>)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Equity Interests in each of Madera, Boardman, Stockton and Burley are owned by Pacific Holding.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Equity Interests in Pacific Holding are owned by the Pledgor.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The properties and assets of each of the Borrowers are separately identifiable and are not commingled with the properties
and assets of any other Person (other than any Borrower) and are readily distinguishable from one another (except to the extent
otherwise contemplated by the Transaction Documents).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the Borrowers has any leasehold interest in, and none of the Borrowers is lessee of, any real property other than
the Leased Premises.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.14 </FONT><U>Taxes</U>. (a) Each Borrower has (i) filed all Tax Returns required by law to have been filed by it and (ii) has
paid all Taxes thereby shown to be owing, as and when the same are due and payable, other than in the case of this <U>Section
5.14(a)(ii)</U>, (A) Taxes that are subject to a Contest or (B) the nonpayment of immaterial Taxes in an aggregate amount not
in excess of twenty-five thousand Dollars ($25,000) at any one time outstanding (taking into account any interest and penalties
that could accrue or be applicable to such past-due Taxes), and provided that such Taxes are no more than forty-five (45) days
past due.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the Borrowers is or will be taxable as a corporation for federal, state or local tax purposes.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Borrower is a party to any tax sharing agreement with any Person.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.15 </FONT><U>Patents, Trademarks, Etc.</U> Pacific Holding and each other Borrower has obtained and holds in full force
and effect all material patents, trademarks, copyrights and other such material rights or adequate licenses therein
(including on the Closing Date the license with respect to the use of the Pacific Ethanol name granted pursuant to the Asset
Management Agreement), free from unduly burdensome restrictions, that are necessary for the ownership, construction,
operation and maintenance of the Project.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.16 </FONT><U>ERISA Plans</U>. None of the Borrowers nor any ERISA Affiliate has (or within the five year period immediately
preceding the Closing Date had) any liability in respect of any Plan or Multiemployer Plan. None of the Borrowers has any contingent
liability with respect to any post-retirement benefit under any &ldquo;welfare plan&rdquo; (as defined in Section 3(1) of ERISA),
other than liability for continuation coverage under Part 6 of Title I of ERISA.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.17 </FONT><U>Property Rights, Utilities, Supplies Etc.</U> (a)&nbsp;&nbsp;All material property interests, utility services, means of transportation, facilities and other materials necessary for the
use and operation of the Project (including, as necessary, gas, roads, rail transport, electrical, water and sewage services
and facilities) are available to each Plant.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no material materials, supplies or equipment necessary for operation or maintenance of each Plant that are not
available at the relevant Site on commercially reasonable terms consistent with the Budget.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.18 </FONT><U>No Defaults</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) No Event of Default has occurred
and is continuing.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of Pacific Holding or any other Borrower is in any breach of, or in any default under, any of such Borrower&rsquo;s
Contractual Obligations that has had or could reasonably be expected to have a Material Adverse Effect with respect to such Borrower.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.19 </FONT><U>Environmental Warranties</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set forth on <U>Schedule 5.19(a)(i)</U>, (i) Each Borrower is in compliance in all material respects with all
applicable Environmental Laws, (ii) each Borrower has all Environmental Approvals required to operate its business as presently
conducted or as reasonably anticipated to be conducted and is in compliance in all material respects with the terms and conditions
thereof, (iii) no Borrower nor any of its Environmental Affiliates has received any written communication (other than any such
communication that the Administrative Agent has agreed in writing is not materially adverse) from a Governmental Authority that
alleges that any Borrower or any Environmental Affiliate is not in compliance in all material respects with all Environmental Laws
and Environmental Approvals, and (iv) there are no circumstances that may prevent or interfere in the future with any Borrower&rsquo;s
compliance in all material respects with all applicable Environmental Laws and Environmental Approvals.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There is no Environmental Claim pending, or to the knowledge of each Borrower, threatened against any Borrower. No Environmental
Affiliate has taken any action or violated any Environmental Law that to the knowledge of a Borrower could reasonably be expected
to result in an Environmental Claim.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no present or past actions, activities, circumstances, conditions, events or incidents, including the release,
emission, discharge, presence or disposal of any Material of Environmental Concern, that could reasonably be expected to form the
basis of any Environmental Claim against any Borrower or any Environmental Affiliate.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Without in any way limiting the generality of the foregoing, (i) there are no on-site or off-site locations in which any
Borrower or, to the knowledge of each Borrower, any Environmental Affiliate has stored, disposed or arranged for the disposal of
Materials of Environmental Concern that could reasonably be expected to form the basis of an Environmental Claim, (ii) none of
the Borrowers knows of any underground storage tanks located or to be located on property owned or leased by any Borrower except
as identified on <U>Schedule&nbsp;5.19(d)(ii)</U> (as the same may be updated in writing by the Borrowers&rsquo; Agent with the
written approval of the Administrative Agent), (iii) there is no asbestos or lead paint contained in or forming part of any building,
building component, structure or office space owned or leased by any Borrower except in such form, condition and quantity as could
not reasonably be expected to result in an Environmental Claim, and (iv) no polychlorinated biphenyls (PCBs) are or will be used
or stored at any property owned or leased by any Borrower, except in such form, condition and quantity as could not reasonably
be expected to result in an Environmental Claim.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the Borrowers has received any letter or request for information under Section 104 of the CERCLA, or comparable
state laws, and to the knowledge of the Borrowers, none of the operations of the Borrowers is the subject of any investigation
by a Governmental Authority evaluating whether any remedial action is needed to respond to a release or threatened release of any
Material of Environmental Concern at any Plant or Site or at any other location, including any location to which any Borrower has
transported, or arranged for the transportation of, any Material of Environmental Concern with respect to the Project.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.20 </FONT><U>Regulations T, U and X</U>. None of the Borrowers is engaged in the business of extending credit for the purpose
of purchasing or carrying margin stock, and no proceeds of any Loan will be used for any purpose that violates, or would be inconsistent
with, F.R.S. Board Regulation T, U or X. Terms for which meanings are provided in F.R.S. Board Regulation T, U or X or any regulations
substituted therefore, as from time to time in effect, are used in this <U>Section 5.20</U> with such meanings.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.21 </FONT><U>Accuracy of Information</U>. (a) All factual information heretofore or contemporaneously furnished by or on behalf
of any Borrower in this Agreement, in any other Transaction Document or otherwise in writing to any Senior Secured Party, any
Consultant, or counsel for purposes of or in connection with this Agreement and the other Financing Documents or any transaction
contemplated hereby or thereby (other than projections, budgets and other &ldquo;forward-looking&rdquo; information all of which
has been prepared on a reasonable basis and in good faith) was, as of the date furnished, when taken as a whole (and after giving
effect to any supplement of such information) (i) true and accurate in every material respect and (ii) not incomplete by omitting
to state any material fact necessary to make such information not misleading in any material respect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The assumptions constituting the basis on which the Borrowers prepared the Budget that is in effect on each date this representation
is made or deemed repeated and the numbers set forth therein were developed and consistently utilized in good faith and are reasonable
and represent each Borrower&rsquo;s best judgment as of the date prepared as to the matters contained therein, based on all information
known to the Borrowers.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers reasonably believe that the use, ownership, operation and maintenance of the Project are technically feasible
and, except for factors effecting the ethanol industry in general and not relating specifically to the Plants or the Project, economically
feasible.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.22 </FONT><U>Indebtedness</U>. The Obligations are, after giving effect to the Financing Documents and the transactions contemplated
thereby, the only outstanding Indebtedness of the Borrowers other than Permitted Indebtedness. The Obligations rank at least <I>pari
passu</I> with all other Indebtedness of any Borrower.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.23 </FONT><U>Separateness</U>. (a) Each Borrower maintains separate bank accounts and separate books of account from each other
Borrower and from the Pledgor (other than the Project Accounts maintained in accordance with this Agreement). The separate liabilities
of each Borrower are readily distinguishable from the liabilities of each Affiliate of the Borrowers, including the Pledgor (except
to the extent otherwise contemplated by the Transaction Documents).</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Borrower conducts its business solely in its own name in a manner not misleading to other Persons as to its identity.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Borrower is in compliance with the provisions set forth on <U>Schedule&nbsp;5.23</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.24 </FONT><U>Subsidiaries</U>. Madera, Boardman, Stockton and Burley have no Subsidiaries. Pacific Holding has no Subsidiaries
other than Madera, Boardman, Stockton and Burley.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.25 </FONT><U>Foreign Assets Control Regulations, Etc.</U>&nbsp;&nbsp;(a) The use of the proceeds of the Loan by the Borrowers
will not violate the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States
Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the Borrowers:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>is or will become a Person or entity described by section 1 of Executive Order 13224 of September 24, 2001 Blocking Property
and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (12 C.F.R. 595), and none of the
Borrowers engages in dealings or transactions with any such Persons or entities; or</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>is in violation of the Patriot Act.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.26 </FONT><U>Employment Matters</U>. None of the Borrowers has or has had any employees or former employees.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.27 </FONT><U>Solvency</U>. Each of the Borrowers is and, upon the incurrence of any Obligations by the Borrowers and after giving
effect to the transactions contemplated hereby, will be, Solvent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.28 </FONT><U>Legal Name and Place of Business</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) The exact
legal name and jurisdiction of formation of each Borrower is as set forth below, and none of the Borrowers has had any other legal
names in the previous five (5) years except as set forth on <U>Schedule 5.28</U>:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>Pacific Holding: Pacific Ethanol Holding Co. LLC, a limited liability company organized and existing under the laws of the
State of Delaware;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>Madera: Pacific Ethanol Madera LLC, a limited liability company organized and existing under the laws of the State of Delaware;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>Boardman: Pacific Ethanol Columbia, LLC, a limited liability company organized and existing under the laws of the State of
Delaware</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>Stockton: Pacific Ethanol Stockton LLC, a limited liability company organized and existing under the laws of the State of Delaware;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>Burley: Pacific Ethanol Magic Valley, LLC, a limited liability company organized and existing under the laws of the State of
Delaware.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The sole place of business and chief executive office of each Borrower is as set forth on <U>Schedule 5.28</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The information set forth in <U>Sections
5.28(a)</U> and <U>(b)</U> and on <U>Schedule 5.28</U> may be changed from time to time by the Borrowers upon thirty (30) days&rsquo;
prior written notice to the Administrative Agent and the Collateral Agent, subject in each case to the Borrowers&rsquo; obligations
hereunder to provide the Collateral Agent with a perfected first-priority Lien on the Collateral (subject to Permitted Liens).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.29 </FONT><U>No Brokers</U>. None of the Borrowers has any obligation to pay any finder&rsquo;s, advisory, brokers or investment
banking fee, except for the fees payable pursuant to <U>Section 3.11 (<I>Fees</I>)</U> and those identified on <U>Schedule 5.29</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.30 </FONT><U>Insurance</U>. All insurance required to be obtained and maintained pursuant to the Transaction Documents by Pacific
Holding and each other Borrower is in full force and effect as of each date this representation is made or deemed repeated and
complies with the insurance requirements set forth on <U>Schedule 7.01(h)</U>. All premiums then due and payable on all such insurance
have been paid. To the knowledge of each Borrower, all insurance required to be obtained and maintained by any Major Project Party
to protect, directly or indirectly, against loss or liability to any Borrower, any Plant or any Senior Secured Party, as of the
date this representation is made or deemed repeated, pursuant to any Project Document relating to any such Plant has been obtained,
is in full force and effect and complies with the insurance requirements set forth on <U>Schedule 7.01(h)</U> (where applicable)
and is otherwise in all material respects in accordance with such Project Document.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.31 </FONT><U>Accounts</U>. The Project Accounts exist at the Accounts Bank in accordance and in compliance with the terms of
the Existing Credit Agreement. No Borrower has, nor is the beneficiary of, any bank account other than the Project Accounts. As
of the Closing Date no Borrower has any Local Accounts.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5.32 </FONT><U>Interest Rate Protection Agreements</U>. As of the date hereof, there are no Interest Rate Protection Agreements.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
VI<BR>
<BR>
</FONT>CONDITIONS PRECEDENT</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
6.01 </FONT><U>Conditions to Closing</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. The occurrence of the Closing
Date shall be subject to the satisfaction of each of the following conditions precedent</FONT> (satisfaction of which may be effected,
as applicable and unless otherwise requested by the Required Lenders, by reliance on documents heretofore delivered to any Existing
Agents pursuant to the Existing Credit Agreement, as applicable), as certified by the Borrowers&rsquo; Agent to the Administrative
Agent:</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of Financing Documents</U>. The Administrative Agent shall have received each of the following fully executed
documents, each of which shall be originals, portable document format (&ldquo;<U>pdf</U>&rdquo;) or facsimiles, duly executed and
delivered by each party thereto:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>this Agreement;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>the Intercreditor Agreement;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>the original Notes, duly executed and delivered by an Authorized Officer of each Borrower in favor of each requesting Lender;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>each Mortgage;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>each Subordination Agreement;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)</FONT></TD><TD>each Pledge Agreement;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vii)</FONT></TD><TD>each Security Agreement;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(viii)</FONT></TD><TD>the Amended Credit Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ix)</FONT></TD><TD>each Closing Date Consent; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(x)</FONT></TD><TD>the Fee Letters.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of Documents</U>. The Administrative Agent shall have received a true, correct and complete copy of each agreement
identified on <U>Schedule 5.11</U> dated as of a date on or after June 26, 2010 that is reasonably requested by any Lender.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Officer&rsquo;s Certificates</U>. The Administrative Agent shall have received the following certificates, dated as of
the Closing Date, upon which the Administrative Agent and each Lender may conclusively rely:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>a duly executed certificate of an Authorized Officer of the Borrowers&rsquo; Agent certifying that (A) all conditions set forth
in this <U>Section 6.01</U> have been satisfied on and as of the Closing Date and (B) all representations and warranties made by
any Borrower or the Pledgor in this Agreement and each other Financing Document to which any Borrower or the Pledgor is a party
are true and correct in all material respects on and as of the Closing Date; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>a duly executed certificate of an Authorized Officer of the Borrowers&rsquo; Agent certifying that (A) the copies of each document
delivered pursuant to <U>Section 6.01(b)</U> are true, correct and complete copies of such documents, (B) such documents are in
full force and effect and no term or condition of any such Project Document has been amended from the form thereof delivered to
the Administrative Agent, and (C) no material breach, material default or material violation by any Borrower, or to the knowledge
of each Borrower, any Project Party under any Project Document has occurred and is continuing.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Resolutions, Incumbency, LLC Agreements</U>. The Administrative Agent shall have received from each of the Borrowers
and the Pledgor a certificate of an Authorized Officer dated as of the Closing Date, upon which the Administrative Agent and each
Lender may conclusively rely, as to:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>reasonably satisfactory resolutions of its members, managers or directors, as the case may be, then in full force and effect
authorizing the execution, delivery and performance of each Transaction Document to which it is party and the consummation of the
transactions contemplated therein (including, in the case of each Borrower, the appointment of the Borrowers&rsquo; Agent);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>the incumbency and signatures of those of its officers and representatives duly authorized to execute and otherwise act with
respect to each Financing Document to which it is party; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>such Person&rsquo;s Organic Documents which, in the case of each Borrower, shall be in form and substance reasonably satisfactory
to the Required Lenders, and in every case certifying that (A) such documents are in full force and effect and no term or condition
thereof has been amended from the form thereof delivered to the Administrative Agent and (B) no material breach, material default
or material violation thereunder has occurred and is continuing.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authority to Conduct Business</U>. The Administrative Agent shall have received evidence, including certificates of good
standing from the Secretaries of State of each relevant jurisdiction, dated no more than eight (8) days (or such other time period
reasonably acceptable to the Required Lenders) prior to the Closing Date, that:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>each Borrower is duly authorized as a limited liability company to carry on its business, and is duly formed, validly existing
and in good standing in each jurisdiction (including, in the case of Madera and Stockton, the State of California, in the case
of Boardman, the State of Oregon, and in the case of Burley, the State of Idaho) in which it is required to be so authorized; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>the Pledgor is duly authorized as a limited liability company to carry on its business, and is duly organized, validly existing
and in good standing in each jurisdiction in which it is required to be so authorized.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Opinions of Counsel</U>. The Administrative Agent shall have received the following legal opinions, addressed to the
Senior Secured Parties, and each in form and substance reasonably satisfactory to the Required Lenders:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>the opinion of Snell &amp; Wilmer LLP, New York and California counsel to the Loan Parties (and covering customary matters
under Delaware law);</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>the opinion of Tonkon Torp LLP, Oregon counsel to the Loan Parties; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>the opinion of Holland &amp; Hart LLP, Idaho counsel to the Loan Parties.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lien Search; Perfection of Security</U>. The Collateral Agent shall have been granted a first priority perfected security
interest in all Collateral, and the Administrative Agent shall have received copies or evidence, as the case may be, of the following
actions in connection with the perfection of the Security:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>completed requests for information or lien search reports, dated no more than eight (8) days (or such other time period reasonably
acceptable to the Required Lenders) before the Closing Date, listing all effective UCC financing statements, fixture filings or
other filings evidencing a security interest filed in Delaware, California, Oregon, Idaho, and any other jurisdictions reasonably
requested by the Required Lenders that name any Borrower or the Pledgor as a debtor, together with copies of each such UCC financing
statement, fixture filing or other filings, which shall show no Liens other than Permitted Liens;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>UCC financing statements and other filings and recordations (other than fixture filings or recordation of any Mortgage), in
proper form for filing in all jurisdictions that the Required Lenders may deem necessary or desirable in order to perfect and protect
the first priority Liens and security interests created under the Security Documents and each such UCC financing statement and
other filing or recordation shall be duly filed on behalf of the Senior Secured Parties on the Closing Date;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>the original certificates representing all Equity Interests in each Borrower shall have been delivered to the Existing Collateral
Agent, in each case together with a duly executed transfer power in the form attached to the Pledge Agreement relating to such
Equity Interests; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>evidence of the making (which may be on the Closing Date) of all other actions, recordings and filings of or with respect to
the Security Documents delivered pursuant to <U>Section 6.01(a) (<I>Conditions to Closing &ndash; Delivery of Financing Documents</I>)</U>
that the Required Lenders may deem necessary or desirable in order to perfect and protect the first priority Liens created thereunder.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial Statements</U>. The Administrative Agent shall have received accurate and complete copies of the most recent
financial statements of the Borrowers available on the Closing Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Third Party Approvals</U>. The Administrative Agent shall have received documentation reasonably satisfactory to the
Required Lenders of any approval by any Person required in connection with any transaction contemplated by this Agreement or any
other Financing Document that any Lender has reasonably requested in connection herewith.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Existence of Project Accounts</U>. Each of the Project Accounts shall be in existence with the Accounts Bank in accordance
and in compliance with the terms of the Existing Credit Agreement, to the satisfaction of the Lenders.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Insurance</U>. The Administrative Agent shall have received evidence reasonably satisfactory to the Lenders that the
insurance requirements set forth on <U>Schedule 7.01(h)</U> with respect to the Borrowers and the Plants have been satisfied, including
binders or certificates evidencing the commitment of insurers to provide each insurance policy required by <U>Schedule 7.01(h)</U>,
evidence of the payment of all premiums then due and owing in respect of such insurance policies and a certificate of the Borrowers&rsquo;
insurance broker (or insurance carrier) certifying that all such insurance policies are in full force and effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governmental Approvals</U>. Each Borrower that owns a Plant shall have all Necessary Project Approvals required as of
the Closing Date to operate such Plant (in Cold Shutdown in the case of the Madera Plant), and the Administrative Agent shall have
received a duly executed certificate of an Authorized Officer of the Borrowers&rsquo; Agent certifying that (i) attached to such
certificate are true, correct and complete copies of each such Necessary Project Approval dated as of a date on or after June 26,
2010 and reasonably requested by the Required Lenders and (ii) each Necessary Project Approval is in full force and effect and
is final and Non-Appealable.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Budgets; Forecast</U>. The Administrative Agent shall have received the Initial Budget, accompanied by a certificate
of an Authorized Officer of the Borrowers&rsquo; Agent, dated as of the Closing Date, certifying as to the reasonableness of the
underlying assumptions and the conclusions on which the Initial Budget is based, each in form and substance reasonably satisfactory
to the Required Lenders. The Administrative Agent shall have received the Initial Annual Forecast.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title Insurance</U>.</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>The Administrative Agent shall have received a paid policy or policies of mortgage title insurance (the &ldquo;<U>Title Insurance
Policy</U>&rdquo;) with respect to each Site on a Form 2006 extended coverage lender&rsquo;s policy, containing such endorsements
as the Required Lenders may request and otherwise in form and substance reasonably satisfactory to the Required Lenders, from the
Title Insurance Company, containing no exception for mechanics&rsquo; or materialmen&rsquo;s Liens and no other exceptions (printed
or otherwise) other than those approved by the Required Lenders, and insuring that the Collateral Agent has a good, valid and enforceable
first Lien of record on the corresponding Mortgaged Property free and clear of all defects and encumbrances (other than Permitted
Liens).</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>The Title Insurance Policy shall confirm that (A) Madera has good, marketable title to the Madera Site subject to no Liens
(other than Liens in favor of the Collateral Agent or other Permitted Liens), (B) Boardman has a valid and subsisting leasehold
estate in and to the Boardman Leased Premises subject to no Liens (other than Liens in favor of the Collateral Agent or other Permitted
Liens), (C) Burley has good, marketable title to the Burley Site subject to no Liens (other than Permitted Liens) and (D) Stockton
has a valid and subsisting leasehold estate in and to the Stockton Leased Premises subject to no Liens (other than Permitted Liens).</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Bank Regulatory Requirements</U>. The Administrative Agent shall have received at least one (1) Business Day prior to
the Closing Date all documentation and other information required by bank regulatory authorities under applicable &ldquo;know your
customer&rdquo; and anti-money-laundering rules and regulations, including the Patriot Act.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing Fees; Expenses</U>. The Administrative Agent shall have received for its own account, all fees due and payable
pursuant to <U>Section 3.11 (<I>Fees</I>)</U> and all reasonable costs and expenses (including reasonable and documented legal
fees and expenses) for which invoices have been presented, in each case, required to be paid on or before the Closing Date. Each
other party hereto shall have received for its own account, all fees due and payable pursuant to <U>Section 3.11 (<I>Fees</I>)</U>
and all reasonable costs and expenses (including reasonable and documented legal fees and expenses) required to be paid by the
Borrowers hereunder and for which invoices have been presented.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The concurrent occurrence of the &ldquo;Restatement Effective Date&rdquo; as defined in the Amended Credit Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
6.02 </FONT><U>Conditions to All Fundings</U>. The obligation of each Lender to make available each Funding of its Loans, shall
be subject to the fulfillment of the following conditions precedent.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Funding Notice</U>. The Administrative Agent shall have received a duly executed Funding Notice, as required by and in
accordance with <U>Section 2.02 (<I>Notice of Fundings</I>)</U>, which shall certify that:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>the Borrowers are in compliance with all conditions set forth in this <U>Section 6.02</U>, and each other applicable Section
of this <U>Article&nbsp;VI</U>, on and as of the proposed Funding Date, before and after giving effect to such Funding and to the
application of the proceeds therefrom;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>all representations and warranties made by each of the Borrowers and the Pledgor in this Agreement and each of the Financing
Documents to which it is a party are true and correct in all material respects on and as of such Funding Date (except with respect
to representations and warranties that expressly refer to an earlier date), before and after giving effect to such Funding and
to the application of the proceeds therefrom; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>since April 16, 2010, no Material Adverse Effect has occurred and is continuing.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Government Approvals</U>. Each Borrower that owns a Plant shall have all Necessary Project Approvals required as of the
date of such requested Funding to operate such Plant (in Cold Shutdown in the case of the Madera Plant), and the Administrative
Agent shall have received a duly executed certificate of an Authorized Officer of the relevant Borrowers certifying that each such
Necessary Project Approval is in full force and effect and is final and Non-Appealable.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Default or Event of Default</U>. No Default or Event of Default has occurred and is continuing, or would result from
such Funding.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties</U>. All representations and warranties made by each of the Borrowers and the Pledgor
in this Agreement and each of the Financing Documents to which it is a party shall be true and correct in all material respects
on and as of such Funding Date (except with respect to representations and warranties that expressly refer to an earlier date),
before and after giving effect to such Funding and to the application of the proceeds therefrom.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Litigation</U>.</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>No action, suit, proceeding or investigation shall have been instituted or threatened against any of Pacific Holding, the Pledgor,
or any Plant or Borrower that, individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse
Effect; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>no action, suit, proceeding or investigation shall have been instituted or threatened against any Project Party that is party
to any Project Document with Pacific Holding or that relates to any Borrower or Plant that, individually or in the aggregate, has
had or could reasonably be expected to have a Material Adverse Effect.</TD></TR></TABLE>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Abandonment, Taking, Total Loss</U>. (i) No Event of Abandonment or Event of Total Loss shall have occurred and be continuing
with respect to any Plant, (ii) no Event of Taking relating to any Equity Interests in Pacific Holding or any other Borrower shall
have occurred and be continuing, or (iii) no Event of Taking with respect to a material part of any Plant shall have occurred.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing Date</U>. The Closing Date shall have occurred.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fees; Expenses</U>. The Administrative Agent shall have received for its own account, or for the account of each Lender
and Agent entitled thereto, all fees due and payable as of the date of such Funding pursuant to <U>Section 3.11 (<I>Fees</I>)</U>,
and all costs and expenses (including reasonable and documented costs, fees and expenses of legal counsel) for which invoices have
been presented.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
VII<BR>
<BR>
</FONT>COVENANTS</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
7.01 </FONT><U>Affirmative Covenants</U>. Each Borrower agrees with each Agent and each Lender that, until the Discharge Date,
each of the Borrowers will perform the obligations set forth in this <U>Section 7.01</U> applicable to it.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Laws</U>. Each Borrower shall comply in all material respects with all Laws (other than Environmental
Laws) applicable to it or to its business or property.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Environmental Matters</U>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>The Borrowers shall (A) comply in all material respects with all Environmental Laws, (B) keep the Project free of any Lien
imposed pursuant to any Environmental Law, (C) pay or cause to be paid when due and payable by any Borrower any and all costs required
in connection with any Environmental Laws, including the cost of identifying the nature and extent of the presence of any Materials
of Environmental Concern in, on or about the Project or on any real property owned or leased by any Borrower or on the Mortgaged
Property, and the cost of delineation, management, remediation, removal, treatment and disposal of any such Materials of Environmental
Concern, and (D) use their best efforts to ensure that no Environmental Affiliate takes any action or violates any Environmental
Law that could reasonably be expected to result in an Environmental Claim.</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>The Borrowers shall not use or allow the Project to generate, manufacture, refine, produce, treat, store, handle, dispose of,
transfer, process or transport Materials of Environmental Concern other than in compliance in all material respects with Environmental
Laws.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Operations and Maintenance; Operating Status</U>. Each Borrower owning a Plant shall own, operate and maintain (or cause
to be operated and maintained) such Plant in all material respects in accordance with (A) the terms and provisions of the Transaction
Documents except as a result of the Cold Shutdown of the Madera Plant, (B) all applicable Governmental Approvals and Laws and (C)
Prudent Ethanol Operating Practice. Pacific Holding shall conduct its business in all material respects in accordance with all
applicable Governmental Approvals and Laws.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Properties</U>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>Each Borrower shall keep, or cause to be kept, in good working order and condition, ordinary wear and tear excepted, all of
its material properties and equipment that are necessary or useful in the proper conduct of its business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>The Borrowers shall not permit any Plant or any material portion thereof to be removed, demolished or materially altered, unless
such material portion that has been removed, demolished or materially altered has been replaced or repaired as permitted under
this Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>Each Borrower shall do or cause to be done all things necessary to preserve and keep in full force and effect (A) its limited
liability company existence and (B) its material patents, trademarks, trade names, copyrights, franchises and similar rights.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Obligations</U>. Each Borrower shall pay and discharge as the same shall become due and payable (i) all tax
liabilities, assessments and governmental charges or levies upon it or its properties or assets, (A) unless the same are subject
to a Contest or (B) other than the nonpayment of immaterial Taxes in an aggregate amount not in excess of twenty-five thousand
Dollars ($25,000) at any one time outstanding (taking into account any interest and penalties that could accrue or be applicable
to such past-due Taxes), and provided that such Taxes are no more than forty-five (45) days past due, (ii) all of its obligations
and liabilities under its Contractual Obligations (other than any such failure that could not reasonably be expected to have a
Material Adverse Effect and that would not otherwise result in an Event of Default) and (iii) all lawful claims that, if unpaid,
would by law become a Lien upon its properties (other than Permitted Liens), unless the same are subject to a Contest.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governmental Approvals</U>. Pacific Holding and each other Borrower shall maintain in full force and effect, in the name
of the relevant Borrower, all Necessary Project Approvals (other than any such failure to maintain or obtain that could not reasonably
be expected to have a Material Adverse Effect on the relevant Borrower or Plant).</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Use of Proceeds and Cash Flow</U>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>All proceeds of the Loans shall be used solely to fund the amounts set forth in the Budget and, in each case only to the extent
specified in the Budget (subject to the Permitted Variance), (a) operating expenses, limited capital expenditures and other amounts
for general and ordinary course purposes of the Borrowers, (b) current interest and fees payable pursuant to the Financing Documents
and (c) such other administrative payments, including the cumulative budgeted professional fees, as may be authorized and approved
by the Required Lenders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>The Borrowers shall cause all Cash Flow, Insurance Proceeds and Condemnation Proceeds to be applied in accordance with <U>Article&nbsp;VIII
(<I>Project Accounts</I>)</U>.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Insurance</U>. Without cost to any Senior Secured Party, the applicable Borrower shall at all times obtain and maintain,
or cause to be obtained and maintained, the types and amounts of insurance listed and described on <U>Schedule 7.01(h)</U>, in
accordance with the terms and provisions set forth therein for each Plant and the applicable Borrower, and shall obtain and maintain
in all material respects such other insurance as may be required pursuant to the terms of any Transaction Document. In the event
the Borrowers fail to take out or maintain the full insurance coverage required by this <U>Section 7.01(h)</U>, the Administrative
Agent may (but shall not be obligated to) take out the required policies of insurance and pay the premiums on the same. All amounts
so advanced by the Administrative Agent shall become an Obligation and the Borrowers shall forthwith pay such amounts to the Administrative
Agent, together with interest from the date of payment by the Administrative Agent at the Default Rate.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Books and Records; Inspections</U>. Each Borrower shall keep proper books of record and account in which complete, true
and accurate entries in conformity with GAAP and all requirements of Law shall be made of all financial transactions and matters
involving the assets and business of such Borrower, and shall maintain such books of record and account in material conformity
with applicable requirements of any Governmental Authority having regulatory jurisdiction over such Borrower. Each Borrower shall
keep books and records separate from the books and records of any other Person (including any Affiliates of the Borrowers) that
accurately reflect all of its business affairs, transactions and the documents and other instruments that underlie or authorize
all of its limited liability company actions. Each Borrower shall permit officers and designated representatives of the Administrative
Agent or any Consultant to visit and inspect any of the properties of such Borrower (including the respective Plant), to examine
its limited liability company, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss
its affairs, finances and accounts with its members, managers, directors, officers and independent public accountants, all at the
expense of the Borrowers and at such reasonable times during normal business hours and as often as may be reasonably desired, upon
reasonable advance notice to such Borrower; provided that if a Default or Event of Default has occurred and is continuing, any
Agent, or Consultant (or, in the case of any Event of Default, any Lender) (or any of their respective officers or designated representatives)
may do any of the foregoing at the expense of the Borrowers at any time during normal business hours and without advance notice.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Existence</U>. Each Borrower will continue to preserve, renew and keep in full force and effect its entity
status in the jurisdiction of its formation and take all actions to maintain its rights, privileges and franchises necessary or
desirable in the normal course of its business.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Budgets</U>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>The Borrowers, not later than seven (7) days before the date that is the first day of the Fiscal Quarter commencing January
1, 2013 and each date falling every ninety (90) days thereafter (each such date, a &ldquo;<U>Period Start Date</U>&rdquo;), shall
adopt a budget containing, among other things, rolling cash flow forecast, setting forth in reasonable detail the projected cash
flow for each Plant and on an aggregate basis for the Project for the period starting on the then current Period Start Date and
ending on the earlier of (A) thirteen (13) weeks after the then current Period Start Date and (B) the Maturity Date, and provide
a copy of such forecast at such time to the Administrative Agent. Each such forecast shall become effective upon approval of the
Required Lenders (acting in consultation with the Financial Advisor, if any) (each such approved forecast, and the Initial Budget,
a &ldquo;<U>Budget</U>&rdquo;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>Each Budget delivered to the Administrative Agent pursuant to this <U>Section 7.01(k)</U> shall be accompanied by a memorandum
or worksheet detailing all changes in material assumptions used in the preparation of such Budget, shall contain a line item for
each expense category reasonably requested by the Required Lenders and shall specify for each Fiscal Quarter and for each such
expense category the amount budgeted for such category for such Fiscal Quarter.</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>Subject to <U>Section 7.02(w)</U>, the Borrowers shall comply with the Budget subject to the Permitted Variance.</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>No later than forty-five (45) days in advance of the beginning of each calendar year, the Borrowers shall prepare a document
substantially in the form of the Initial Annual Forecast setting forth in reasonable detail the projected requirements for Operation
and Maintenance Expenses and Maintenance Capital Expenses for such calendar year on a monthly basis for each Plant and provide
a copy of such document to the Administrative Agent.</TD></TR></TABLE>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Project Documents</U>. Each Borrower shall use its reasonable best efforts to preserve, protect and defend its rights
under each Project Document to which it is a party except where the failure to do so could not reasonably be expected to have a
Material Adverse Effect. Each Borrower shall use its reasonable best efforts to exercise all material rights, discretion and remedies
under each Project Document in accordance with its terms and in a manner consistent with and subject to such Borrower&rsquo;s obligations
under the Financing Documents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Preservation of Title; Acquisition of Additional Property</U>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>The Borrowers shall preserve and maintain (A) good, marketable and insurable fee interest in each Site (excluding the Leased
Premises) and valid easement interest to its easement interest in each Site (excluding the Leased Premises), (B) a good, legal
and valid leasehold interest in each Leased Premises, and (C) good, legal and valid title to all of its other respective material
properties and assets, in each case free and clear of all Liens other than Permitted Liens.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>No Borrower shall acquire or commence to lease any real property interests without the prior written consent of the Required
Lenders.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Liens; Creation of Liens</U>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>The Borrowers shall take or cause to be taken all action necessary or desirable to maintain and preserve the Lien of the Security
Documents and the first ranking priority thereof, in each case in accordance with the Intercreditor Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>The Borrowers shall take all actions required to cause each Additional Project Document to be or become subject to the Lien
of the Security Documents (whether by amendment to any Security Agreement or otherwise).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>Simultaneously with the making of any investment in Cash Equivalents, each Borrower shall take or cause to be taken all actions
to require such Cash Equivalent in the Project Accounts or any Local Account with respect to which a Blocked Account Agreement
has been entered into to be or become subject to a first priority perfected Lien in favor of the Senior Secured Parties, in each
case in accordance with the Intercreditor Agreement.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certificate of Formation</U>. Each Borrower shall observe in all material respects all of the separateness and other
provisions and procedures of its certificate of formation and Borrower LLC Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Separateness</U>. Each Borrower shall comply at all times with the separateness provisions set forth on <U>Schedule 5.23</U>.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Further Assurances</U>. Upon written request of the Administrative Agent, the Borrowers shall promptly perform or cause
to be performed any and all acts and execute or cause to be executed any and all documents (including UCC financing statements
and UCC continuation statements):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>that are necessary or advisable for compliance with <U>Section&nbsp;7.01(n)(i) (<I>Affirmative Covenants &ndash; Maintenance
of Liens; Creation of Liens</I></U>);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>for the purposes of ensuring the validity and legality of this Agreement or any other Financing Document and the rights of
the Lenders and the Agents hereunder or thereunder; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>for the purposes of facilitating the proper exercise of rights and powers granted to the Lenders or the Agents under this Agreement
or any other Financing Document.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>First Priority Ranking</U>. The Borrowers shall cause their payment obligations with respect to the Loans to constitute
direct senior secured obligations of each Borrower and to rank no less than <I>pari passu</I> in priority of payment, in right
of security and in all other respects to all other Indebtedness (other than as contemplated by <U>Section 8.03(b)</U> <U>(<I>Revenue
Account</I>)</U> with respect to payment priorities) of the Borrowers, in each case subject to the Intercreditor Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Quarterly Meetings</U>. At least once per calendar quarter, upon request of the Required Lenders, at mutually acceptable
times (and with telephonic conferences being acceptable), the Borrowers&rsquo; Agent shall, and shall procure that representatives
of the Borrower&rsquo;s professionals (including any counsel and financial advisors) as may be requested by the Required Lenders,
meet together with the Lenders to update the Lenders on the status of the Borrowers and to discuss any other issues in connection
therewith as may be requested by the Required Lenders.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Post Closing Obligations</U>. Borrowers shall, within thirty (30) days after the Closing Date, deliver to the Administrative
Agent (x) a Consent, in form and substance reasonably satisfactory to the Lenders, with respect to each Project Document identified
on Part B of <U>Schedule 6.01(a)(ix)</U>, (y) fully executed estoppel certificate substantially in the form attached hereto as
<U>Exhibits 7.01(t)A</U> and <U>B</U>, respectively and (z) a certificate of the insurance broker of the Borrowers certifying that
the insurance requirements set forth on <U>Schedule 7.01(h)</U> with respect to the Borrowers and the Plants have been satisfied,
in the form of <U>Exhibit 6.01(k)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
7.02 </FONT><U>Negative Covenants</U>. Each Borrower agrees with each Agent and each Lender that, until the Discharge Date, each
of the Borrowers will perform the obligations set forth in this <U>Section 7.02</U> applicable to it.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restrictions on Indebtedness of the Borrowers</U>. The Borrowers will not create, incur, assume or suffer to exist any
Indebtedness except:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>the Obligations;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>to the extent constituting Indebtedness, contingent obligations under or in respect of performance bonds, bid bonds, appeal
bonds, indemnification obligations, obligations to pay insurance premiums, take or pay obligations and similar obligations in each
case incurred in the ordinary course of business and otherwise permitted under this Agreement and not in connection with Indebtedness
for borrowed money, with respect to bonds, (a) bonds existing on the Closing Date and set forth on <U>Schedule 7.02(a)</U> and
replacements or extensions thereof that do not increase the face amount thereof (except to the extent a bond in the amount of such
increase would be permitted pursuant to the following clause (b), and (b) other bonds in an aggregate amount not to exceed two
hundred thousand Dollars ($200,000) at any one time outstanding;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>to the extent constituting Indebtedness, Indebtedness arising from the honoring by a bank or other financial institution of
a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business or other cash management
services in the ordinary course of business; provided that such Indebtedness is extinguished within ten (10) Business Days of its
incurrence and the aggregate amount of all such Indebtedness does not exceed, at any time, one hundred thousand Dollars ($100,000);</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>Capitalized Lease Liabilities with payments in any Fiscal Year, taken in the aggregate for the Project, in an amount not to
exceed two million Dollars ($2,000,000);</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>Permitted Commodity Hedges;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)</FONT></TD><TD>Indebtedness (which may include Capitalized Lease Liabilities without reduction of the basket in the foregoing clause (a)(iv))
incurred at the time of such purchase or lease to finance the purchase or lease of enhancements to the Borrowers&rsquo; production
facilities consisting of bolt-on product yield enhancement equipment or processing and separation equipment for corn oil and corn
syrup in an aggregate principal amount not to exceed fourteen million Dollars ($14,000,000); and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vii)</FONT></TD><TD>Indebtedness under the Existing Financing Documents.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liens</U>. No Borrower shall create, incur, assume or suffer to exist any Lien upon any of its property, revenues or
assets (including its Equity Interests), whether now owned or hereafter acquired, except:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>Liens in favor, or for the benefit, of the Collateral Agent pursuant to the Security Documents;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>Liens for taxes, assessments and other governmental charges that are not yet due or the payment of which is the subject of
a Contest;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>Liens of carriers, warehousemen, mechanics and materialmen incurred in the ordinary course of business for sums not yet due
or the payment of which is the subject of a Contest;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>minor defects or irregularities in title and similar matters if the same do not materially detract from the operation or use
of such property in the ordinary conduct of the business of the applicable Borrower, including any such exceptions and encumbrances
which are approved by the Administrative Agent;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>cash collateral for bonds permitted under <U>Section 7.02(a)(ii) (<I>Negative Covenants &ndash; Restrictions on Indebtedness
of the Borrowers</I>)</U> or otherwise; provided that such cash collateral does not exceed an amount equal to the sum of (A) the
amount of cash collateral for bonds on deposit on the Closing Date and set forth on <U>Schedule 7.02(a)</U> and (B) two hundred
thousand Dollars ($200,000);</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)</FONT></TD><TD>Liens arising with respect to a Local Account for which a Blocked Account Agreement has been entered into or otherwise arising
by virtue of any statutory or common law provisions relating to banker&rsquo;s liens, rights of set-off or similar rights; provided
that such Liens either (A) are subordinated to the Liens of the Senior Secured Parties or (B) with respect only to Local Accounts
for which a Blocked Account Agreement has been entered into, are in an aggregate total amount not in excess of one hundred thousand
Dollars ($100,000);</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vii)</FONT></TD><TD>easements granted by any Borrower to any utility serving such Borrower&rsquo;s Plant as required for the operation of such
Plant; provided<I>,</I> that in each such case:</TD></TR></TABLE>

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<TD STYLE="width: 2.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD><TD>such easement will not adversely affect the costs under any Budget;</TD></TR></TABLE>

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<TD STYLE="width: 2.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD><TD>such easement will not adversely affect the operations of any Plant; and</TD></TR></TABLE>

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<TD STYLE="width: 2.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD><TD>such easement has been approved by the Administrative Agent;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(viii)</FONT></TD><TD>Liens in respect of Capitalized Lease Liabilities with respect to office equipment permitted by <U>Section 7.02(a)(iv)<I>(Negative
Covenants-Restrictions on Indebtedness)</I></U>;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ix)</FONT></TD><TD>purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal
property entered into in the ordinary course of business and otherwise permitted under this Agreement;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(x)</FONT></TD><TD>cash collateral for Permitted Commodity Hedges; provided that such cash collateral does not exceed the aggregate limits set
forth in the Commodity Hedging Policy;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xi)</FONT></TD><TD>purchase money security interests in equipment acquired by any Borrower using Indebtedness permitted by <U>Section 7.02(a)(vi)
(<I>Negative Covenants-Restrictions on Indebtedness</I>)</U>; provided, that such security interests do not apply to any other
property or assets of any Loan Party or any Subsidiary besides those acquired or leased pursuant to such transaction (it being
agreed that transactions with the same vendor may be cross-collateralized); and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xii)</FONT></TD><TD>Liens in favor, or for the benefit, of the Existing Collateral Agent pursuant to the Existing Security Documents.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Permitted Investments</U>. The Borrowers shall not make any investments, loans or advances (whether by purchase of stocks,
bonds, notes or other securities, loans, extensions of credit, advances or otherwise) except for investments in (i)&nbsp;Cash Equivalents,
(ii) investments received in connection with the bankruptcy of suppliers or customers of the Borrowers (provided that such investments
are subject to a first priority perfected Lien in favor of the Collateral Agent) and (iii) in the case of Pacific Holding, investments
in the other Borrowers. The Borrowers shall select Cash Equivalents having such maturities as shall cause the Project Accounts
to have a cash balance as of any day sufficient to cover the transfers made from the Project Accounts on such day in accordance
with this Agreement, the other Financing Documents, the Project Documents and any Additional Project Documents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Change in Business</U>. No Borrower shall (i) enter into or engage in any business other than the ownership, operation
(including the Cold Shutdown of the Madera Plant), maintenance, use and financing of the Plants or the Project as contemplated
by the Transaction Documents or (ii) change in any material respect the scope of any Plant or the Project from that which exists
as of the Closing Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Equity Issuances</U>. No Borrower shall issue any Equity Interests unless such Equity Interests are immediately pledged
to the Collateral Agent (for the benefit of the Senior Secured Parties) on a first priority perfected basis pursuant to the Pledge
Agreements or, if necessary, a supplement thereto or a pledge and security agreement in substantially the form of the Pledge Agreements.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Asset Dispositions</U>. No Borrower shall sell, lease, assign, transfer or otherwise dispose of assets (other than Products),
whether now owned or hereafter acquired, except:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>disposal of assets that are promptly replaced in accordance with the then-current Budget;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>to the extent that such assets are uneconomical, obsolete or no longer useful or no longer usable in connection with the operation
or maintenance of the Project;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>disposal of assets with a fair market value of, or, if greater, at a disposal price of, less than fifty thousand Dollars ($50,000)
in the aggregate during any Fiscal Year; provided<I>,</I> that such disposal does not, and would not reasonably be expected to,
adversely affect the operation or maintenance of any Plant;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>transfers of assets among the Plants; provided, that (A) the aggregate total fair market value of all such transferred assets
does not exceed five hundred thousand Dollars ($500,000) in any Fiscal Year, and (B) each such transfer does not, and would not
reasonably be expected to, adversely affect the operations of the Plant from which such assets are transferred; or</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>as permitted by <U>Section 7.02(c) <I>(Negative Covenants</I>-<I>Permitted Investments</I>)</U>.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Consolidation, Merger</U>. No Borrower will (i) directly or indirectly liquidate, wind up, terminate, reorganize or dissolve
itself (or suffer any liquidation, winding up, termination, reorganization or dissolution) or otherwise wind up; or (ii) acquire
(in one transaction or a series of related transactions) all or any substantial part of the assets, property or business of, or
any assets that constitute a division or operating unit of, the business of any Person or otherwise merge or consolidate with or
into any other Person.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transactions with Affiliates</U>. No Borrower shall enter into or cause, suffer or permit to exist any arrangement or
contract with any of its Affiliates or any other Person that owns, directly or indirectly, any Equity Interest in any Borrower
unless such arrangement or contract (i) is fair and reasonable to such Borrower and (ii) is an arrangement or contract that is
on arm&rsquo;s-length basis and contains terms no less favorable than those that would be entered into by a prudent Person in the
position of such Borrower with a Person that is not one of its Affiliates.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accounts</U>. The Borrowers shall not maintain, establish or use any deposit account, securities account (as each such
term is defined in the UCC) or other banking account other than the Project Accounts and any Local Account identified in writing
to the Administrative Agent, each of which shall be subject to a Blocked Account Agreement. The Borrowers shall not change the
name or account number of any of the Project Accounts or Local Accounts without the prior written consent of the Administrative
Agent.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsidiaries</U>. Pacific Holding shall not create or acquire any Subsidiary other than Madera, Boardman, Stockton or
Burley nor enter into any partnership or joint venture. Each of Madera, Boardman, Stockton and Burley shall not create or acquire
any Subsidiary or enter into any partnership or joint venture.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>ERISA</U>. No Borrower will engage in any prohibited transactions under Section 406 of ERISA or under Section 4975 of
the Code. No Borrower will incur any obligation or liability in respect of any Plan, Multiemployer Plan or employee welfare benefit
plan providing post-retirement welfare benefits (other than a plan providing continue coverage under Part 6 of Title I of ERISA)
in each such case without the prior written consent of the Administrative Agent (unless the aggregate total obligations or liabilities
of the Borrowers that could reasonably be expected to arise, due to no fault of the Borrowers, in connection therewith would not
exceed five hundred thousand Dollars ($500,000)).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taxes</U>. No Borrower shall make any election to be treated as an association taxable as a corporation for federal,
state or local tax purposes.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Project Documents</U>. Other than changes approved in the Existing Pledgor Consent and changes that individually and
in the aggregate could not reasonably be expected to have a Material Adverse Effect, no Borrower shall direct or consent or agree
to (i) any amendment, modification, supplement, waiver to, or extension of the term of, or (ii) any termination, repudiation, cancellation
or rejection of, any Project Document to which it is a party and that is contemplated by the then-current Budget without the prior
written consent of the Required Lenders. Except for collateral assignments to the Collateral Agent and/or to the Existing Collateral
Agent pursuant to the Existing Security Documents, no Borrower shall assign any of its rights under any Project Document to which
it is a party to any Person, or consent to the assignment of any obligations under any such Project Document by any other party
thereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Project Documents; Existing Financing Documents</U>. None of Pacific Holding or any other Borrower shall (i)
enter into any Additional Project Document that is not contemplated by the then-current Budget except with the prior written approval
of the Administrative Agent or (ii) except as permitted under the Intercreditor Agreement, amend any Existing Financing Document.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Suspension or Abandonment</U>. No Borrower owning a Plant shall (i) permit or suffer to exist an Event of Abandonment
relating to such Plant or (ii) order or consent to any suspension of work in excess of sixty (60) days under any Project Document
relating to such Plant (provided that Cold Shutdown shall not constitute a suspension of work), in each such case without the prior
written approval of the Required Lenders.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Use of Proceeds; Margin Regulations</U>. No Borrower shall use any proceeds of any Loan other than in accordance with
the provisions of <U>Article II (<I>Commitments and Funding</I>)</U> and <U>Section 7.01(g) (<I>Affirmative Covenants &ndash; Use
of Proceeds and Cash Flow</I>)</U>. No Borrower shall use any part of the proceeds of any Loan to purchase or carry any Margin
Stock (as defined in Regulation U) or to extend credit to others for the purpose of purchasing or carrying any Margin Stock. No
Borrower shall use the proceeds of any Loan in a manner that could violate or be inconsistent with the provisions of Regulations
T, U or X. Notwithstanding anything to the contrary set forth in this Agreement, following the occurrence of a Stockton Revenue
Event, no proceeds of any Loan shall be used to fund operations at the Stockton Plant if the Required Lenders affirmatively vote
to terminate such use.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Environmental Matters</U>. Except to the extent not reasonably expected to result in an Environmental Claim and in compliance
with all applicable Laws, the Borrowers shall not permit (i) any underground storage tanks to be located on any property owned
or leased by any Borrower, (ii) any asbestos to be contained in or form part of any building, building component, structure or
office space owned by any Borrower, (iii) any polychlorinated biphenyls (PCBs) to be used or stored at any property owned by any
Borrower, (iv) any other Materials of Environmental Concern to be used, stored or otherwise be present at any property owned by
any Borrower, other than Materials of Environmental Concern necessary for the operation of the Project and used in accordance with
Prudent Ethanol Operating Practice or (v) any other Materials of Environmental Concern to be used, stored or otherwise be present
at any property leased by any Borrower.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restricted Payments</U>. The Borrowers shall not make any Restricted Payments.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Budget</U>. Except as set forth in this Agreement, no Borrower shall make any change in the Budget.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Commodity Hedging Arrangements</U>. The Borrowers shall not enter into any Commodity Hedging Arrangements (other than
any Permitted Commodity Hedge) without the prior written consent of the Required Lenders.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Interest Rate Protection Agreements</U>. The Borrowers shall not enter into any Interest Rate Protection Agreement without
the prior written consent of the Required Lenders. The Borrower shall not enter into any Interest Rate Protection Agreement in
respect of the Loans.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accounting Changes</U>. No Borrower shall make any change in (i) its accounting policies or reporting practices, except
as required by GAAP or as otherwise notified to the Administrative Agent in writing (provided that the Borrowers shall provide
an historical reconciliation for the prior audited period addressing any such change in accounting practices), or (ii) its Fiscal
Year without the prior written consent of the Administrative Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial Covenants</U>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers shall not permit amounts disbursed pursuant to the category in the Budget entitled &ldquo;Asset Management
Agreement&rdquo; (excluding the line item entitled &ldquo;Asset Management Fee&rdquo;) in any Budget Period to exceed the amounts
set forth in the line item entitled &ldquo;Total Asset Management Agreement&rdquo; (excluding &ldquo;Asset Management Fee&rdquo;)
for such Budget Period in the &ldquo;Initial Budget&rdquo; as defined in the Original Credit Agreement by more than ten percent
(10%).</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers shall not permit amounts disbursed pursuant to the category in the Budget entitled &ldquo;Operating Disbursements&rdquo;
(reduced by the amount of any portion of such disbursements made in respect of purchases of corn or natural gas) to exceed the
amount set forth in the line item entitled &ldquo;Total Operating Disbursements&rdquo; (reduced by the amount of any portion of
such line item budgeted for purchases of corn or natural gas) for such Budget Period in the then applicable Budget by more than
ten percent (10%).</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Site Specific Bond</U>. The Borrowers shall not permit the face amount of the Site Specific Bond to exceed $1,000,000.
Upon any release of cash collateral for the Site Specific Bond held pursuant to the Cash Collateral Agreement, such released amounts
shall be transferred directly to the Administrative Agent in accordance with the Cash Collateral Agreement as in effect on the
date hereof and applied as a repayment of Loans in accordance with the terms hereof, subject to the Intercreditor Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Existing Transaction Documents</U>. No Borrower shall enter into any amendment of any Existing Transaction Document except
as permitted in accordance with the terms of the Intercreditor Agreement or otherwise with the written consent of the Required
Lenders.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
7.03 </FONT><U>Reporting Requirements</U>. The Borrowers will furnish to the Administrative Agent, who shall distribute copies
of the following to each Lender:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>as soon as available and in any event within forty-five (45) days after the end of the first three Fiscal Quarters of each
Fiscal Year, consolidated and consolidating balance sheets of Pacific Holding and consolidated and consolidating statements of
income and cash flows of Pacific Holding for such Fiscal Quarter and for the period commencing at the end of the previous Fiscal
Year and ending with the end of such Fiscal Quarter;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>as soon as available and in any event within one hundred (100) days after the end of each Fiscal Year, a copy of the annual
audit report for such Fiscal Year for Pacific Holding including therein balance sheets as of the end of such Fiscal Year and statements
of income and cash flows of Pacific Holding (on a consolidated and consolidating basis) for such Fiscal Year, and accompanied by
an unqualified opinion of the Auditors stating that all such financial statements present fairly in all material respects the financial
position of each Borrower (as applicable) for the periods indicated in conformity with GAAP applied on a basis consistent with
prior periods (except as otherwise contemplated by <U>Section 7.02(v) (<I>Negative Covenants &ndash; Accounting Changes</I>)</U>),
which report and opinion shall not be subject to any &ldquo;going concern&rdquo; or like qualification or exception or any qualification
or exception as to the scope of such audit;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>concurrently with the delivery of the financial statements referred to in <U>Sections 7.03(a)</U> and <U>(b)</U> a certificate,
executed by an Authorized Officer of the applicable Loan Party stating that:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>such financial statements fairly present in all material respects the financial condition and results of operations of such
Person on the dates and for the periods indicated in accordance with GAAP subject, in the case of interim financial statements,
to the absence of notes and normally recurring year-end adjustments;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>such Authorized Officer has reviewed the terms of the Financing Documents and has made, or caused to be made under his or her
supervision, a review in reasonable detail of the business and financial condition of such Person during the accounting period
covered by such financial statements; and</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>as a result of such review such Authorized Officer has concluded that no Default or Event of Default has occurred during the
period covered by such financial statements through and including the date of such certificate or, if any Default or Event of Default
has occurred, specifying the nature and extent thereof and, if continuing, the action that the Borrowers have taken and propose
to take in respect thereof;</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>promptly upon receipt, copies of any detailed audit reports, management letters or recommendations submitted to any Borrower
(or the audit or finance committee of any Borrower) by the Auditors in connection with the accounts or books of any Borrower, or
any audit of any Borrower;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>as soon as possible and in any event within five (5) days after the occurrence of any Default or Event of Default, including
pursuant to <U>Section 9.01(e)</U> with respect to Indebtedness under the Amended Credit Agreement, a statement of an Authorized
Officer of the Borrowers&rsquo; Agent setting forth details of such Default or Event of Default and the action that the Borrowers
have taken and propose to take with respect thereto;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>within five (5) days after any Borrower obtains knowledge thereof a statement of an Authorized Officer of the Borrowers&rsquo;
Agent setting forth details of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>any litigation or governmental proceeding pending or threatened in writing against any Borrower or the Pledgor;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>any litigation or governmental proceeding pending or threatened in writing against any Project Party that has or could reasonably
be expected to have a Material Adverse Effect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>any other event, act or condition that has or could reasonably be expected to have a Material Adverse Effect; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>notification of any event of force majeure or similar event under a Project Document which is expected to continue for more
than five (5) days or, to the knowledge of any Borrower, result in increased costs of at least one hundred thousand Dollars ($100,000);</TD></TR></TABLE>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>promptly after delivery or receipt thereof, copies of all material notices or documents given or received by any Borrower,
pursuant to any of the Project Documents including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>any written notice alleging any breach or default thereunder; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>any written notice regarding, or request for consent to, any assignment, termination, modification, waiver or variation thereof;</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>as soon as possible and in any event within five (5) Business Days after any Borrower knows, or has reason to know, that
any of the events described below have occurred, a duly executed certificate of an Authorized Officer of the Borrowers&rsquo; Agent
setting forth the details of each such event and the action that the Borrowers propose to take with respect thereto, together with
a copy of any notice or filing from the PBGC, Internal Revenue Service, Department of Labor or that may be required by the PBGC
or other U.S. Governmental Authority with respect to each such event:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>any Termination Event with respect to an ERISA Plan or a Multiemployer Plan has occurred or will occur that could reasonably
be expected to result in any material liability to any Borrower;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>any condition exists with respect to a Plan that presents a material risk of termination of a Plan (other than a standard termination
under Section 4041(b) of ERISA) or imposition of an excise tax or other material liability on any Borrower;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>an application has been filed for a waiver of the minimum funding standard under Section 412 of the Code or Section 302 of
ERISA under any Plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>any Borrower or any Plan fiduciary has engaged in a &ldquo;prohibited transaction,&rdquo; as defined in Section 4975 of the
Code or as described in Section 406 of ERISA, that is not exempt under Section 4975 of the Code and Section 408 of ERISA that could
reasonably be expected to result in material liability to any Borrower;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>there exists any Unfunded Benefit Liabilities under any ERISA Plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)</FONT></TD><TD>any condition exists with respect to a Multiemployer Plan that presents a risk of a partial or complete withdrawal (as described
in Section 4203 or 4205 of ERISA) from a Multiemployer Plan that could reasonably be expected to result in any liability to any
Borrower;</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vii)</FONT></TD><TD>a &ldquo;default&rdquo; (as defined in Section 4219(c)(5) of ERISA) occurs with respect to payments to a Multiemployer Plan
and such default could reasonably be expected to result in any liability to any Borrower;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(viii)</FONT></TD><TD>a Multiemployer Plan is in &ldquo;reorganization&rdquo; (as defined in Section 418 of the Code or Section 4241 of ERISA) or
is &ldquo;insolvent&rdquo; (as defined in Section 4245 of ERISA);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ix)</FONT></TD><TD>any Borrower and/or any ERISA Affiliate has incurred any potential withdrawal liability (as defined in accordance with Title
IV of ERISA); or</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(x)</FONT></TD><TD>there is an action brought against any Borrower or any ERISA Affiliate under Section 502 of ERISA with respect to its failure
to comply with Section 515 of ERISA;</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>as soon as possible and in any event within five (5) Business Days after the receipt by any Borrower of a demand letter
from the PBGC notifying such Borrower of its final decision finding liability and the date by which such liability must be paid,
a copy of such letter, together with a duly executed certificate of the president or chief financial officer of such Borrower setting
forth the action that such Borrower proposes to take with respect thereto;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>promptly and in any event within five (5) Business Days after the existence of any of the following conditions, a duly executed
certificate of an Authorized Officer of the Borrowers&rsquo; Agent specifying in detail the nature of such condition and, if applicable,
the Borrowers&rsquo; proposed response thereto:</P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>receipt by any Borrower of any written communication from a Governmental Authority or any written communication from any other
Person or other source of written information, including (to the extent not privileged) reports prepared by any Borrower, that
alleges or indicates that any Borrower or an Environmental Affiliate is not in compliance in all material respects with applicable
Environmental Laws or Environmental Approvals;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>any Borrower obtains knowledge that there exists any Environmental Claim pending or threatened in writing against any Borrower
or an Environmental Affiliate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>any Borrower obtains knowledge of any release, threatened release, emission, discharge or disposal of any Material of Environmental
Concern or obtains knowledge of any material non-compliance with any Environmental Law that, in either such case, could reasonably
be expected to form the basis of an Environmental Claim against any Borrower or any Environmental Affiliate; or</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>any Removal, Remedial or Response action taken by any Borrower or any other person in response to any Material of Environmental
Concern in, at, on or under, a part of or about the Borrowers&rsquo; properties or any other property or any notice, claim or other
information that any of the Borrowers might be subject to an Environmental Claim;</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Borrowers will maintain and make available for inspection by the Administrative Agent, the Consultants and, if an Event
of Default has occurred and is continuing, the Lenders, and each of their respective agents and employees, on reasonable notice
during regular business hours, accurate and complete records of all non-privileged correspondence, investigations, studies, sampling
and testing conducted, and any and all remedial actions taken, by any Borrower or, to the best of any Borrower&rsquo;s knowledge
and to the extent obtained by any Borrower, by any Governmental Authority or other Person in respect of Materials of Environmental
Concern that could reasonably be expected to form the basis of an Environmental Claim on or affecting any Plant or the Project;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>within twenty-five (25) days after the end of each calendar month, an Operating Statement certified as complete and correct
by an Authorized Officer of the Borrower Agent regarding the operation and performance of each Plant for such month. Such Operating
Statements shall contain (i) line items corresponding to the Budget showing in reasonable detail all actual expenses related to
the operation and maintenance of each Plant compared to the budgeted expenses for such period, (ii) information showing the amount
of ethanol and other Products produced by each Plant during such period and (iii) information showing (A) the amount of ethanol
sold by the Borrowers from each Plant pursuant to the Ethanol Offtake Agreements, (B) the amount of Distillers Grains sold by the
Borrowers from each Plant pursuant to the DG Offtake Agreements, and (C) the amount, if any, of other sales of ethanol and/or Distillers
Grains, together with an explanation of any such sale and identification of the purchaser, and (D) the amount, if any, of other
Products sold by the Borrowers from the Plants, together with an explanation of any such sale and identification of the purchaser;
and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>true, correct and complete copies of each Necessary Project Approval requested by the Administrative Agent;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>other information reasonably requested by the Administrative Agent or any Lender, through the Administrative Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
VIII<BR>
<BR>
</FONT>PROJECT ACCOUNTS</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.01 </FONT><U>Existence of Project Accounts</U>. As of the date hereof, the Accounts Bank confirms that each Project Account
is in existence with the Accounts Bank in accordance and in compliance with the terms of the Existing Credit Agreement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.02 </FONT><U>Deposits into and Withdrawals from Project Accounts</U>. (a) Amounts shall be deposited into and withdrawn from
the Project Accounts in strict accordance with this <U>Article VIII</U>, subject to the Intercreditor Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Accounts Bank will only be required to transfer funds hereunder on a &ldquo;same day&rdquo; basis if it has received
written notice of such proposed transfer, together with all certificates, notices, directions and other documents required under
this Agreement to be delivered to the Accounts Bank relating thereto, not later than 3:00 pm New York City time on the Business
Day of such transfer and, if such notice or any such related document is received by the Accounts Bank after such time, such transfer
will be undertaken prior to 12:00 noon New York City time on the next Business Day succeeding the date of receipt by Accounts Bank
of all such documentation.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any transfer, withdrawal, deposit, investment or payment of any funds by the Accounts Bank or any other action to be
taken by the Accounts Bank under this Agreement is to be made or taken on a day other than a Business Day, such transfer, withdrawal,
deposit, investment, payment or other action will be made or taken on the next succeeding Business Day.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any instruction, direction, notice, certificate, request or requisition given to the Accounts Bank by any Borrower with
respect to the transfer, withdrawal, deposit, investment or payment of any funds under this Agreement or with respect to any other
obligations to be performed by the Accounts Bank under this Agreement (i) must be in writing and signed by an Authorized Officer
of the Borrowers&rsquo; Agent, (ii) in referencing any of the Project Accounts, must refer to the specific Project Account name
and number, (iii) shall constitute a representation by the Borrowers that all conditions set forth in this Agreement for such withdrawal
have been satisfied, whether or not those conditions are explicitly stated to be so satisfied and (iv) shall be copied to the Administrative
Agent, the Existing Administrative Agent, the Collateral Agent and the Existing Collateral Agent. Notwithstanding anything contained
in this Agreement or any other Financing Document to the contrary, the Accounts Bank may rely and shall be protected in acting
or refraining from acting upon any instruction, direction, notice, certificate, request or requisition of Borrowers&rsquo; Agent,
the Administrative Agent or the Collateral Agent or, from and after the Discharge Date or if and when a payment to or on behalf
of the Existing Senior Secured Parties is permitted hereunder, subject to the Intercreditor Agreement, the Existing Administrative
Agent or the Existing Collateral Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the Project Accounts shall go into overdraft, and the Accounts Bank shall not comply with any request or direction
to the extent that it would cause any of the Project Accounts to do so.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Borrower hereby acknowledges that it has irrevocably instructed each Project Party, and agrees that it shall so instruct
each future Project Party, to make all payments due and payable to any Borrower under any Project Document, directly to the Accounts
Bank for deposit in, or to be credited in the manner set forth in this <U>Article VIII</U> (and as specified herein, Article VIII
of the Amended Credit Agreement). Each Borrower further agrees that it shall irrevocably instruct each other Person from whom such
Borrower is entitled to receive Cash Flow, Insurance Proceeds and Condemnation Proceeds, to make all payments due and payable to
any Borrower from such Person directly to the Accounts Bank for deposit, and to be credited, in the manner set forth in this <U>Article
VIII</U> (and as specified herein, Article VIII of the Amended Credit Agreement).</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Accounts Bank shall not be charged with knowledge of any Notice of Suspension, Default or Event of Default hereunder
or under the Amended Credit Agreement unless the Accounts Bank has received such Notice of Suspension or other written notice of
such Default or Event of Default from the Administrative Agent or the Collateral Agent (in either case, at the direction of the
Required Lenders), the Existing Administrative Agent or Existing Collateral Agent (in either case at the direction of the Required
Existing Lenders) with respect to Defaults and Events of Default under the Amended Credit Agreement, or an Authorized Officer of
the Borrowers&rsquo; Agent or any Borrower.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Accounts Bank shall not be charged with the knowledge that any transfer or withdrawal from any Project Account would
result in the occurrence of a Default or Event of Default hereunder or under the Amended Credit Agreement, unless it has received
written notice thereof from the Administrative Agent, the Collateral Agent, the Existing Administrative Agent or Existing Collateral
Agent with respect to Defaults and Events of Default under the Amended Credit Agreement or an Authorized Officer of the Borrowers&rsquo;
Agent or any Borrower.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything contained in this Agreement or any other Financing Document to the contrary, the Accounts Bank
shall have no obligation to (i) make any payment, transfer or withdrawal from any Project Account until it has received written
direction to make such payment, transfer or withdrawal from (x) the Collateral Agent, the Administrative Agent, or the Required
Lenders, (y) from and after the Discharge Date or if and when a payment to or on behalf of the Existing Senior Secured Parties
is permitted by the Intercreditor Agreement, the Existing Administrative Agent, Existing Collateral Agent or the Required Existing
Lenders, or (z) if this Agreement explicitly provides that any such direction may be made by the Borrowers&rsquo; Agent, the Borrowers&rsquo;
Agent or (ii) determine whether any payment, transfer or withdrawal from any Project Account made in accordance with any written
direction from the Collateral Agent, the Administrative Agent, the Required Lenders or the Borrowers&rsquo; Agent complies with
the terms of this Agreement. The Accounts Bank shall have no liability for, nor any responsibility or obligation to confirm, the
use or application by any Borrower, Borrowers&rsquo; Agent, Administrative Agent, Collateral Agent, the Required Lenders or any
other recipient of amounts withdrawn or transferred from any Project Account.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.03 </FONT><U>Revenue Account</U>. Each Borrower and the Accounts Bank shall comply with the provisions governing deposits to
and withdrawals from the Revenue Account as set forth in Section 8.03 of the Amended Credit Agreement. On each Monthly Date, the
lesser of (x) one hundred percent (100%) of the cash remaining in the Revenue Account after the transfer required pursuant to
priority <I>sixteenth</I> of Section 8.03(b) of the Amended Credit Agreement and (y) the outstanding principal balance of the
Loans, as certified by the Borrowers in the applicable Revenue Account Withdrawal Certificate or otherwise instructed in writing
to the Accounts Bank by the Required Lenders, shall be transferred to the Administrative Agent for application as a prepayment
of the Loans in accordance with <U>Section 3.08(a)(v) (<I>Mandatory Prepayment</I>)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.04 </FONT><U>Operating Account</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. Each Borrower and the Accounts Bank
shall comply with the provisions governing deposits to and withdrawals from the Operating Account as set forth in Section 8.04
of the Amended Credit Agreement</FONT>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.05 </FONT><U>Maintenance Capital Expense Account</U>. Each Borrower and the Accounts Bank shall comply with the provisions governing
deposits to and withdrawals from the Maintenance Capital Expense Account as set forth in Section 8.05 of the Amended Credit Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.06 </FONT><U>Debt Service Reserve Account</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. Each Borrower and the
Accounts Bank shall comply with the provisions governing deposits to and withdrawals from the Debt Service Reserve Account as
set forth in Section 8.06 of the Amended Credit Agreement</FONT>. No transfer from the Debt Service Reserve Account pursuant to
Section 8.06(c) of the Amended Credit Agreement shall occur if the Required Lenders have given written notice to the Borrowers,
the Administrative Agent, the Existing Administrative Agent and the Accounts Bank of a dispute of the calculations set forth in
any Debt Service Reserve Release Certificate at least two (2) Business Days prior to the requested transfer date (which written
notice shall include a reasonably detailed description of the basis of such dispute), until such time as the Required Lenders
provide written notice to the Borrowers, the Administrative Agent, the Existing Administrative Agent and the Accounts Bank that
such dispute has been resolved.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.07 </FONT><U>Insurance and Condemnation Proceeds Accounts</U>. Each Borrower and the Accounts Bank shall comply with the provisions
governing deposits to and withdrawals from the Insurance and Condemnation Proceeds Accounts as set forth in Section 8.07 of the
Amended Credit Agreement. Prior to the Discharge Date, the Required Lenders shall have the sole and exclusive authority to approve
any alternative levels at which any applicable Plant will perform pursuant to the parenthetical in subclause (3) of Section 8.07(d)(i)(D)
of the Amended Credit Agreement. If (A)&nbsp;the Borrowers do not deliver the Restoration or Replacement Plan and the accompanying
deliveries referred to in <U>Section 8.07(d)(i)</U> of the Amended Credit Agreement within the sixty (60) day period referred
to therein or (B)&nbsp;after the completion of such Restoration or Replacement Plan, there are excess Insurance Proceeds or Condemnation
Proceeds, as the case may be, on deposit in or standing to the credit of the Insurance and Condemnation Proceeds Account, the
Accounts Bank shall on the next succeeding Monthly Date thereafter, upon the written instruction of the Borrowers&rsquo; Agent
or the Required Lenders or from and after the Discharge Date or if and when a payment to or on behalf of the Existing Senior Secured
Parties is permitted hereunder, subject to the Intercreditor Agreement, the Required Existing Lenders, transfer to the Administrative
Agent, for the account of the Lenders, an amount equal to such Insurance Proceeds or Condemnation Proceeds, as the case may be,
for mandatory prepayment of the Loans in accordance with <U>Section 3.08 (<I>Mandatory Prepayments</I></U>). Any Insurance Proceeds
or Condemnation Proceeds deposited into any Insurance and Condemnation Proceeds Account (i)&nbsp;in amounts greater than two million
five hundred thousand Dollars ($2,500,000) arising from any one claim or any series of claims relating to the same occurrence
with respect to a Plant not in Cold Shutdown on the date of such occurrence or (ii)&nbsp;arising from any one claim or any series
of claims relating to the same occurrence with respect to a Plant in Cold Shutdown on the date of such occurrence shall, in each
case, be applied to prepay the Loans in accordance with <U>Section 3.08 (Mandatory Prepayments)</U>.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.08 </FONT><U>Extraordinary Proceeds Account</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. Each Borrower and the
Accounts Bank shall comply with the provisions governing deposits to and withdrawals from the Extraordinary Proceeds Account as
set forth in Section 8.08 of the Amended Credit Agreement</FONT>. &nbsp;If at any time, proceeds of an asset disposal are deposited
into the Extraordinary Proceeds Account in an amount equal to or greater than one million Dollars ($1,000,000) (taken together
with any other proceeds of asset disposals deposited in the Extraordinary Proceeds Account during the then-current Fiscal Year),
then on the next Monthly Date, such amounts shall be transferred, upon the written instruction of the Borrowers&rsquo; Agent or
the Required Lenders, to the Administrative Agent for application as a prepayment of the Loans in accordance with <U>Section 3.08
(<I>Mandatory Prepayment</I>)</U>. If at any time, Project Document Termination Payments are deposited into the Extraordinary
Proceeds Account in an amount equal to or greater than one million Dollars ($1,000,000) (taken together with any other Project
Document Termination Proceeds received during the then-current Fiscal Year), then on the next Monthly Date, such amounts shall
be transferred, upon the written instruction of the Borrowers&rsquo; Agent or the Required Lenders, to the Administrative Agent
for application as a prepayment of the Loans in accordance with <U>Section 3.08 (<I>Mandatory Prepayment</I>)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.09 </FONT><U>Representations, Warranties and Covenants of Accounts Bank</U>. The Accounts Bank hereby represents and warrants,
covenants and agrees with the Lenders, the Agents and the Borrowers (and the other parties hereto agree, to the extent set forth
below) as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it will act as depositary agent, as &ldquo;securities intermediary&rdquo; (within the meaning of Section 8-102(a)(14) of
the UCC) with respect to each of the Project Accounts that is a &ldquo;securities account&rdquo; (within the meaning of Section
8-501 of the UCC) and the Financial Assets credited to such Project Accounts, and as &ldquo;bank&rdquo; (within the meaning of
9-102(a)(8) of the UCC) with respect to each of the Project Accounts as described in <U>Section 8.11 (<I>Project Accounts as Deposit
Accounts</I>)</U> and credit balances not constituting Financial Assets credited thereto and to accept all cash, payments, other
amounts and Cash Equivalents to be delivered to or held by the Accounts Bank pursuant to the terms of this Agreement. The Borrowers,
the Senior Secured Parties and the Accounts Bank agree that, for purposes of Articles 8 and 9 of the UCC, notwithstanding anything
to the contrary contained in any other agreement relating to the establishment and operation of the Project Accounts, the jurisdiction
of the Accounts Bank (in its capacity as the securities intermediary and bank) is the State of New York;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Accounts Bank hereby agrees and confirms that it has established and maintains the Project Accounts as set forth and
defined in this Agreement (and the Amended Credit Agreement). The Accounts Bank agrees that (i) each such Project Account established
by the Accounts Bank has at all times been and will be maintained as a &ldquo;securities account&rdquo; (within the meaning of
Section 8501 of the UCC); (ii) the Borrowers&rsquo; Agent has at all times been and is the &ldquo;entitlement holder&rdquo; (within
the meaning of Section 8102(a)(7) of the UCC) in respect of the &ldquo;financial assets&rdquo; (within the meaning of Section 8102(a)(9)
of the UCC, the &ldquo;<U>Financial Assets</U>&rdquo;) credited to such Project Accounts that are &ldquo;securities accounts&rdquo;;
(iii) all Financial Assets in registered form or payable to or to the order of and credited to any such Project Account have at
all times been and are registered in the name of, payable to or to the order of, or specially endorsed to, the Accounts Bank or
in blank, or credited to another securities account maintained in the name of the Accounts Bank; and (iv) in no case will any Financial
Asset credited to any such Project Account be registered in the name of, payable to or to the order of, or endorsed to, the Borrowers&rsquo;
Agent, Pacific Holding or any other Borrower except to the extent the foregoing have been subsequently endorsed by such Person
to the Accounts Bank or in blank. Each item of property (including a security, security entitlement, investment property, instrument
or obligation, share, participation, interest or other property whatsoever) credited to any Project Account in each case shall,
to the fullest extent permitted by law, be treated as a Financial Asset. Until the Discharge Date, with respect to the Collateral
Agent, and until the Existing Discharge Date, with respect to the Existing Collateral Agent, this Agreement is intended to provide
both the Collateral Agent and the Existing Collateral Agent with &ldquo;control&rdquo; (within the meaning of Section 8106(d)(2)
or Section 9-104(a) (as applicable) of the UCC) of the Project Accounts and each Borrower&rsquo;s &ldquo;security entitlements&rdquo;
(within the meaning of Section 8102(a)(17) of the UCC) with respect to the Financial Assets credited to the Project Accounts. The
parties&rsquo; intention is that the security interest of the Existing Collateral Agent in the Project Accounts remain perfected
while allowing the Collateral Agent to perfect, as of the Closing Date, its security interest in the Project Accounts, and thereafter
that the security interest of both the Existing Collateral Agent and the Collateral Agent in the Project Accounts be and remain
perfected. The Borrowers&rsquo; Agent hereby irrevocably directs, and the Accounts Bank (in its capacity as securities intermediary)
hereby agrees, that the Accounts Bank will comply with all instructions and orders (including entitlement orders within the meaning
of Section 8-102(a)(8) of the UCC) regarding each Project Account and any Financial Asset therein originated by the Existing Collateral
Agent or the Collateral Agent, in each case without the further consent of the Borrowers&rsquo; Agent or any other Person; provided
that the Collateral Agent agrees that it will only originate and deliver to the Accounts Bank such instructions, orders and entitlement
orders as are permitted in accordance with the terms of this Agreement and the Intercreditor Agreement. In the case of a conflict
between any instruction or order originated by the Existing Collateral Agent or the Collateral Agent and any instruction or order
originated by the Borrowers&rsquo; Agent or any other Person other than a court of competent jurisdiction, the instruction or order
originated by the Existing Collateral Agent or the Collateral Agent, as applicable, shall prevail. In the case of a conflict between
any instruction or order originated by the Existing Collateral Agent and any instruction or order originated by the Collateral
Agent, the instruction or order originated by the Collateral Agent shall prevail until the Discharge Date (unless payment to or
on behalf of the Existing Senior Secured Parties is otherwise permitted by the Intercreditor Agreement) and thereafter the instruction
or order originated by the Existing Collateral Agent shall prevail. The Accounts Bank shall not change the name or account number
of any Project Account without the prior written consent of the Collateral Agent and at least five (5) Business Days&rsquo; prior
notice to the Borrowers&rsquo; Agent, and shall not change the entitlement holder;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Accounts Bank shall promptly perform all duties imposed upon a securities intermediary and a bank under the UCC and
this Agreement. In this regard, (i) if the Accounts Bank has knowledge that an issuer of any Financial Asset is required to make
a payment or distribution in respect of such Financial Asset, the Accounts Bank shall have fulfilled its duty under applicable
Law to take action to obtain such payment or distribution if (A) it credits such payment or distribution to the Project Accounts
in accordance with this Agreement if such payment or distribution is made or (B) it notifies the Borrowers&rsquo; Agent, the Collateral
Agent, the Administrative Agent, the Existing Collateral Agent and the Existing Administrative Agent that such payment or distribution
has not been made, and (ii) if the Accounts Bank is required by applicable Law or this Agreement to credit to any Project Account
any Financial Asset purported to be transferred or credited to the Accounts Bank pursuant to applicable Law, the Accounts Bank
shall have fulfilled its duty to so credit any Project Account if it credits as a security entitlement to the applicable party
whatever rights the Accounts Bank purportedly has, in its capacity as Accounts Bank, in the Financial Asset transferred or credited
to the Accounts Bank, in its capacity as Accounts Bank, and the Accounts Bank shall have no duty to ensure that applicable Law
has been complied with in respect of the transfer of the Financial Asset or to create a security interest in or Lien on any Financial
Asset purported to be transferred or credited to the Accounts Bank and subsequently credited to any Project Account;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all Financial Assets acquired by or delivered to the Accounts Bank shall be held by the Accounts Bank and credited by book
entry to the relevant Project Account or otherwise accepted by the Accounts Bank for credit to the relevant Project Account;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each item of property (including any cash, security, general intangible, document, instrument or obligation, share, participation,
interest or other property whatsoever) deposited in or credited to any Project Account shall be treated as a Financial Asset for
the purposes of Section 8-102(a)(9)(iii) of the UCC. Notwithstanding any provision herein contained to the contrary, any property
contained in the Project Accounts that is not deemed to be a Financial Asset under applicable Law, to the extent permitted by applicable
Law, will be deemed to be deposited in a deposit account and subject to <U>Section 8.11 (<I>Project Accounts as Deposit Account</I>)</U>;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Collateral Agent shall have control of the security entitlements carried in the Project Accounts and of the Financial
Assets carried in the Project Accounts, and each Borrower hereby disclaims any entitlement to claim control of such security entitlements;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all property delivered to the Accounts Bank pursuant to this Agreement or the other Financing Documents will be promptly
deposited in or credited to a Project Account by an appropriate entry in its records in accordance with this Agreement;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if any Person (other than the Existing Collateral Agent, on behalf and for the benefit of the Existing Senior Secured Parties
or the Collateral Agent, on behalf and for the benefit of the Senior Secured Parties) asserts any lien, encumbrance or adverse
claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process), against any Project Account
or in any Financial Asset or other property deposited therein or credited thereto of which the Accounts Bank has actual knowledge,
the Accounts Bank will promptly notify the Borrowers&rsquo; Agent, the Collateral Agent, the Administrative Agent, the Existing
Collateral Agent and the Existing Administrative Agent in writing thereof; and</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Accounts Bank has not entered into and will not enter into any agreement with respect to the Project Accounts or any
Financial Assets or other property deposited in or credited to any Project Account other than this Agreement, the Amended Credit
Agreement and its Fee Letters hereunder and thereunder. The Accounts Bank has not entered into and will not enter into any agreement
with any Borrower or any other Person purporting to limit or condition the obligation of the Accounts Bank to comply with entitlement
orders or any other order originated by the Existing Collateral Agent or the Collateral Agent in accordance with <U>Sections 8.09(b)
(<I>Representations, Warranties and Covenants of Accounts Bank</I>)</U> or <U>Sections 8.11(b)</U> or <U>(c) (<I>Project Accounts
as Deposit Account</I>)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.10 </FONT><U>Project Accounts</U>. (a) The Accounts Property will not constitute repayment of the Obligations until so applied
as payments in accordance with the terms of this Agreement and the other Financing Documents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Accounts Bank shall not have title to the funds on deposit in the Project Accounts, and shall credit the Project Accounts
with all receipts of interest, dividends and other income received on the property held in the Project Accounts. The Accounts Bank
shall administer and manage the Project Accounts in strict compliance with its duties with respect to the Project Accounts pursuant
to this Agreement, and shall be subject to and comply with all of the obligations that the Accounts Bank owes to the Borrowers&rsquo;
Agent, the Existing Collateral Agent, on behalf of the Existing Senior Secured Parties and the Collateral Agent, on behalf of the
Senior Secured Parties, with respect to the Project Accounts, including all subordination obligations set forth in <U>Section 8.13
(<I>Subordination</I>)</U> with respect to the Accounts Bank&rsquo;s right of set-off or recoupment or right to obtain a Lien,
pursuant to the terms of this Agreement and the Amended Credit Agreement. The Accounts Bank hereby agrees to comply with any and
all instructions originated by the Existing Collateral Agent and the Collateral Agent directing the disbursement, deposit and/or
transfer of any funds and all other property held in the Project Accounts without any further consent of any Borrower or any other
Person (provided that the Collateral Agent agrees that it will only originate and deliver to the Accounts Bank such instructions,
orders and entitlement orders as are permitted in accordance with the terms of this Agreement and the Intercreditor Agreement)
and to comply with any and all instructions originated by the Borrowers&rsquo; Agent directing the disbursement, deposit and/or
transfer of any funds and all other property held in the Project Accounts subject to the terms of this Agreement and the Amended
Credit Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.11 </FONT><U>Project Accounts as Deposit Account</U>. (a) To the extent that the Project Accounts are not considered securities
accounts, the Project Accounts shall be deemed to be deposit accounts in respect of any property deposited in or credited to the
Project Accounts that is not deemed to be a Financial Asset under applicable Law. Such deposit accounts and such property shall
be maintained with the Accounts Bank acting not as a securities intermediary, but as a bank.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers&rsquo; Agent shall be deemed the customer of the Accounts Bank for purposes of the Project Accounts and, as
such, shall be entitled to all of the rights that customers of banks have under applicable Law with respect to deposit accounts,
including the right to withdraw funds from, or close, the Project Accounts, in each such case subject to, and in accordance with,
the terms of this Agreement and the Amended Credit Agreement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties hereto agree that, to the extent that the Project Accounts are not considered &ldquo;securities accounts&rdquo;
(within the meaning of Section 8-501(a) of the UCC), the Project Accounts shall be deemed to be &ldquo;deposit accounts&rdquo;
(as defined in Section 9-102(a)(29) of the UCC) to the extent a security interest can be granted and perfected under the UCC in
the Project Accounts as deposit accounts, which the Borrowers shall maintain with the Accounts Bank acting not as a securities
intermediary but as a &ldquo;bank&rdquo; (within the meaning of Section 9-102(a)(8) of the UCC).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.12 </FONT><U>Duties of Accounts Bank</U>. (a) The Accounts Bank will also have those duties and responsibilities expressly set
forth in this Agreement and the Amended Credit Agreement and no additional duties, responsibilities, obligations or liabilities
shall be inferred from the provisions of this Agreement or imposed on the Accounts Bank. The Accounts Bank will act at the written
direction of (x) the Existing Collateral Agent and the Collateral Agent (provided that the Collateral Agent agrees that it will
only originate and deliver to the Accounts Bank such instructions, orders and entitlement orders as are permitted in accordance
with the terms of this Agreement and the Intercreditor Agreement), (y) the Existing Administrative Agent and the Administrative
Agent (provided that the Administrative Agent agrees that it will only originate and deliver to the Accounts Bank such instructions,
orders and entitlement orders as are permitted in accordance with the terms of this Agreement and the Intercreditor Agreement)
and (z) as expressly provided in this Agreement or the Amended Credit Agreement, Borrowers&rsquo; Agent, but will not be required
to take any action that is contrary to this Agreement, the Amended Credit Agreement or applicable Law or that, in its reasonable
judgment, would involve it in expense or liability, unless it has been furnished with adequate indemnity against such expense
or liability. The Accounts Bank will have no responsibility to ensure the performance by any other party of its duties and obligations
hereunder. The Accounts Bank will use the same care with respect to the safekeeping and handling of property held in the Project
Accounts as the Accounts Bank uses in respect of property held for its own sole benefit.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In performing its functions and duties under this Agreement and the Amended Credit Agreement, the Accounts Bank will act
solely as the depository agent and as securities intermediary or as a bank, as the case may be, with respect to the Project Accounts.
None of the Senior Secured Parties or any Borrower will have any rights against the Accounts Bank hereunder, other than for the
Accounts Bank&rsquo;s gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and Non-Appealable
judgment. Except as otherwise expressly provided in this Agreement, the Amended Credit Agreement and the Intercreditor Agreement,
the Borrowers will not have any right to direct the Accounts Bank to distribute or allocate any funds, instruments, securities,
Financial Assets or other assets in the Project Accounts or to withdraw or transfer any funds, instruments, securities, Financial
Assets or other assets from the Project Accounts. Except as otherwise expressly provided in this Agreement, the Amended Credit
Agreement and the Intercreditor Agreement, the Collateral Agent and Existing Collateral Agent will have the sole right to issue
directions and instructions to the Accounts Bank, acting as securities intermediary or bank, as the case may be, in accordance
with this Agreement, and to issue entitlement orders with respect to the Project Accounts; provided that the Collateral Agent agrees
that it will only originate and deliver to the Accounts Bank such instructions, orders and entitlement orders as are permitted
in accordance with the terms of this Agreement and the Intercreditor Agreement. It is expressly understood and agreed that any
investment made with funds held in the Project Accounts may be made only in accordance with the express provisions of <U>Section
8.16 (<I>Interest and Investments</I>)</U>. The Accounts Bank shall not in any way whatsoever be liable for any loss or depreciation
in the value of the investments made pursuant to the terms of this Agreement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.13 </FONT><U>Subordination</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) The Accounts Bank hereby acknowledges
(i) the security interest granted hereby by the Borrowers to the Collateral Agent, on behalf and for the benefit of the Senior
Secured Parties, (ii) the security interest granted by the Borrowers to the Existing Collateral Agent under the Amended Credit
Agreement on behalf and for the benefit of the Existing Senior Secured Parties, (iii) the security interest granted by the Borrowers
under the Financing Documents to the Collateral Agent, on behalf of and for the benefit of the Senior Secured Parties, and (iv)
the security interest granted by the Borrowers under the Existing Financing Documents to the Existing Collateral Agent, on behalf
of and for the benefit of the Existing Senior Secured Parties. In the event that the Accounts Bank has or subsequently obtains
by agreement, operation of applicable Law or otherwise a right of recoupment or set-off or any Lien in any of the Project Accounts
or any Financial Asset or other property deposited therein or credited thereto or any security entitlement related thereto, the
Accounts Bank hereby agrees that such right of recoupment or set-off and/or any such Lien shall be subordinate to the security
interest of (x) the Collateral Agent, on behalf of and for the benefit of the Senior Secured Parties and (y) the Existing Collateral
Agent, on behalf of and for the benefit of the Existing Senior Secured Parties. The Accounts Bank agrees that it shall not assert
or enforce any such right of recoupment or set-off and/or any Lien until the Discharge Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Financial Assets and other items deposited in or credited to the Project Accounts and the Accounts Property will not
be subject to deduction, set-off, banker&rsquo;s lien or any other right in favor of any Person other than (x) the Collateral Agent,
on behalf and for the benefit of the Senior Secured Parties and (y) the Existing Collateral Agent, on behalf of and for the benefit
of the Existing Senior Secured Parties.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.14 </FONT><U>Borrower Acknowledgments</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Each Borrower acknowledges
that neither any insufficiency of funds in the Project Accounts (or any of them), nor any inability to apply any funds in the
Project Accounts (or any of them) against any or all amounts owing under any Financing Document, shall at any time limit, reduce
or otherwise affect the Borrowers&rsquo; obligations under any Financing Document.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each party to this Agreement acknowledges that the Accounts Bank shall not incur any obligation or liability in circumstances
where there are insufficient funds deposited in or credited to any Project Account to make a payment in full that would otherwise
have been made pursuant to the terms of this Agreement, except to the extent that the loss arises directly from the Accounts Bank&rsquo;s
gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and Non-Appealable judgment.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.15 </FONT><U>Agreement to Hold In Trust</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>All payments received
directly by any Borrower that are required to be deposited into the Project Accounts in accordance with the terms of this Agreement
or any other Financing Document shall be held by such Borrower in trust for (x) the Collateral Agent, on behalf and for the benefit
of the Senior Secured Parties and (y) the Existing Collateral Agent, on behalf of and for the benefit of the Existing Senior Secured
Parties, and shall be segregated from other funds of such Borrower and shall, forthwith upon receipt by such Borrower, be turned
over to the Collateral Agent or the Existing Collateral Agent, as applicable or its designee in the same form as received by such
Borrower (duly endorsed by such Borrower to the Existing Collateral Agent or the Collateral Agent, as applicable or the Accounts
Bank, if requested) for deposit and disbursement in accordance with this Agreement, the Amended Credit Agreement and the Intercreditor
Agreement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.16 </FONT><U>Interest and Investments</U>. (a) Each amount deposited in or credited to a Project Account from time to time shall,
from the time it is so deposited or credited until the time it is withdrawn from that Project Account (whether for the purpose
of making an investment in Cash Equivalents or otherwise applied in accordance with the terms of this Agreement, the Amended Credit
Agreement and the Intercreditor Agreement), earn interest at such rates as may be agreed from time to time by Borrowers&rsquo;
Agent and the Accounts Bank.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to the receipt by the Accounts Bank of a Notice of Suspension, any amounts held by the Accounts Bank in the Project
Accounts shall be invested by the Accounts Bank from time to time, at the risk and expense of the Borrowers, solely in such Cash
Equivalents as the Borrowers&rsquo; Agent shall direct in writing. The Borrowers shall select Cash Equivalents having such maturities
as shall cause the Project Accounts to have a cash balance as of any day sufficient to cover the transfers to be made from the
Project Accounts on such day in accordance with this Agreement, the Amended Credit Agreement, the other Financing Documents and
the Project Documents. Upon delivery by the Collateral Agent or the Existing Collateral Agent, to the Accounts Bank of a Notice
of Suspension and until written revocation of such Notice of Suspension is delivered to the Accounts Bank by the Collateral Agent
or the Existing Collateral Agent, as applicable, any amounts held by the Accounts Bank in the Project Accounts shall be invested
by the Accounts Bank from time to time, solely in such Cash Equivalents as the Required Lenders or the Required Existing Lenders,
as applicable, may direct. The Collateral Agent agrees that it will only deliver a Notice of Suspension to the Accounts Bank as
permitted in accordance with the terms of this Agreement and the Intercreditor Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the cash balance in any of the Project Accounts is as of any day insufficient to cover the transfers to
be made from such Project Account on such day, the Required Lenders or, from and after the Discharge Date, the Required Existing
Lenders, may direct the Accounts Bank to sell or liquidate the Cash Equivalents standing to the credit of such Project Account
(without regard to maturity date) in such manner as the Required Lenders or, from and after the Discharge Date, the Required Existing
Lenders, may deem necessary in order to obtain cash at least sufficient to make such transfers and to pay any expenses and charges
incurred in connection with effecting any such sale or liquidation, which expenses and charges the Accounts Bank shall be authorized
to pay with cash on deposit in such Project Account. Neither the Accounts Bank nor any Senior Secured Party or Existing Senior
Secured Party shall be liable to any Person for any loss suffered because of any such sale or liquidation.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All interest and other investment income earned from Cash Equivalents made from amounts in any Project Account shall remain
in such Project Account until transferred from such Project Account in accordance with the terms of this <U>Article VIII</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>It is acknowledged by the parties hereto that all investment income earned on amounts on deposit in or credited to the Project
Accounts for all Tax purposes shall be attributed to and be income of Pacific Holding. Pacific Holding shall be responsible for
determining any requirements for paying Taxes or reporting or withholding any payments for Tax purposes hereunder. Pacific Holding
shall prepare and file all Tax information required with respect to the Project Accounts. Each Borrower agrees to indemnify and
hold each Senior Secured Party harmless against all liability for Tax withholding and/or reporting for any investment income earned
on the Project Accounts and payments in respect thereof. Such indemnities shall survive the termination or discharge of this Agreement
or resignation of the Accounts Bank. No Senior Secured Party shall have any obligation with respect to the making of or the reporting
of any payments for Tax purposes. From time to time, and as reasonably requested by the Accounts Bank, Pacific Holding or any other
Borrower shall provide to the Accounts Bank a United States Department of the Treasury Internal Revenue Service tax form W-9 or
W-8 or other appropriate form required with respect to the withholding or exemption from withholding of income tax on any investment
income earned on the Project Accounts.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.17 </FONT><U>Accounts Bank Information</U>. (a) The Accounts Bank will:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>within five (5) Business Days after the end of the month in which the first deposit is made into any Project Account and within
five (5) Business Days after the end of each month thereafter, provide the Borrowers&rsquo; Agent, the Collateral Agent, the Administrative
Agent, the Existing Collateral Agent and the Existing Administrative Agent a report with respect to the Project Accounts, setting
forth in reasonable detail all deposits to and disbursements from each of the Project Accounts during such month, including the
date on which made, and the balances of and any investments in each of the Project Accounts at the end of such month, including
information regarding categories, amounts, maturities and issuers of Cash Equivalents; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>within three (3) Business Days after receipt of any written request by the Borrowers&rsquo; Agent, the Collateral Agent, the
Administrative Agent, the Existing Collateral Agent and/or the Existing Administrative Agent, provide to such Person such other
information as such Person may specify regarding all Cash Equivalents and any other investments made by the Accounts Bank pursuant
hereto and regarding amounts available in the Project Accounts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in">Notwithstanding the foregoing, the Accounts Bank will
provide the Borrowers&rsquo; Agent, the Collateral Agent, the Administrative Agent, the Existing Collateral Agent and the Existing
Administrative Agent such additional information regarding the Project Accounts and the balances and Cash Equivalents therein as
any of them may reasonably request from time to time.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Accounts Bank will maintain all of the Project Accounts and all books and records with respect thereto as may be necessary
to record properly all transactions carried out by it under this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any Cash Equivalent ceases to be a Cash Equivalent, the Accounts Bank will, as soon as reasonably practicable after becoming
aware of such cessation, notify the Collateral Agent, the Existing Collateral Agent and the Borrowers&rsquo; Agent in writing of
such cessation and, upon the written direction of (i) the Borrowers&rsquo; Agent, (ii) the Required Lenders or (iii) from and after
the Discharge Date, the Required Existing Lenders will cause the relevant investment to be replaced by a Cash Equivalent or by
cash; provided that this <U>Section&nbsp;8.17(c)</U> will not oblige the Accounts Bank to liquidate any investment earlier than
its normal maturity date unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>directed to do so under <U>Section 8.16 (<I>Interest and Investments</I>)</U>; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>the maturity date of the relevant investment exceeds the maturity date that would enable it to continue to qualify as a Cash
Equivalent.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8.18 </FONT><U>Notices of Suspension of Accounts</U>. (a) The Existing Collateral Agent and the Collateral Agent may, but shall
not be required to, suspend the right of the Accounts Bank and the Borrowers&rsquo; Agent to withdraw or otherwise deal with any
funds deposited in or credited to the Project Accounts at any time during the occurrence and continuance of an Event of Default
by delivering a notice to the Accounts Bank (with a copy to the Borrowers&rsquo; Agent and the Administrative Agent) (a &ldquo;<U>Notice
of Suspension</U>&rdquo;); provided that the Collateral Agent agrees that it will only deliver to the Accounts Bank a Notice of
Suspension as permitted in accordance with the terms of this Agreement and the Intercreditor Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision of the Financing Documents, after the issuance by the Existing Collateral Agent or the
Collateral Agent of a Notice of Suspension in accordance with <U>Section&nbsp;8.18(a)</U> and until such time as the Person who
delivered the Notice of Suspension advises the Accounts Bank and the Borrowers&rsquo; Agent (with a copy to the Administrative
Agent and the Existing Administrative Agent) that it has withdrawn such Notice of Suspension, (which it shall do if such Event
of Default is no longer continuing) no amount may be withdrawn by the Accounts Bank from any Project Account, including for investment
in Cash Equivalents, without the express prior written consent of the Person who delivered the Notice of Suspension.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision of the Financing Documents (but without limitation of <U>Sections 8.02(g) or (h) (<I>Deposits
into and Withdrawals from Project Accounts</I>)</U>, without the express prior written consent of the Required Lenders or, from
and after the Discharge Date, the Required Existing Lenders, no amount may be withdrawn from any Project Account if a Default or
Event of Default would occur as a result of such withdrawal.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the date of each withdrawal by the Accounts Bank from a Project Account, the Borrowers&rsquo; Agent shall be deemed to
represent and warrant that no Notice of Suspension is in effect and that that no Default or Event of Default would occur as a result
of such withdrawal, unless the Required Lenders or, from and after the Discharge Date, the Required Existing Lenders, have previously
consented in writing to such withdrawal, notwithstanding that a Notice of Suspension is in effect or that a Default or Event of
Default would occur as a result of such withdrawal.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
IX<BR>
<BR>
</FONT>DEFAULT AND ENFORCEMENT</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
9.01 </FONT><U>Events of Default</U>. Each of the following events or occurrences described in this <U>Section 9.01</U> shall
constitute an Event of Default.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Nonpayment</U>. Any Borrower fails to pay (i) any amount of principal of any Loan when the same becomes due and payable
or (ii) any interest on any Loan or any fee or other Obligation or amount payable hereunder or under any other Financing Document
within three (3) Business Days after the same becomes due and payable.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Breach of Warranty</U>. Any representation or warranty of any Loan Party or any Major Project Party made or deemed to
be restated or remade in any Financing Document is or shall be incorrect or misleading in any material respect when made or deemed
made; provided that (i) if such Loan Party or Major Project Party, as the case may be, was not aware that such representation or
warranty was incorrect or misleading at the time such representation or warranty was made or deemed repeated, (ii) the fact, event
or circumstance resulting in such incorrect or misleading representation or warranty is capable of being cured, corrected or otherwise
remedied, (iii) such fact, event or circumstance resulting in such incorrect or misleading representation or warranty is cured,
corrected or otherwise remedied within thirty (30) days from the date any Loan Party obtains, or should have obtained, knowledge
thereof, and (iv) no Material Adverse Effect shall have occurred as a result of such representation or warranty being incorrect
or misleading, then such incorrect representation or warranty shall not constitute an Event of Default.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Non-Performance of Certain Covenants and Obligations</U>. Any Borrower defaults in the due performance and observance
of any of its obligations under any of <U>Sections 7.01(d)(i), (ii) and (iii)(A) (<I>Affirmative Covenants &ndash; Maintenance
of Properties</I>)</U>, <U>7.01(g) (<I>Affirmative Covenants &ndash; Use of Proceeds and Cash Flow</I>)</U>, <U>7.01(h) (<I>Affirmative
Covenants &ndash; Insurance</I>)</U>, <U>7.01(r) (<I>Affirmative Covenants &ndash; First Priority Ranking</I>)</U>, <U>7.02 (<I>Negative
Covenants</I>)</U> and <U>7.03(e) (<I>Reporting Requirements</I>)</U> of this Agreement, <U>Sections 5.02 (<I>Limitation of Liens</I>)</U>
or <U>5.06 (<I>Name; Jurisdiction of Organization</I>)</U> of any Security Agreement, any Borrower or the Pledgor defaults in the
due performance and observance of any of its obligations under <U>Sections 5.02 (<I>Limitation of Liens</I>)</U>, <U>5.03 (<I>No
Sale of Collateral</I>)</U>, <U>5.04 (<I>No Impairment of Security</I>)</U>, <U>5.05 (<I>Filing of Bankruptcy Proceedings</I>)</U>
or <U>5.08 (<I>Name; Jurisdiction of Organization</I>)</U> of any Pledge Agreement or Pacific Ethanol defaults in the due performance
and observance of any of its obligations under the Sponsor Support Agreement, if any.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Non-Performance of Other Covenants and Obligations</U>. Any Loan Party or any Major Project Party defaults in the due
performance and observance of any covenant or agreement (other than covenants and agreements referred to in <U>Section 9.01(a)</U>
or <U>9.01(c)</U>) contained in any Financing Document, and such default shall continue unremedied for a period of thirty (30)
days after any Borrower obtains, or should have obtained, knowledge thereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cross Defaults</U>. Any one of the following occurs with respect to any Loan Party or any Major Project Party with respect
to Indebtedness (other than the Obligations) (provided that if any such event has been cured in accordance with the terms of such
Indebtedness, it shall serve as a cure of this Event of Default):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>a default occurs in the payment when due (subject to any applicable grace period and notice requirements), whether by acceleration
or otherwise, of such Indebtedness; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>such Person fails to observe or perform (subject to any applicable grace periods and notice requirements) any other agreement
or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto,
or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness
or the beneficiary or beneficiaries of any Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary
or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased,
prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness
to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD>in the case of the Borrowers, with respect to Indebtedness under the Amended Credit Agreement or in an amount greater than
or equal to one hundred thousand Dollars ($100,000) in the aggregate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD>in the case of the Pledgor, Pacific Ag Products or Kinergy with respect to Indebtedness in an amount greater than or equal
to one million Dollars ($1,000,000) in the aggregate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD>in the case of Pacific Ethanol, with respect to Indebtedness in an amount in excess of two million Dollars ($2,000,000) in
the aggregate and an Exercise of Remedies in respect of such Indebtedness has occurred; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(D)</TD><TD>in the case of any other Major Project Party only, has or could reasonably be expected to result in a Material Adverse Effect;</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in">provided<I>,</I> that such occurrence shall not constitute
an Event of Default with respect to any Major Project Party if an agreement replacing each Project Document to which such Major
Project Party is a party, in form and substance reasonably satisfactory to the Administrative Agent, is entered into (together
will all applicable Ancillary Documents) within forty-five (45) days thereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Judgments</U>. (i) Any judgment or order that has or could reasonably be expected to have a Material Adverse Effect is
rendered against any Loan Party or any Major Project Party, or (ii) any judgment or order is rendered against (A) any or all of
the Borrowers, in an amount in excess of one hundred thousand Dollars ($100,000) in the aggregate, (B) the Pledgor, Pacific Ag
Products (as long as Pacific Ag Products is a Major Project Party) or Kinergy (as long as Kinergy is a Major Project Party) in
an amount in excess of one million Dollars ($1,000,000) in the aggregate or (C) Pacific Ethanol (as long as Pacific Ethanol is
a Major Project Party or a Loan Party) in an amount in excess of two million Dollars ($2,000,000) in the aggregate and, in any
such case, (x) enforcement proceedings are commenced by any creditor upon such judgment or order or (y) there is a period of sixty
(60) consecutive days during which a stay of enforcement of such judgment is not in effect; provided<I>,</I> that such occurrence
shall not constitute an Event of Default with respect to any Major Project Party if an agreement replacing each Project Document
to which such Major Project Party is a party, in form and substance reasonably satisfactory to the Administrative Agent, is entered
into (together will all applicable Ancillary Documents) within forty-five (45) days thereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>ERISA Events</U>. (i) Any Termination Event occurs, (ii) any Plan incurs an &ldquo;accumulated funding deficiency&rdquo;
(as defined in Section 412 of the Code or Section 302 of ERISA), (iii) any Borrower or member of any Borrower&rsquo;s ERISA Controlled
Group engages in a transaction that is prohibited under Section 4975 of the Code or Section 406 of ERISA, (iv) any Borrower or
any ERISA Affiliate fails to pay when due any amount it has become liable to pay to the PBGC, any Plan or a trust established under
Title IV of ERISA, (v) a condition exists by reason of which the PBGC would be entitled to obtain a decree adjudicating that an
ERISA Plan must be terminated or have a trustee appointed to administer it, (vi) any Borrower or any ERISA Affiliate suffers a
partial or complete withdrawal from a Multiemployer Plan or is in &ldquo;default&rdquo; (as defined in Section 4219(c)(5) of ERISA)
with respect to payments to a Multiemployer Plan, (vii) a proceeding is instituted against any Borrower to enforce Section 515
of ERISA, (viii) the aggregate amount of the then &ldquo;current liability&rdquo; (as defined in Section 412(l)(7) of the Code,
as amended) of all accrued benefits under such Plan or Plans exceeds the then current value of the assets allocable to such benefits
by more than two million Dollars ($2,000,000) at such time, or (ix) any other event or condition occurs or exists with respect
to any Plan that would subject any Borrower to any tax, penalty or other liability.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Bankruptcy, Insolvency</U>. Any Loan Party or any Major Project Party:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>generally fails to pay, or admits in writing its inability or unwillingness to pay, debts as they become due and in the case
of Pacific Ethanol an Exercise of Remedies has occurred;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>applies for, consents to, or acquiesces in, the appointment of a trustee, receiver, sequestrator or other custodian for such
Person or a substantial portion of its property, or makes a general assignment for the benefit of creditors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>in the absence of such application, consent or acquiescence, permits or suffers to exist the appointment of a trustee, receiver,
sequestrator or other custodian for such Person or for a substantial part of its property, and such trustee, receiver, sequestrator
or other custodian is not discharged within sixty (60) days; provided that nothing in the Financing Documents shall prohibit or
restrict any right any Senior Secured Party may have under applicable Law to appear in any court conducting any relevant proceeding
during such sixty (60) day period to preserve, protect and defend its rights under the Financing Documents (and such Person shall
not object to any such appearance);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>permits or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding
under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in respect of such Person and,
if any such case or proceeding is not commenced by such Person, such case or proceeding is be consented to or acquiesced in by
such Person or results in the entry of an order for relief or remains for sixty (60) days undismissed; provided that nothing in
the Financing Documents shall prohibit or restrict any right any Senior Secured Party may have under applicable Law to appear in
any court conducting any such case or proceeding during such sixty (60) day period to preserve, protect and defend its rights under
the Financing Documents (and such Person shall not object to any such appearance);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>takes any action authorizing, or in furtherance of, any of the foregoing; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)</FONT></TD><TD>ceases to be Solvent and in the case of Pacific Ethanol an Exercise of Remedies has occurred;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in">provided<I>,</I> that such occurrence shall not constitute
an Event of Default with respect to any Major Project Party if an agreement replacing each Project Document to which such Major
Project Party is a party, in form and substance reasonably satisfactory to the Administrative Agent, is entered into (together
will all applicable Ancillary Documents) within forty-five (45) days thereof (or, if such bankruptcy or insolvency could not reasonably
be expected to result in a Material Adverse Effect, sixty (60) days).</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Project Document Defaults; Termination</U>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>Any Borrower or any other Major Project Party shall be in material breach of or otherwise in material default under any Project
Document and such breach or default has continued beyond any applicable grace period expressly provided for in such Project Document
(or, if no such cure period is provided<I>,</I> thirty (30) days), as the same may be extended pursuant to any Consent; provided<I>,</I>
that any such breach or default by any Major Project Party under any Project Document shall not constitute an Event of Default
if an agreement replacing such Project Document, in form and substance reasonably satisfactory to the Administrative Agent, is
entered into (together will all applicable Ancillary Documents) within forty-five (45) days thereof (or, if such breach or default
could not reasonably be expected to result in a Material Adverse Effect, sixty (60) days).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>Any Project Document ceases to be in full force and effect prior to its scheduled expiration, is repudiated, or its enforceability
is challenged or disaffirmed by or on behalf of any Borrower or any Major Project Party thereto; provided<I>,</I> that such occurrence
shall not constitute an Event of Default with respect to any Project Document if an agreement replacing such Project Document,
in form and substance reasonably satisfactory to the Administrative Agent, is entered into (together will all applicable Ancillary
Documents) within forty-five (45) days thereof (or, if such occurrence could not reasonably be expected to result in a Material
Adverse Effect, sixty (60) days).</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governmental Approvals</U>. Any Borrower fails to obtain, renew, maintain or comply in all material respects with any
Necessary Project Approval or any Necessary Project Approval is revoked, canceled, terminated, withdrawn or otherwise ceases to
be in full force and effect, or any Necessary Project Approval is modified without the consent of the Required Lenders in a manner
that, in each case, has, or could reasonably be expected to result in, a Material Adverse Effect on such Borrower or its Plant.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Unenforceability of Documentation</U>. At any time after the execution and delivery thereof:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>any material provision of any Financing Document shall cease to be in full force and effect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>any Financing Document is revoked or terminated, becomes unlawful or is declared null and void by a Governmental Authority
of competent jurisdiction;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>any Financing Document becomes unenforceable, is repudiated or the enforceability thereof is contested or disaffirmed by or
on behalf of any party thereto other than the Senior Secured Parties; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>any Liens against any of the Collateral cease to be a first priority, perfected security interest in favor of the Collateral
Agent, or the enforceability thereof is contested by any Loan Party, or any of the Security Documents ceases to provide the security
intended to be created thereby with the priority purported to be created thereby.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Environmental Matters</U>. (i) Any Environmental Claim has occurred with respect to any Borrower, any Plant or any Environmental
Affiliate, (ii) any release, emission, discharge or disposal of any Material of Environmental Concern occurs, and such event could
reasonably be expected to form the basis of an Environmental Claim against any Borrower, any Plant or any Environmental Affiliate,
or (iii) any violation or alleged violation of any Environmental Law or Environmental Approval occurs that would reasonably result
in an Environmental Claim against any Borrower or any Plant or, to the extent any Borrower may have liability, any Environmental
Affiliate, that, in the case of any of <U>Sections 9.01(l)(i)</U>, <U>(ii)</U> or <U>(iii)</U>, could reasonably be expected to
result in liability for any Borrower (or the Borrowers on an aggregate basis) in an amount greater than five hundred thousand Dollars
($500,000) for any single claim or one million Dollars ($1,000,000) for all such claims during any twelve (12) month period or
could otherwise reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Loss of Collateral</U>. Any portion of the Collateral (other than a portion that is immaterial) is damaged, seized or
appropriated; provided<I>,</I> that such an occurrence shall not constitute an Event of Default if the applicable Borrowers repair,
replace, rebuild or refurbish such damaged, seized or appropriated Collateral (i) in accordance with <U>Section 8.07 (<I>Insurance
and Condemnation Proceeds Accounts</I>)</U>, or (ii) otherwise (provided that such approval is obtained within sixty (60) days
hereafter) with the approval of the Required Lenders, in consultation with the Independent Engineer.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Event of Abandonment</U>. An Event of Abandonment occurs.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taking or Total Loss</U>. An Event of Taking with respect to all or a material portion of any Plant or any Equity Interests
in any Borrower occurs, or an Event of Total Loss occurs.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-weight: normal; color: black"><U>Asset Management Agreement</U>. Pacific Ethanol or any Affiliate of
Pacific Ethanol shall challenge the validity or enforceability of any performance guaranty of the obligations of Pacific Ethanol
under the Asset Management Agreement at any time that any such obligation exists.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Change of Control</U>. A Change of Control occurs.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
9.02 </FONT><U>Action Upon Bankruptcy</U>. If any Event of Default described in <U>Section 9.01(h) (<I>Events of Default - Bankruptcy;
Insolvency</I>)</U> occurs with respect to any Borrower, any outstanding Commitments (if not theretofore terminated) shall automatically
terminate. The outstanding principal amount of the outstanding Loans and all other Obligations shall automatically be and become
immediately due and payable, without notice, demand or further act of the Administrative Agent, the Collateral Agent or any other
Senior Secured Party.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
9.03 </FONT><U>Action Upon Other Event of Default</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any other Event of Default occurs and is continuing for any reason, whether voluntary or involuntary, and is continuing,
the Administrative Agent shall by written notice to the Borrowers, upon the direction of the Required Lenders, but subject to and
in accordance with the Intercreditor Agreement, declare all or any portion of the Obligations to be due and payable and any outstanding
Commitments (if not theretofore reduced or terminated) to be reduced or terminated, whereupon the full unpaid amount of such Obligations
that has been declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment
and any outstanding Commitments shall be reduced or terminate.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During the continuance of an Event of Default, the Administrative Agent, upon the direction of the Required Lenders, shall
instruct the Collateral Agent to exercise any or all remedies provided for under this Agreement or the other Financing Documents,
in each case subject to and in accordance with the Intercreditor Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any declaration made pursuant to <U>Section 9.03(a)</U> may, should the Required Lenders in their sole and absolute discretion
so elect, be rescinded by written notice to the Borrowers at any time after the principal of the Loans has become due and payable,
but before any judgment or decree for the payment of the monies so due, or any part thereof, has been entered; provided that no
such rescission or annulment shall extend to or affect any subsequent Event of Default or impair any right consequent thereon.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
9.04 </FONT><U>Application of Proceeds</U>. Any moneys received by the Collateral Agent after the occurrence and during the continuance
of an Event of Default may, subject to the Intercreditor Agreement, be held by the Collateral Agent as Collateral and/or, at the
direction of the Administrative Agent, may be applied in full or in part by the Collateral Agent against the Obligations in the
order of priorities <I>third</I> through <I>eleventh </I>and<I> thirteenth </I>through<I> fifteenth </I>as set forth in <U>Section
8.03(b) (<I>Revenue Account</I>)</U> of the Amended Credit Agreement (but without prejudice to the right of the Collateral Agent
to recover any shortfall from the Borrowers) and the balance, if any, after all of the Obligations have been indefeasibly paid
in full, shall be paid to the Borrowers or as otherwise required by Applicable Law.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
X<BR>
<BR>
</FONT>THE AGENTS</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.01 </FONT><U>Appointment and Authority</U>. (a) Each of the Lenders (in its capacity as Lender and on behalf of itself and
its Affiliates as a potential Interest Rate Protection Provider) hereby irrevocably appoints, designates and authorizes each Agent
to take such action on its behalf under the provisions of this Agreement and each other Financing Document to which it is a party
and to exercise such powers and perform such duties as are expressly delegated to such Agent by the terms of this Agreement or
any other Financing Document to which it is a party. The provisions of this <U>Article X</U> are solely for the benefit of the
Agents and the Lenders, and neither the Borrowers nor any other Person shall have rights as a third party beneficiary of any of
such provisions.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Lender hereby appoints Wells Fargo as its Administrative Agent under and for purposes of each Financing Document to
which it is a party. Wells Fargo hereby accepts this appointment and agrees to act as the Administrative Agent for the Lenders
in accordance with the terms of this Agreement and the Intercreditor Agreement. Each Lender appoints and authorizes the Administrative
Agent to act on behalf of such Lender under each Financing Document to which it is a party and to exercise such powers hereunder
and thereunder as are specifically delegated to or required of the Administrative Agent by the terms hereof and thereof. Notwithstanding
any provision to the contrary contained elsewhere in any Financing Document, the Administrative Agent shall not have any duties
or responsibilities, except those expressly set forth herein and in the other Financing Documents to which it is a party, nor shall
the Administrative Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into any Financing Document or otherwise exist against the Administrative
Agent. Without limiting the generality of the foregoing sentence, the use of the term &ldquo;agent&rdquo; in this Agreement with
reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising
under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to
create or reflect only an administrative relationship between independent contracting parties.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Lender (in its capacity as Lender and on behalf of itself and its Affiliates as a potential Interest Rate Protection
Provider) and the Administrative Agent and the Accounts Bank each in its capacity as such hereby appoints Wells Fargo as its Collateral
Agent under and for purposes of each Financing Document to which it is a party. Wells Fargo hereby accepts this appointment and
agrees to act as the Collateral Agent for the Senior Secured Parties in accordance with the terms of this Agreement and the Intercreditor
Agreement. Each of the Lenders hereby irrevocably appoints and authorizes the Collateral Agent to act as the agent of such Lender
for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Borrowers or the Pledgor
to the Collateral Agent in order to secure any of the Obligations. In this connection the Collateral Agent, and any co-agents,
sub-agents and attorneys-in-fact appointed by the Collateral Agent, as the case may be, pursuant to <U>Section 10.05 (<I>Delegation
of Duties</I>)</U> for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Security
Documents, or for exercising any rights and remedies thereunder at the direction of the Collateral Agent, as the case may be, shall
be entitled to the benefits of all provisions of this <U>Article X</U> and <U>Article XI (<I>Miscellaneous Provisions</I>)</U>
(including <U>Section 11.09 (<I>Indemnification by the Borrowers</I>)</U>, as though such co-agents, sub-agents and attorneys-in-fact
were the Collateral Agent under the Financing Documents) as if set forth in full herein with respect thereto. Notwithstanding any
provision to the contrary contained elsewhere in any Financing Document, the Collateral Agent shall not have any duties or responsibilities,
except those expressly set forth herein or in the other Financing Documents to which the Collateral Agent is a party, nor shall
the Collateral Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into any Financing Document or otherwise exist against the Collateral
Agent. Without limiting the generality of the foregoing sentence, the use of the term &ldquo;agent&rdquo; in this Agreement with
reference to the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under
agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create
or reflect only an administrative relationship between independent contracting parties.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Lender hereby appoints and authorizes the Accounts Bank to act as depository for the Collateral Agent, on behalf of
the Senior Secured Parties, and as the securities intermediary or bank with respect to the Project Accounts for the benefit of
the Collateral Agent, on behalf of the Senior Secured Parties, with such powers as are expressly delegated to the Accounts Bank
by the terms of this Agreement, together with such other powers as are reasonably incidental thereto. The Accounts Bank hereby
accepts this appointment and agrees to act as the depository for the Collateral Agent, on behalf of the Senior Secured Parties,
and as the securities intermediary or bank with respect to the Project Accounts, for the benefit of the Collateral Agent, on behalf
of the Senior Secured Parties, in accordance with the terms of this Agreement. The Accounts Bank further agrees to accept and hold,
as securities intermediary or as a bank, in its custody and in accordance with the terms of this Agreement, for the Collateral
Agent, on behalf of the Senior Secured Parties, the Project Accounts and the Accounts Property. Each Lender also appoints and authorizes
the Accounts Bank to act on its behalf for the purpose of the creation and perfection of a first priority security interest in
favor of the Collateral Agent, on behalf of the Senior Secured Parties, in the Project Accounts to the extent that they are deemed
under applicable Law not to constitute securities accounts or deposit accounts and in any Accounts Property that is deemed under
applicable Law not to constitute a Financial Asset. The Accounts Bank accepts this appointment and agrees to act as the Accounts
Bank for the Collateral Agent, on behalf and for the benefit of the Senior Secured Parties, for such purpose and to hold and maintain
exclusive dominion and control over the Project Accounts and any such Accounts Property on behalf of the Collateral Agent, acting
on behalf of the Senior Secured Parties. Each of the Agents and each Lender acknowledges that the Accounts Bank is also (i) acting
as the securities intermediary or bank with respect to the Project Accounts for the benefit of the Existing Collateral Agent, on
behalf of the Existing Senior Secured Parties, (ii) holding, as securities intermediary or as a bank, in its custody and in accordance
with the terms of the Amended Credit Agreement, for the Existing Collateral Agent, on behalf of the Existing Senior Secured Parties,
the Project Accounts and the Accounts Property and (iii) acting on behalf of the Existing Lenders for the purpose of the creation
and perfection of a security interest in favor of the Existing Collateral Agent, on behalf of the Existing Senior Secured Parties,
in the Project Accounts to the extent that they are deemed under applicable Law not to constitute securities accounts or deposit
accounts and in any Accounts Property that is deemed under applicable Law not to constitute a Financial Asset.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any provision to the contrary contained elsewhere in any Financing Document, the Accounts Bank shall not
have any duties or responsibilities, except those expressly set forth herein or in the Amended Credit Agreement, nor shall the
Accounts Bank have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities,
duties, obligations or liabilities shall be read into any Financing Document or otherwise exist against the Accounts Bank. Without
limiting the generality of the foregoing sentence, the use of the term &ldquo;agent&rdquo; in this Agreement with reference to
the Accounts Bank is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine
of any applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only
an administrative relationship between independent contracting parties.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Senior Secured Party hereby acknowledges that Wells Fargo is serving as the Existing Administrative Agent and the Existing
Collateral Agent and that the Administrative Agent and the Collateral Agent shall not have any duties or obligations under the
Amended Credit Agreement. Each Lender hereby instructs each of the Administrative Agent and Collateral Agent to execute and deliver
the Intercreditor Agreement and the other Financing Documents to which it is a party and to exercise its respective rights and
obligations hereunder and under the Intercreditor Agreement solely in accordance with this Agreement, the Financing Documents to
which such Agent is a party and the Intercreditor Agreement. Each Senior Secured Party agrees that it will only originate and deliver
to the Accounts Bank such instructions, orders and entitlement orders as are permitted in accordance with the terms of this Agreement
and the Intercreditor Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.02 </FONT><U>Rights as a Lender or Interest Rate Protection Provider</U>. Each Person serving as Agent hereunder or under any
other Financing Document shall have the same rights and powers in its capacity as a Lender or Interest Rate Protection Provider,
as the case may be, as any other Lender or Interest Rate Protection Provider, as the case may be, and may exercise the same as
though it were not an Agent. Each such Person and its Affiliates may accept deposits from, lend money to, act as the financial
advisor or in any other advisory capacity for and generally engage in any kind of business with any Borrower or Affiliate thereof
as if such Person were not an Agent hereunder and without any duty to account therefor to the Lenders, any other Agent or the
Interest Rate Protection Provider.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.03 </FONT><U>Exculpatory Provisions</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Neither the Syndication
Agent nor any Agent shall have any duties or obligations except those expressly set forth herein (and, with respect to the Accounts
Bank, in the Amended Credit Agreement) and in the other Financing Documents to which it is a party. Without limiting the generality
of the foregoing, no Agent shall:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is
continuing;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Financing Documents (or, with respect to the Accounts Bank, by the Amended Credit
Agreement) that such Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage
of the Lenders as shall be expressly provided for herein or in the other Financing Documents); provided that such Agent shall not
be required to take any action that may expose the Agent to liability or that is contrary to this Agreement, any Financing Document
or applicable Law; or</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>except as expressly set forth herein and in the other Financing Documents to which it is a party (or, with respect to the Accounts
Bank, in the Amended Credit Agreement), have any duty to disclose, nor shall any Agent be liable for any failure to disclose, any
information relating to any Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as an Agent
or any of its Affiliates in any capacity.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Agent shall be liable for any action taken or not taken by it (i)&nbsp;with the prior written consent or at the request
of the Required Lenders (or, in the case of the Accounts Bank, also the Required Existing Lenders) (or such other number or percentage
of the Lenders as may be necessary, or as such Agent may believe in good faith to be necessary, under the circumstances as provided
in <U>Section 10.01 (<I>Appointment and Authority</I>)</U>), (ii) in connection with any amendment, consent, approval or waiver
which it is permitted under the Financing Documents to enter into, agree to or grant or (iii) in the absence of its own gross negligence
or willful misconduct. Each Agent may rely on a written statement from the Lenders delivering any written direction, request, consent,
or waiver to any Agent, that such Lenders constitute the Required Lenders and that no consent of any other Lender is required to
effect such direction, request, consent, or waiver. Each Agent shall be deemed not to have knowledge of any Default or Event of
Default unless and until notice describing such Default or Event of Default is given to such Agent in writing by a Borrower or
a Lender. Neither the Administrative Agent nor the Collateral Agent shall be required to give notice of any Default or Event of
Default to any Person, including without limitation the Accounts Bank, absent direction of the Required Lenders.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Syndication Agent nor any Agent shall be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with this Agreement or any other Financing Document, (ii) the contents
of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence
or continuance of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement,
any other Financing Document or any other agreement, instrument or document, or the perfection or priority of any Lien or security
interest created or purported to be created hereby or by any other Security Document, or (v) the satisfaction of any condition
set forth in <U>Article VI (<I>Conditions Precedent</I>)</U> or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to any such Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any provision of this Agreement or the other Financing Documents to the contrary, the Administrative Agent
and the Collateral Agent (A)&nbsp;shall have no obligation to exercise discretion under the Financing Documents, and (B) shall
not be required to (i)&nbsp;make or give any determination (including whether a matter is satisfactory to such Agent or whether
to deem a matter necessary, desirable, proper or advisable), agreement, consent, approval, request, notice (including any notice
to the Accounts Bank, any notice to tenants, any Notice of Suspension and any Termination Notice), consultation, designation, appointment,
election, judgment or direction, or (ii)&nbsp;file any UCC financing or continuation statements or similar documents or instruments,
or (iii)&nbsp;make any inspection, or (iv)&nbsp;exercise any rights or remedies of a secured party (including voting rights), in
each case, subject to the Intercreditor Agreement, without the written direction of the Required Lenders. Notwithstanding any provision
of this Agreement or the other Financing Documents to the contrary, before taking or omitting any action to be taken or omitted
by the Administrative Agent and/or the Collateral Agent under the terms of this Agreement and the other Financing Documents, the
Administrative Agent and/or the Collateral Agent, as the case may be, may seek the written direction of the Required Lenders (which
written direction may be in the form of an e-mail), and such Agent shall be entitled to rely (and shall be fully protected in so
relying) upon such direction. The Administrative Agent and the Collateral Agent shall have no duty, obligation or liability to
examine, make any investigation or review any notices, requests or other documents or instruments delivered to it under the terms
of the Transaction Documents, except to deliver copies of the same to the Lenders in accordance with the terms of this Agreement.
Any provision of this Agreement or the other Financing Documents authorizing the Administrative Agent and/or the Collateral Agent
to take any action shall not obligate the Administrative Agent or the Collateral Agent to take such action. In no event shall the
Administrative Agent or the Collateral Agent have any duty, responsibility, obligation or liability with respect to monitoring
the Projects or the conditions thereof, or to preserve the Collateral. In acting under the Financing Documents to which it is a
party, each of the Administrative Agent and the Collateral Agent shall be entitled to all of the rights, protections, immunities
and indemnities set forth in this Agreement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any provision of this Agreement or the other Financing Documents to the contrary, in no event shall the
Administrative Agent or the Collateral Agent be responsible for, or have any duty or obligation with respect to, the recording,
filing, registering, perfection, protection or maintenance of the security interests or Liens intended to be created hereby or
by the Financing Documents (including without limitation the filing or continuation of any UCC financing or continuation statements
or similar documents or instruments), nor shall the Administrative Agent or the Collateral Agent be responsible for, and neither
such Agent makes any representation regarding, the validity, effectiveness or priority of any of the Financing Documents or the
security interests or Liens intended to be created thereby.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.04 </FONT><U>Reliance by Agents</U>. Each Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message,
internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise
authenticated by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed
by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance
with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, each
Agent may presume that such condition is satisfactory to such Lender unless such Agent shall have received notice to the contrary
from such Lender prior to the making of such Loan. Each Agent may consult with legal counsel (who may be counsel for the Borrowers),
independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance
with the advice of any such counsel, accountants or experts.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.05 </FONT><U>Delegation of Duties</U>. Each Agent may perform any and all of its duties and exercise any and all its rights
and powers hereunder or under any other Financing Document by or through any one or more sub agents appointed by such Agent. Each
Agent and any such sub agent may perform any and all of its duties and exercise its rights and powers by or through their respective
Related Parties. The exculpatory provisions of this <U>Article X</U> shall apply to any such sub agent and to the Related Parties
of such Agent and any such sub agent, and shall apply to their respective activities in connection with their acting as Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.06 </FONT><U>Resignation or Removal of Agent</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Any Agent
may resign from the performance of all its functions and duties hereunder and/or under the other Financing Documents at any time
by giving thirty (30) days&rsquo; prior notice to the Borrowers and the Lenders. The Collateral Agent or the Administrative Agent
may be removed at any time by the Required Lenders. The Accounts Bank may be removed at any time by the Required Lenders and the
Required Existing Lenders. Any such resignation or removal shall take effect upon the appointment of a successor Agent, in accordance
with this <U>Section 10.06</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon any notice of resignation by any Agent or upon the removal of any Agent by the proper Persons pursuant to <U>Section
10.06(a)</U>, the Required Lenders shall appoint a successor Collateral Agent or Administrative Agent, as applicable, hereunder
and under each other Financing Document, or the Required Lenders and the Required Existing Lenders shall appoint a successor Accounts
Bank, which successor Agent in each case shall be a commercial bank having a combined capital and surplus of at least two hundred
fifty million Dollars ($250,000,000).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If no successor Agent has been appointed by the proper Persons under <U>Section 10.06(b)</U> within thirty (30) days after
the date such notice of resignation was given by such Agent or the proper Persons elected to remove such Agent under <U>Section
10.06(a)</U>, and provided that no Default or Event of Default has occurred and is continuing, the Borrowers may appoint a replacement
Agent (who shall be a commercial bank having a combined capital and surplus of at least two hundred fifty million Dollars ($250,000,000))
within the immediately succeeding fifteen (15) days.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If no successor Agent has been appointed within forty-five (45) days (or, if a Default or Event of Default has occurred
and is continuing, within thirty (30) days) after the date such notice of resignation was given by such Agent or the proper Persons
elected to remove such Agent under <U>Section 10.06(a)</U>, any Senior Secured Party may petition any court of competent jurisdiction
for the appointment of a successor Agent. Such court may thereupon, after such notice, if any, as it may deem proper, appoint a
successor Agent, as applicable, who shall serve as Agent, hereunder and under each other Financing Document until such time, if
any, as the proper Persons appoint a successor Agent, as provided in this <U>Section 10.06</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the acceptance of a successor&rsquo;s appointment as Agent hereunder, such successor shall succeed to and become vested
with all of the rights, powers, privileges and duties of the retiring (or removed) Agent, and the retiring (or removed) Agent shall
be discharged from all of its duties and obligations hereunder or under the other Financing Documents. After the retirement or
removal of any Agent hereunder and under the other Financing Documents, the provisions of this <U>Article X</U> shall continue
in effect for the benefit of such retiring (or removed) Agent, its sub agents and their respective Related Parties in respect of
any actions taken or omitted to be taken by any of them while the retiring Agent was acting as Agent.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a retiring or removed Agent is the Accounts Bank, such Accounts Bank will promptly transfer all of the Project Accounts
and the Accounts Property to the possession or control of the successor Accounts Bank and will execute and deliver such notices,
instructions and assignments as may be reasonably necessary or desirable to transfer the rights of the Accounts Bank with respect
to the Project Accounts and the Accounts Property to the successor Accounts Bank. Notwithstanding the foregoing or anything to
the contrary contained in this Agreement, the parties hereto acknowledge that the Accounts Bank is serving in such capacity under
each of this Agreement and the Amended Credit Agreement concurrently, and any successor Accounts Bank shall not be appointed as
such hereunder until such time as such successor Accounts Bank concurrently assumes all rights and obligations of the Accounts
Bank and is appointed as such under each of this Agreement and the Amended Credit Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a retiring or removed Agent is the Collateral Agent, such Collateral Agent will promptly transfer any Collateral in the
possession or control of such Collateral Agent to the successor Collateral Agent and will execute and deliver such notices, instructions
and assignments as may be reasonably requested by the Required Lenders to transfer the rights of the Collateral Agent with respect
to such Collateral property to the successor Collateral Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.07 </FONT><U>No Amendment to Duties of Agent Without Consent</U>. No Agent shall be bound by any waiver, amendment, supplement
or modification of this Agreement or any other Financing Document that affects its rights or duties hereunder or thereunder unless
such Agent shall have given its prior written consent, in its capacity as Agent, thereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.08 </FONT><U>Non-Reliance on Agent and Other Lenders</U>. Each Lender acknowledges that it has, independently and without reliance
upon the Syndication Agent, any Agent or any other Lender or any of their respective Related Parties and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and make
its Loans. Each Lender also acknowledges that it will, independently and without reliance upon the Syndication Agent, any Agent
or any other Lender or any of their respective Related Parties and based on such documents and information as it shall from time
to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement,
any other Financing Document or any related agreement or any document furnished hereunder or thereunder.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.09 </FONT><U>Collateral Agent May File Proofs of Claim</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a)
In case of the pendency of any bankruptcy or insolvency proceeding relative to any Borrower or the Pledgor (including any event
described in <U>Section 9.01(h) (<I>Events of Default - Bankruptcy; Insolvency</I>)</U>, the Collateral Agent (irrespective of
whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective
of whether the Collateral Agent or any other Senior Secured Party shall have made any demand on any Borrower) shall be entitled
and empowered, but shall not be obligated, by intervention in such proceeding or otherwise, and subject to the terms of the Intercreditor
Agreement in all cases:</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all
other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have
the claims of the Senior Secured Parties (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Senior Secured Parties and their respective agents and counsel and all other amounts due the Senior Secured Parties under
<U>Sections 3.11 (<I>Fees</I>)</U>, <U>11.07 (<I>Costs and Expenses</I>)</U> and <U>11.09 (<I>Indemnification by the Borrowers</I>)</U>)
allowed in such judicial proceeding; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Collateral
Agent and the Existing Collateral Agent pursuant to the terms of the Intercreditor Agreement and, in the event that the Collateral
Agent or the Existing Collateral Agent, as applicable, consents to the making of such payments directly to the Lenders in accordance
with the Intercreditor Agreement, to pay to the Collateral Agent any amount due for the reasonable compensation, expenses, disbursements
and advances of the Agents and their respective agents and counsel, and any other amounts due the Agents under <U>Sections 3.11
(<I>Fees</I>)</U>, <U>11.07 (<I>Costs and Expenses</I>)</U> and <U>11.09 (<I>Indemnification by the Borrowers</I>)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Nothing contained herein shall be deemed to authorize the Collateral Agent to authorize or consent to or accept or adopt
on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights
of any Lender or to authorize the Collateral Agent to vote in respect of the claim of any Lender in any such proceeding.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.10 </FONT><U>Collateral Matters</U>. (a) The Lenders irrevocably authorize the Collateral Agent to release any Lien on any
property granted to or held by the Collateral Agent under any Financing Document as required by the Intercreditor Agreement (i)
upon the occurrence of the Discharge Date, (ii) if approved, authorized or ratified in writing in accordance with <U>Section 11.01
(<I>Amendments, Etc.</I>)</U> or (iii) as permitted pursuant to the terms of the Financing Documents (including as contemplated
by <U>Sections 7.02(f) (<I>Negative Covenants-Asset Dispositions</I>)</U>).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon request by the Collateral Agent at any time, the Required Lenders will confirm in writing the Collateral Agent&rsquo;s
authority to release its interest in particular types or items of property pursuant to this <U>Section 10.10</U>. In each case
as specified in this <U>Section 10.10</U>, the Collateral Agent will, at the Borrowers&rsquo; expense, execute and deliver to the
applicable Borrower or the Pledgor, as the case may be, such documents as such Person may reasonably request to evidence the release
of such item of Collateral from the assignment and security interest granted under the Security Documents in accordance with the
terms of the Financing Documents and this <U>Section 10.10</U>.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.11 </FONT><U>Copies</U>. Each Agent shall give prompt notice to each Lender of each material notice or request required or
permitted to be given to such Agent by the Borrowers pursuant to the terms of this Agreement or any other Financing Document (other
than instructions for the transfer of funds from Project Accounts pursuant to <U>Article VIII (<I>Project Accounts</I>)</U> or
if otherwise concurrently delivered to the Lenders by the Borrowers). Each Agent will distribute to each Lender each document
or instrument (including each document or instrument delivered by any Borrower to such Agent pursuant to <U>Article V (<I>Representations
and Warranties</I>)</U>, <U>Article VI (<I>Conditions Precedent</I>)</U> and <U>Article VII (<I>Covenants</I>)</U>) received for
its account and copies of all other communications received by such Agent from the Borrowers for distribution to the Lenders by
such Agent in accordance with the terms of this Agreement or any other Financing Document.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10.12 </FONT><U>Syndication Agent</U>.<FONT STYLE="color: red"> </FONT>The Syndication Agent shall not have any obligation, liability,
responsibility or duty under this Agreement other than those applicable to it in its capacity as a Lender.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">ARTICLE
XI<BR>
<BR>
</FONT>MISCELLANEOUS PROVISIONS</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.01 </FONT><U>Amendments, Etc.</U>&nbsp;&nbsp;No amendment or waiver of any provision of this Agreement or any other Financing
Document, and no consent to any departure by any Borrower, Borrowers&rsquo; Agent or any other Loan Party therefrom, shall be
effective unless in writing signed by the Required Lenders (or, if expressly set forth herein, the Administrative Agent) and,
in the case of an amendment, the Borrowers, Borrowers&rsquo; Agent or, as the case may be, the applicable Loan Party, and in each
such case acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given; provided that no such amendment, waiver or consent shall:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) waive any condition set forth in <U>Section 6.01 <I>(Conditions to Closing)</I></U> or <U>Section 6.02 <I>(Conditions
to All Fundings</I></U>) without the prior written consent of each Lender (other than any Non-Voting Lender);</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to <U>Section 9.03(a) (<I>Action
Upon Other Event of Default</I>)</U> without the prior written consent of such Lender;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>postpone any date scheduled for any payment of principal or interest under <U>Section 3.01 (<I>Repayment of Fundings</I>)</U>
or <U>3.02 (<I>Interest Payment Dates</I>)</U>, or any date fixed by the Administrative Agent for the payment of fees or other
amounts due to the Lenders (or any of them) hereunder or under any other Financing Document without the prior written consent of
each Lender directly affected thereby (other than any Non-Voting Lender), provided, that the Required Lenders may agree to extend
the Maturity Date solely as among each Lender that so agrees, the Loan Parties and the Agents, from time to time in increments
of one (1) calendar year (each such extension, a &ldquo;<U>Maturity Date Extension</U>&rdquo;) to a date no later than June 25,
2016, and, in the event of any such proposed Maturity Date Extension, (x) the Borrowers&rsquo; Agent shall give each Lender no
less than five (5) Business Days&rsquo; notice of such proposed Maturity Date Extension and (y) each Lender hereby agrees that
if it does not, upon such notice, agree to such proposed Maturity Date Extension, it shall, if requested by the Administrative
Agent acting at the direction of the Required Lenders, assign all of its Loans and Commitments to an assignee in accordance with,
and otherwise comply with the obligations under, the terms of this <U>Section 11.01</U> applicable to Non-Consenting Lenders;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reduce the principal of, or the rate of interest specified herein on, any Loan, or any Fees or other amounts (including
the Required Cash Sweep or any other mandatory prepayments under <U>Section 3.08 (<I>Mandatory Prepayment</I>)</U> payable hereunder
or under any other Financing Document to any Lender without the prior written consent of each Lender directly affected thereby
(other than any Non-Voting Lender); provided that only the prior written consent of the Required Lenders shall be necessary to
amend the definition of Default Rate;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>change the order of application of any reduction in the Commitments or any prepayment of Loans from the application thereof
set forth in the applicable provisions of <U>Section 2.05 (<I>Termination or Reduction of Commitments</I>)</U>, <U>Section 3.07
(<I>Optional Prepayment</I>)</U> or <U>3.08 (<I>Mandatory Prepayment</I>)</U>, respectively (it being understood that the election
by any Lender to decline any prepayments under <U>Section 3.07 (<I>Optional Prepayment</I>)</U> or <U>Section 3.08 (<I>Mandatory
Prepayment</I>)</U>, as applicable, shall not be construed as such a change for purposes of this clause (e)), in any manner without
the prior written consent of each Lender directly affected thereby (other than any Non-Voting Lender);</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>change any provision of this <U>Section 11.01</U>, the definition of Required Lenders or any other provision of any Financing
Document specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights under any such
Financing Document (including any such provision specifying the number or percentage of Lenders required to waive any Event of
Default or forbear from taking any action or pursuing any remedy with respect to any Event of Default), or make any determination
or grant any consent under any Financing Document, without the prior written consent of each Lender (other than any Non-Voting
Lender); or</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>release (i) any Borrower from all or substantially all of its obligations under any Financing Document, or (ii) all or substantially
all of the Collateral in any transaction or series of related transactions, without the prior written consent of each Lender (other
than any Non-Voting Lender);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">and provided further that (i) no amendment, waiver or consent
shall, unless in writing and signed by an Agent, in addition to the Lenders required above, affect the rights or duties of, or
any fees or other amounts payable to, such Agent under this Agreement or any other Financing Document; and (ii) <U>Section 11.03(h)
(<I>Assignments</I>)</U> may not be amended, waived or otherwise modified without the prior written consent of each Granting Lender
all or any part of whose Loan is being funded by an SPV at the time of such amendment, waiver or other modification.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding the other provisions of this <U>Section 11.01</U>, if, in connection with any proposed amendment, modification
(including any Maturity Date Extension), consent or waiver (each, a &ldquo;<U>Proposed Change</U>&rdquo;) requiring the consent
more than the Required Lenders, the consent of the Required Lenders is obtained but the consent of the other Lenders is not obtained
(any such Lender whose consent is not obtained as described in this paragraph being referred to as a &ldquo;<U>Non-Consenting Lender</U>&rdquo;),
then any Eligible Assignee reasonably acceptable to the Required Lenders shall have the right (but shall have no obligation) to
purchase from such Non-Consenting Lender, and such Non-Consenting Lender agrees that it shall, upon the Required Lenders&rsquo;
request, sell and assign to an Eligible Assignee, all of the Commitments and Loans of such Non-Consenting Lender for an amount
equal to (i) the principal balance of all Loans held by the Non-Consenting Lender; plus (ii) all accrued and unpaid interest and
fees with respect thereto through the date of sale; minus (iii) all amounts owed by such Non-Consenting Lender under this Agreement
to the Administrative Agent, for itself or on behalf of the other Senior Secured Parties (which amounts shall be paid over by the
Eligible Assignee to the Administrative Agent to hold or distribute in accordance with the terms of this Agreement); <U>provided</U>,<B>
</B>however, that such purchase and sale shall not be effective until (x)&nbsp;the Administrative Agent shall have received from
such Eligible Assignee an agreement in form and substance reasonably satisfactory to the Required Lenders whereby such Eligible
Assignee shall agree to be bound by the terms hereof, (y)&nbsp;such Non-Consenting Lender shall have received payments of all Loans
held by it and all accrued and unpaid interest and fees with respect thereto through the date of the sale and (z)&nbsp;such purchase
and sale shall have been recorded in the Register maintained by the Administrative Agent in accordance with <U>Section 11.03(c)</U>.
Each Lender agrees that, if it becomes a Non-Consenting Lender, it shall execute and deliver to the Administrative Agent an Assignment
Agreement to evidence such sale and purchase and shall deliver to the Administrative Agent any Note (if the assigning Lender&rsquo;s
Loans are evidenced by a Note) subject to such Assignment Agreement; <U>provided</U>, however, that the failure of any Non-Consenting
Lender to execute an Assignment Agreement and/or deliver any such Note shall not render such sale and purchase (and the corresponding
assignment) invalid, provided further, that in case of such failure (i) the assignee shall deliver to the Administrative Agent
an Assignment Agreement duly executed by the assignee and (ii) the Administrative Agent is hereby authorized and directed to update
the Register to reflect such assignment upon receipt of an Assignment Agreement executed by such assignee.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding the other provisions of this <U>Section 11.01</U>, the Borrowers, the Borrowers&rsquo; Agent, the Collateral
Agent and the Administrative Agent may (but shall have no obligation to) amend or supplement the Financing Documents without the
consent of any Lender: (i) to cure any ambiguity, defect or inconsistency; (ii) to make any change that would provide any additional
rights or benefits to the Lenders; or (iii) to make, complete or confirm any grant of Collateral permitted or required by this
Agreement or any of the Security Documents or any release of any Collateral that is otherwise permitted under the terms of this
Agreement and the Security Documents. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right
to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased
or extended without the consent of such Lender.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.02 </FONT><U>Applicable Law; Jurisdiction; Etc.</U>&nbsp;&nbsp;(a) <U>GOVERNING LAW</U>. THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA, WITHOUT REFERENCE TO CONFLICTS
OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>SUBMISSION TO JURISDICTION</U>. EACH BORROWER AND THE BORROWERS&rsquo; AGENT IRREVOCABLY AND UNCONDITIONALLY SUBMITS,
FOR ITSELF AND ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY
AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT
OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION
OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN
SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE
AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT
OR IN ANY OTHER FINANCING DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY SENIOR SECURED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT AGAINST ANY BORROWER OR ITS PROPERTIES IN THE COURTS OF
ANY JURISDICTION.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>WAIVER OF VENUE</U>. EACH BORROWER AND THE BORROWERS&rsquo; AGENT IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT IN ANY COURT REFERRED TO IN <U>SECTION 11.02(b)</U>.
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT
FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Appointment of Process Agent and Service of Process</U>. Each of the Borrowers and the Borrowers&rsquo; Agent hereby
irrevocably appoints CT Corporation System with an office on the date hereof at 111 Eighth Avenue, New York, New York 10011, as
its agent to receive on behalf of itself services of copies of the summons and complaint and any other process that may be served
in any such action or proceeding in the State of New York. If for any reason the Process Agent shall cease to act as such for any
Person, such Person hereby agrees to designate a new agent in New York City on the terms and for the purposes of this <U>Section
11.02</U> reasonably satisfactory to the Administrative Agent. Such service may be made by mailing or delivering a copy of such
process to such Person in care of the Process Agent at the Process Agent&rsquo;s above address, and each of the Borrowers and the
Borrowers&rsquo; Agent hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf. As an
alternative method of service, each of the Borrowers and the Borrowers&rsquo; Agent also irrevocably consents to the service of
any and all process in any such action or proceeding by the air mailing of copies of such process to such Person at its then effective
notice addresses pursuant to <U>Section 11.12 (<I>Notices and Other Communications</I>)</U>. Nothing in this Agreement shall affect
any right that any party may otherwise have to bring any action or proceeding relating to this Agreement or any other Financing
Document in the courts of any jurisdiction.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Immunity</U>. To the extent that any Borrower or the Borrowers&rsquo; Agent has or hereafter may acquire any immunity
from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment
in aid of execution, execution or otherwise) with respect to itself or its property, each of the Borrowers and the Borrowers&rsquo;
Agent hereby irrevocably and unconditionally waives such immunity in respect of its obligations under the Financing Documents and,
without limiting the generality of the foregoing, agrees that the waivers set forth in this <U>Section 11.02(e)</U> shall have
the fullest scope permitted under the Foreign Sovereign Immunities Act of 1976 of the United States and are intended to be irrevocable
for purposes of such Act.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>WAIVER OF JURY TRIAL</U>. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER FINANCING DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR
ANY OTHER THEORY). EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER FINANCING DOCUMENTS
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <U>SECTION 11.02</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.03 </FONT><U>Assignments</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby,
except that neither any Borrower nor the Borrowers&rsquo; Agent may assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of each Agent and Lender, and no Lender may assign or otherwise transfer any of its
rights or obligations hereunder except (i) subject to <U>Section 11.03(i)</U>, to an Eligible Assignee in accordance with <U>Section
11.03(b)</U>, (ii) subject to <U>Section 11.03(i)</U>, by way of participation in accordance with <U>Section 11.03(d)</U>, (iii)
by way of pledge or assignment of a security interest subject to the restrictions of <U>Section 11.03(f)</U>, or (iv) to an SPV
in accordance with the provisions of <U>Section 11.03(h)</U> (and any other attempted assignment or transfer by any party hereto
shall be null and void). Nothing in this Agreement, express or implied, shall be construed to confer upon any Person (other than
the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in this <U>Section
11.03</U>, any Person to the extent provided by <U>Section 11.04</U>, and, to the extent expressly contemplated hereby, the Related
Parties of each Agent and Lender) any legal or equitable right, remedy or claim under or by reason of this Agreement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Lender may at any time after the Closing Date assign to one or more Eligible Assignees all or a portion of its rights
and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided
that (i) except in the case of an assignment of the entire remaining amount of the assigning Lender&rsquo;s Commitment and the
Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with
respect to a Lender, the Commitment (which for this purpose includes the Loans outstanding thereunder) or, if the applicable Commitment
is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment,
determined as of the date the Lender Assignment Agreement with respect to such assignment is delivered to the Administrative Agent
or, if &ldquo;<I>Trade Date</I>&rdquo; is specified in the Lender Assignment Agreement, as of the Trade Date, shall not be less
than one million Dollars ($1,000,000) and in integral multiples of one million Dollars ($1,000,000) in excess thereof, unless the
Administrative Agent otherwise consents in writing; (ii) each partial assignment shall be made as an assignment of a proportionate
part of all the assigning Lender&rsquo;s rights and obligations under this Agreement with respect to the Loan or the Commitment
assigned; (iii) the parties to each assignment shall execute and deliver to the Administrative Agent a Lender Assignment Agreement,
together with a processing and recordation fee of three thousand five hundred Dollars ($3,500); provided that (A) no such fee shall
be payable in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund with respect to a Lender and
(B) in the case of contemporaneous assignments by a Lender to one or more Funds managed by the same investment advisor (which Funds
are not then Lenders hereunder), only a single such three thousand five hundred Dollars ($3,500) fee shall be payable for all such
contemporaneous assignments; (iv) the Eligible Assignee, if it is not a Lender prior to such assignment, shall deliver to the Administrative
Agent an administrative questionnaire and (v) the assignor shall provide notice of such assignment to the Borrowers&rsquo; Agent.
Subject to acceptance and recording thereof by the Administrative Agent pursuant to <U>Section 11.03(c)</U>, on and after the effective
date specified in each Lender Assignment Agreement, the Eligible Assignee thereunder shall be a party to this Agreement and, to
the extent of the interest assigned by such Lender Assignment Agreement, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Lender Assignment Agreement,
be released from its obligations under this Agreement (and, in the case of a Lender Assignment Agreement covering all of the assigning
Lender&rsquo;s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to
be entitled to the benefits of <U>Sections 4.01 (<I>Eurodollar Rate Lending Unlawful</I>)</U>, <U>4.03 (<I>Increased Eurodollar
Loan Costs</I>)</U>, <U>4.05 (<I>Funding Losses</I>)</U>, <U>11.07 (<I>Costs and Expenses</I>)</U> and <U>11.09 (<I>Indemnification
by the Borrowers</I>)</U> with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon
request, the Borrowers (at their expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by
a Lender of rights or obligations under this Agreement that does not comply with this <U>Section 11.03(b)</U> shall be treated
for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <U>Section
11.03(d)</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at the Administrative
Agent&rsquo;s office a copy of each Lender Assignment Agreement delivered to it and a register for the recordation of the names
and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms
hereof from time to time (the &ldquo;<U>Register</U>&rdquo;). The entries in the Register shall be conclusive, and the Borrowers,
the Agents and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection
by the Borrowers at any reasonable time and from time to time upon reasonable prior notice. In addition, at any time that a request
for a consent for a material or other substantive change to the Financing Documents is pending, any Lender may request and receive
from the Administrative Agent a copy of the Register.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Lender may at any time, without the consent of, or notice to, the Borrowers, the Borrowers&rsquo; Agent or any Agent,
sell participations to any Person (each, a &ldquo;<U>Participant</U>&rdquo;) in all or a portion of such Lender&rsquo;s rights
and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that
(i) such Lender&rsquo;s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible
to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Borrowers&rsquo; Agent, the Agents
and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender&rsquo;s rights
and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide
that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of
any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to <U>Section 11.01
(<I>Amendments, Etc.</I>)</U> that directly affects such Participant. Subject to <U>Section 11.03(e)</U>, the Borrowers agree that
each Participant shall be entitled to the benefits of <U>Sections 4.01 (<I>Eurodollar Rate Lending Unlawful</I>)</U>, <U>4.03 (<I>Increased
Eurodollar Loan Costs</I>)</U> and <U>4.05 (<I>Funding Losses</I>)</U>, to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to <U>Section 11.03(b)</U>. To the extent permitted by law, each Participant also shall be
entitled to the benefits of <U>Section 11.15 (<I>Right of Setoff</I>)</U> as though it were a Lender; provided such Participant
agrees to be subject to <U>Section 3.13 (<I>Sharing of Payments</I>)</U> as though it were a Lender.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A Participant shall not be entitled to receive any greater payment under <U>Section 4.01 (<I>Eurodollar Rate Lending Unlawful</I>)</U>
or <U>4.03 (<I>Increased Eurodollar Loan Costs</I>)</U> than the applicable Lender would have been entitled to receive with respect
to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the prior
written consent of the Borrowers&rsquo; Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Notes, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder
or substitute any such pledgee or assignee for such Lender as a party hereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The words &ldquo;<I>execution</I>,&rdquo; &ldquo;<I>signed</I>,&rdquo; &ldquo;<I>signature</I>,&rdquo; and words of like
import in any Lender Assignment Agreement shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of
a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or
any other similar state laws based on the Uniform Electronic Transactions Act.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary contained herein, any Lender (a &ldquo;<U>Granting Lender</U>&rdquo;) may grant
to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative
Agent and the Borrowers (an &ldquo;<U>SPV</U>&rdquo;) the option to provide all or any part of any Loan that such Granting Lender
would otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment
by any SPV to fund any Loan, and (ii) if an SPV elects not to exercise such option or otherwise fails to make all or any part of
such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof or, if it fails to do so, to make
such payment to the Administrative Agent as is required under <U>Section 3.13 (<I>Sharing of Payments</I>)</U>. Each party hereto
hereby agrees that (A) neither the grant to any SPV nor the exercise by any SPV of such option shall increase the costs or expenses
or otherwise increase or change the obligations of the Borrowers under this Agreement (including their obligations under <U>Section&nbsp;4.03
(<I>Increased Eurodollar Loan Costs</I>)</U>, (B) no SPV shall be liable for any indemnity or similar payment obligation under
this Agreement for which a Lender would be liable, and (C) the Granting Lender shall for all purposes, including the approval of
any amendment, waiver or other modification of any provision of any Financing Document, remain the lender of record hereunder.
The making of a Loan by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such
Loan were made by such Granting Lender. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall
survive the termination of this Agreement) that, prior to the date that is one (1) year and one (1) day after the payment in full
of all outstanding commercial paper or other senior debt of any SPV, it will not institute against, or join any other Person in
instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding under the laws
of the United States or any State thereof. Notwithstanding anything to the contrary contained herein, any SPV may (1) with notice
to, but without prior consent of the Borrowers and the Administrative Agent and without paying any processing fee therefor, assign
all or any portion of its right to receive payment with respect to any Loan to the Granting Lender and (2) disclose on a confidential
basis any non-public information relating to its funding of any Loan to any rating agency, commercial paper dealer or provider
of any surety or Guarantee or credit or liquidity enhancement to such SPV.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.04 </FONT><U>Benefits of Agreement</U>. Nothing in this Agreement or any other Financing Document, express or implied, shall
give to any Person, other than the parties hereto, and each of their successors and permitted assigns under this Agreement or
any other Financing Document, any benefit or any legal or equitable right or remedy under this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.05 </FONT><U>Borrowers&rsquo; Agent</U>. Each Borrower hereby appoints and authorizes Pacific Holding, and Pacific Holding
hereby accepts such appointment, as such Borrower&rsquo;s Borrowers&rsquo; Agent to act as agent on such Borrower&rsquo;s behalf
and to make any representations or certifications, deliver and receive any notices or other communications, and otherwise represent
and act on behalf of such Borrower under the Financing Documents, and to comply with all covenants, conditions and other provisions
of the Financing Documents required to be satisfied by the Borrowers&rsquo; Agent. Each Borrower hereby acknowledges and agrees
that it will be bound by any action or inaction taken by the Borrowers&rsquo; Agent as if such action or inaction had been taken
by such Borrower.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.06 </FONT><U>Consultants</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) The Required Lenders may, in
their sole discretion, appoint any Consultant for the purposes specified herein. If any of the Consultants is removed or resigns
and thereby ceases to act for purposes of this Agreement and the other Financing Documents, the Required Lenders shall designate
a Consultant in replacement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers shall reimburse each Consultant appointed hereunder for the reasonable fees and reasonable and documented
out-of-pocket expenses of such Consultant retained on behalf of the Lenders pursuant to this <U>Section 11.06</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In all cases in which this Agreement provides for any Consultant to &ldquo;<I>agree</I>,&rdquo; &ldquo;<I>approve</I>,&rdquo;
&ldquo;<I>certify</I>&rdquo; or &ldquo;<I>confirm</I>&rdquo; any report or other document or any fact or circumstance, such Consultant
may make the determinations and evaluations required in connection therewith based upon information provided by the Borrowers,
the Borrowers&rsquo; Agent or other sources reasonably believed by such Consultant to be knowledgeable and responsible, without
independently verifying such information; provided that, notwithstanding the foregoing, such Consultant shall engage in such independent
investigations or findings as it may from time to time deem necessary in its reasonable discretion to support the determinations
and evaluations required of it.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.07 </FONT><U>Costs and Expenses</U>. Each Borrower shall pay (a) (whether or not the transactions contemplated hereby or thereby
are consummated) all reasonable and documented out of pocket expenses incurred by the Syndication Agent, the Agents or any Lender
(including all reasonable fees, costs and expenses of counsel for any Senior Secured Party and a financial advisor for the Administrative
Agent), in connection with (i) the preparation, negotiation, syndication, execution and delivery of this Agreement and the other
Financing Documents, (ii) the filing and recordation of the Financing Documents, (iii) any amendments, modifications or waivers
of the provisions of this Agreement and the other Financing Documents and (iv) the administration of this Agreement and the other
Financing Documents and (b) all out-of-pocket expenses incurred by the Agents or any Lender (including all fees, costs and expenses
of counsel for any Senior Secured Party), in connection with the enforcement or protection of its rights in connection with this
Agreement and the other Financing Documents, including its rights under this <U>Section 11.07</U>, including in connection with
any workout, restructuring or negotiations in respect of the Obligations.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.08 </FONT><U>Counterparts; Effectiveness</U>. This Agreement may be executed in counterparts (and by different parties hereto
in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. This Agreement shall become effective when it has been executed by the Administrative Agent and when the Administrative
Agent has received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery
of an executed counterpart of a signature page of this Agreement by telecopy or portable document format (&ldquo;<U>pdf</U>&rdquo;)
shall be effective as delivery of a manually executed counterpart of this Agreement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.09 </FONT><U>Indemnification by the Borrowers</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Each Borrower
hereby agrees to indemnify each Agent (and any sub-agent thereof), the Syndication Agent, each Lender and each Related Party of
any of the foregoing Persons (each such Person being called an &ldquo;<U>Indemnitee</U>&rdquo;) against, and hold each Indemnitee
harmless from, any and all fees, losses, claims, damages, liabilities and related expenses (including all reasonable and documented
fees, costs and out-of-pocket expenses of counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee
arising out of, in connection with, or as a result of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>The preparation, negotiation, syndication, execution and delivery of this Agreement, any other Transaction Document or any
agreement or instrument contemplated hereby or thereby, the performance by the parties hereto or thereto of their respective obligations
hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>any Loan or the use or proposed use of the proceeds therefrom;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>any actual or alleged presence, release or threatened release of Materials of Environmental Concern on or from any Plant or
any property owned, leased or operated by any Borrower, or any liability pursuant to an Environmental Law related in any way to
any Plant, any Site or the Borrowers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory, and regardless of whether any Indemnitee is a party thereto and whether or not any of the transactions
contemplated hereunder or under any of the other Financing Documents is consummated, in all cases, whether or not caused by or
arising, in whole or in part, out of the comparative, contributory or sole negligence of the Indemnitee; and/or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>any claim, demand or liability for broker&rsquo;s or finder&rsquo;s or placement fees or similar commissions, whether or not
payable by a Borrower, alleged to have been incurred in connection with such transactions, other than any broker&rsquo;s or finder&rsquo;s
fees payable to Persons engaged by the Lenders or the Agents without the knowledge of the Borrowers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">provided that such indemnity shall not, as to any Indemnitee,
be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent
jurisdiction by final and Non-Appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent that any of the Borrowers for any reason fails to indefeasibly pay any amount required under <U>Section 11.09(a)</U>
to be paid by it to any Agent (or any sub-agent thereof) or the Syndication Agent or any Related Party of any of the foregoing,
each Lender severally agrees to pay to such Agent (or any such sub-agent),the Syndication Agent or such Related Party, as the case
may be, such Lender&rsquo;s ratable share (determined as of the time that the applicable unreimbursed or indemnified payment is
sought) of such unpaid amount; provided that the unreimbursed expense or indemnified fee, loss, claim, damage, liability or related
expense, as the case may be, was incurred by or asserted against such Agent (or any sub-agent thereof) or the Syndication Agent
in its capacity as such, or against any Related Party of any of the foregoing acting for such Agent (or any sub-agent thereof)
in connection with such capacity. The obligations of the Lenders under this <U>Section 11.09(b)</U> are subject to the provisions
of <U>Section 2.03(d) (<I>Funding of Loans</I>)</U>. The obligations of the Lenders to make payments pursuant to this <U>Section
11.09(b)</U> are several and not joint and shall survive the payment in full of the Obligations and the termination of this Agreement.
The failure of any Lender to make payments on any date required hereunder shall not relieve any other Lender of its corresponding
obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to do so.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise provided in <U>Article VI (<I>Conditions Precedent</I>)</U>, all amounts due under this <U>Section 11.09</U>
shall be payable not later than ten (10) Business Days after demand therefor.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.10 </FONT><U>Interest Rate Limitation</U>. Notwithstanding anything to the contrary contained in any Financing Document, the
interest paid or agreed to be paid under the Financing Documents shall not exceed the maximum rate of non-usurious interest permitted
by applicable Law (the &ldquo;<U>Maximum Rate</U>&rdquo;). If any Agent or any Lender shall receive interest in an amount that
exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal,
refunded to the Borrowers. In determining whether the interest contracted for, charged, or received by any Senior Secured Party
exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not
principal as an expense, fee, or premium rather than interest, (b) exclude prepayments and the effects thereof, and (c) amortize,
prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations
hereunder.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.11 </FONT><U>No Waiver; Cumulative Remedies</U>. No failure by any Senior Secured Party to exercise, and no delay by any such
Person in exercising, any right, remedy, power or privilege hereunder or under any other Financing Document shall operate as a
waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other
or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges
herein provided, and provided under each other Financing Document, are cumulative and not exclusive of any rights, remedies, powers
and privileges provided by law.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.12 </FONT><U>Notices and Other Communications</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT>(a) Except
in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in <U>Section
11.12(b)</U>), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by telecopier or electronic mail as follows, and all
notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone
number, as follows:</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>if to the Borrowers, the Borrowers&rsquo; Agent or any Agent, to the address, telecopier number, electronic mail address or
telephone number specified for such Person on <U>Schedule 11.12</U>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>if to any Lender, to the address, telecopier number, electronic mail address or telephone number specified in its administrative
questionnaire; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>if to any Interest Rate Protection Provider, to the address, telecopier, number, electronic mail address or telephone number
specified on <U>Schedule 11.12</U>.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been
given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during
normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day
for the recipient). Notices delivered through electronic communications to the extent provided in <U>Section 11.12(d)</U> shall
be effective as provided in <U>Section 11.12(d)</U>. Any notice sent to the Borrowers&rsquo; Agent shall be deemed to have been
given to all Borrowers.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notices and other communications to the Senior Secured Parties hereunder may be delivered or furnished by electronic communication
(including e mail and internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that
the foregoing shall not apply to notices to any Lender pursuant to <U>Article II (<I>Commitments and Funding</I>)</U> if such Lender
has notified the Administrative Agent that it is incapable of receiving notices under such <U>Article II (<I>Commitments and Funding</I>)</U>
by electronic communication. Each of the Administrative Agent or the Borrowers may, in its discretion, agree to accept notices
and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval
of such procedures may be limited to particular notices or communications.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall
be deemed received upon the sender&rsquo;s receipt of an acknowledgement from the intended recipient (such as by the &ldquo;<I>return
receipt requested</I>&rdquo; function, as available, return e-mail or other written acknowledgement); provided that if such notice
or other communication is not received during the normal business hours of the recipient, such notice or communication shall be
deemed to have been received at the opening of business on the next Business Day for the recipient, and (ii) notices or communications
posted to an internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail
address as described in <U>Section 11.12(d)(i)</U> of notification that such notice or communication is available and identifying
the website address therefor.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Borrowers, the Borrowers&rsquo; Agent, the Syndication Agent and the Agents may change its address, telecopier
or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each Lender and Interest
Rate Protection Provider may change its address, telecopier or telephone number for notices and other communications hereunder
by notice to the Borrowers, the Borrowers&rsquo; Agent and each Agent.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Senior Secured Parties shall be entitled to rely and act upon any written notices purportedly given by or on behalf
of the Borrowers or the Borrowers&rsquo; Agent even if (i) such notices were not made in a manner specified herein, were incomplete
or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the
recipient, varied from any confirmation thereof. The Borrowers shall indemnify each Senior Secured Party and the Related Parties
of each of them from all fees, losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice
purportedly given by or on behalf of the Borrowers or the Borrowers&rsquo; Agent (or any one of the Borrowers). All telephonic
notices to and other telephonic communications with any Agent may be recorded by such Agent, and each of the parties hereto hereby
consents to such recording.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>So long as Wells Fargo is the Administrative Agent, each Borrower and the Borrowers&rsquo; Agent hereby agrees that it
will provide to the Administrative Agent all information, documents and other materials that it is obligated to furnish to the
Administrative Agent pursuant to the Financing Agreements, including all notices, requests, financial statements, financial and
other reports, certificates and other information materials, but excluding any such communication that (i) relates to the Funding,
(ii) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iii)
provides notice of any Default or Event of Default or (iv) is required to be delivered to satisfy any condition precedent to Funding
(all such non-excluded communications being referred to herein collectively as &ldquo;<U>Communications</U>&rdquo;), by transmitting
the Communications in an electronic/soft medium in a format acceptable to the Administrative Agent to <U>michael.d.pinzon@wellsfargo.com
</U>and to <U>hui.chen@wellsfargo.com</U>. In addition, each Borrower and the Borrowers&rsquo; Agent agrees to continue to provide
the Communications to the Administrative Agent in the manner specified in the Financing Agreements but only to the extent requested
by the Administrative Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>So long as Wells Fargo is the Administrative Agent, each Borrower and the Borrowers&rsquo; Agent further agrees that the
Administrative Agent may make the Communications available to the Lenders by posting the Communications on http: www.intralinks.com
(or any replacement or successor thereto) or a substantially similar electronic transmission systems (the &ldquo;<U>Platform</U>&rdquo;).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>THE PLATFORM IS PROVIDED &ldquo;AS IS&rdquo; AND &ldquo;AS AVAILABLE&rdquo;. THE AGENTS DO NOT WARRANT THE ACCURACY OR COMPLETENESS
OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS.
NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENTS IN CONNECTION WITH
THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE
OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES (COLLECTIVELY, &ldquo;<U>AGENT PARTIES</U>&rdquo;) HAVE ANY
LIABILITY TO ANY BORROWER, THE BORROWERS&rsquo; AGENT, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING
DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING
OUT OF THE BORROWER&rsquo;S, THE BORROWERS&rsquo; AGENTS&rsquo; OR THE ADMINISTRATIVE AGENT&rsquo;S TRANSMISSION OF COMMUNICATIONS
THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY AGENT PARTY IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT
OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY FROM SUCH AGENT PARTY&rsquo;S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail address
set forth in <U>Schedule 11.12</U> shall constitute effective delivery of the Communications to the Administrative Agent for purposes
of the Financing Agreements. Each Lender agrees that notice to it (as provided in the next sentence) specifying that the Communications
have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Financing
Agreements. Each Lender agrees to notify the Administrative Agent in writing (including by electronic communication) from time
to time of such Lender&rsquo;s e-mail address to which the foregoing notice may be sent by electronic transmission and that the
foregoing notice may be sent to such e-mail address.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding <U>clauses (g) to (j)</U> above, nothing herein shall prejudice the right of any Senior Secured Party to
give any notice or other communication pursuant to any Financing Document in any other manner specified in such Financing Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(l)&#9;The distribution of material through
an electronic medium is not necessarily secure and there are confidentiality and other risks associated with such distribution.
The Borrowers and the Lenders agree and assume the risks associated with such electronic distribution. The Administrative Agent
may, but shall not be obligated to, store any electronic communications on Internet or intranet platform in accordance with the
Administrative Agent&rsquo;s customary document retention procedures and policies.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.13 </FONT><U>Patriot Act Notice</U>. Each Senior Secured Party (for itself and not on behalf of any Lender) hereby notifies
the Borrowers that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that
identifies the Borrowers, which information includes the name and address of the Borrowers and other information that will allow
such Senior Secured Party to identify the Borrowers in accordance with the Patriot Act.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.14 </FONT><U>Payments Set Aside</U>. To the extent that any payment by or on behalf of any Borrower is made to any Agent or
Lender, or any Agent or Lender exercises its right of setoff (including any payment or setoff in accordance with the Intercreditor
Agreement), and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent
or preferential, set aside or required (including pursuant to any settlement entered into by such Agent or Lender in its discretion)
to be repaid to a trustee, receiver or any other party, in connection with any bankruptcy or insolvency proceeding or otherwise,
then (a) to the extent of such recovery, the Obligation or part thereof originally intended to be satisfied shall be revived and
continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally
agrees to pay to each Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by
such Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate <I>per annum</I> equal
to the Federal Funds Effective Rate from time to time in effect. The obligations of the Lenders under <U>Section&nbsp;11.14(b)
</U>shall survive the payment in full of the Obligations and the termination of this Agreement and/or the Intercreditor Agreement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.15 </FONT><U>Right of Setoff</U>. Each Lender and each of its respective Affiliates is hereby authorized at any time and from
time to time during the continuance of an Event of Default and subject to the Intercreditor Agreement, to the fullest extent permitted
by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate
to or for the credit or the account of any Borrower against any and all of the obligations of the Borrowers now or hereafter existing
under this Agreement or any other Financing Document to such Lender, irrespective of whether or not such Lender shall have made
any demand under this Agreement or any other Financing Document and although such obligations of the Borrowers may be contingent
or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated
on such indebtedness. The rights of each Lender and their respective Affiliates under this <U>Section 11.15</U> are, subject to
the Intercreditor Agreement, in addition to other rights and remedies (including other rights of setoff) that such Lender or their
respective Affiliates may have. Each Lender agrees to notify the Borrowers&rsquo; Agent and the Administrative Agent promptly
after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff
and application.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.16 </FONT><U>Severability</U>. If any provision of this Agreement or any other Financing Document is held to be illegal, invalid
or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Financing
Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the
illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to
that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.17 </FONT><U>Survival</U>. Notwithstanding anything in this Agreement to the contrary, <U>Sections 11.07 (<I>Costs and Expenses</I>)
</U>and <U>11.09 (<I>Indemnification by the Borrowers</I>)</U> shall survive any termination of this Agreement. In addition, each
representation and warranty made hereunder and in any other Financing Document or other document delivered pursuant hereto or
thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations
and warranties have been or will be relied upon by each Senior Secured Party, regardless of any investigation made by any Senior
Secured Party or on their behalf and notwithstanding that any Senior Secured Party may have had notice or knowledge of any Default
or Event of Default at the time of the Funding, and shall continue in full force and effect as long as any Loan or any other Obligation
hereunder or under any other Financing Document shall remain unpaid or unsatisfied.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.18 </FONT><U>Treatment of Certain Information; Confidentiality</U>. The Syndication Agent and each of the Agents and the Lenders
agrees to maintain the confidentiality of the Information, except that Information may be disclosed (a) to its Affiliates and
to its and its Affiliates&rsquo; respective partners, directors, officers, employees, agents, advisors and representatives (it
being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information
and instructed to keep such Information confidential); (b) to the extent requested or required by any regulatory authority purporting
to have jurisdiction over it; (c) to the extent required by applicable Law or regulations or by any subpoena or similar legal
process; (d) to any other party to this Agreement; (e) in connection with the exercise of any remedies hereunder or any suit,
action or proceeding relating to this Agreement or the enforcement of rights hereunder (including any actual or prospective purchaser
of Collateral); (f) subject to an agreement containing provisions substantially the same as those of this <U>Section 11.18</U>,
to (i) any Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant in, any of its rights
or obligations under this Agreement, (ii) any direct or indirect contractual counterparty or prospective counterparty (or such
contractual counterparty&rsquo;s or prospective counterparty&rsquo;s professional advisor) to any credit derivative transaction
relating to the Obligations or (iii) any Person (and any of its officers, directors, employees, agents or advisors) that may enter
into or support, directly or indirectly, or that may be considering entering into or supporting, directly or indirectly, either
(A) contractual arrangements with such Agent or Lender, or any Affiliates thereof, pursuant to which all or any portion of the
risks, rights, benefits or obligations under or with respect to any Loan or Financing Document is transferred to such Person or
(B) an actual or proposed securitization or collateralization of, or similar transaction relating to, all or a part of any amounts
payable to or for the benefit of any Lender under any Financing Document (including any rating agency); (g) with the consent of
any Borrower; (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this <U>Section
11.18</U> or (ii) becomes available to the Syndication Agent, any Agent, any Lender or any of their respective Affiliates on a
nonconfidential basis from a source other than the Borrowers; (i) to any state, federal or foreign authority or examiner (including
the National Association of Insurance Commissioners or any other similar organization) regulating any Lender; or (j) to any rating
agency when required by it (it being understood that, prior to any such disclosure, such rating agency shall undertake to preserve
the confidentiality of any Information relating to the Borrowers received by it from such Lender). In addition, the Syndication
Agent, any Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data
collectors, similar service providers to the lending industry, and service providers to the Syndication Agent, the Agents and
the Lenders in connection with the administration and management of this Agreement, the other Financing Documents, the Commitments,
and the Funding. For the purposes of this <U>Section 11.18</U>, &ldquo;<U>Information</U>&rdquo; means written information that
any Borrower furnishes to the Syndication Agent, any Agent or Lender after the Closing Date (and designated at the time of delivery
thereof in writing as confidential) pursuant to or in connection with any Financing Document, relating to the assets and business
of such Borrower, but does not include any such information that (i) is or becomes generally available to the public other than
as a result of a breach by the Syndication Agent, such Agent or Lender of its obligations hereunder, (ii) is or becomes available
to the Syndication Agent, such Agent or Lender from a source other than the Borrowers that is not, to the knowledge of the Syndication
Agent, such Agent or Lender, as applicable, acting in violation of a confidentiality obligation with such Borrower or (iii) is
independently compiled by the Syndication Agent, any Agent or Lender, as evidenced by their records, without the use of the Information.
Any Person required to maintain the confidentiality of Information as provided in this <U>Section 11.18</U> shall be considered
to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality
of such Information as such Person would accord to its own confidential information.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.19 </FONT><U>Waiver of Consequential Damages, Etc.</U>&nbsp;&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Except
as otherwise provided in <U>Section 11</U></FONT><U>.09 (<I>Indemnification by the Borrowers</I>)</U> for the benefit of any
Indemnitee, to the fullest extent permitted by applicable Law, no party hereto shall assert, and each party hereto hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any
other Financing Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby,
any Loan or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended
recipients of any information or other materials distributed by it through telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other Financing Documents or the transactions
contemplated hereby or thereby.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.20 </FONT><U>Waiver of Litigation Payments</U>. To the extent that any Borrower or the Borrowers&rsquo; Agent may, in any
action, suit or proceeding brought in any of the courts referred to in <U>Section 11.02(b) (<I>Applicable Law; Jurisdiction; Etc,</I>)</U>
or elsewhere arising out of or in connection with this Agreement or any other Financing Document to which it is a party, be
entitled to the benefit of any provision of law requiring any Senior Secured Party in such action, suit or proceeding to post
security for the costs of such Person or to post a bond or to take similar action, each such Person hereby irrevocably waives
such benefit, in each case to the fullest extent now or in the future permitted under the laws of New York or, as the case
may be, the jurisdiction in which such court is located.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
11.21 </FONT><U>Security Procedure For Funds Transfers</U>. The Administrative Agent shall confirm each funds transfer instruction
received in the name of any Borrower or the Borrowers&rsquo; Agent by means of the security procedure selected by the Borrowers&rsquo;
Agent and communicated to the Administrative Agent through a signed certificate in the form of <U>Exhibit 11.21</U>, which upon
receipt by the Administrative Agent shall become a part of this Agreement. Once delivered to the Administrative Agent, <U>Exhibit
11.21</U> may be revised or rescinded only by a writing signed by an authorized representative of the Borrowers&rsquo; Agent.
Such revisions or rescissions shall be effective only after actual receipt and following such period of time as may be necessary
to afford the Administrative Agent a reasonable opportunity to act on it. If a revised certificate in the form of <U>Exhibit 11.21
</U>or a rescission of any such existing certificate is delivered to the Administrative Agent by an entity that is a successor-in-interest
to the Borrowers&rsquo; Agent, such document shall be accompanied by additional documentation satisfactory to the Administrative
Agent showing that such entity has succeeded to the rights and responsibilities of the Borrowers&rsquo; Agent under this Agreement.
The parties understand that the Administrative Agent&rsquo;s inability to receive or confirm funds transfer instructions pursuant
to the security procedure selected by the Borrowers&rsquo; Agent may result in a delay in accomplishing such funds transfer, and
agree that the Administrative Agent shall not be liable for any loss caused by any such delay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 12pt"><I>[Remainder of page intentionally blank.
Next page is signature page.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 12pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">IN WITNESS WHEREOF, the parties hereto
have caused this Amended and Restated Credit Agreement to be executed by their respective officers as of the day and year first
above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>PACIFIC ETHANOL HOLDING CO. LLC,</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">as Borrower</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ BRYON T. MCGREGOR</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Operating Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-weight: bold"></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PACIFIC
ETHANOL MADERA LLC,</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">as Borrower</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ BRYON T. MCGREGOR</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Operating Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PACIFIC
ETHANOL COLUMBIA, LLC,</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">as Borrower</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ BRYON T. MCGREGOR</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Operating Officer</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-weight: bold"></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PACIFIC
ETHANOL STOCKTON LLC,</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">as Borrower</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ BRYON T. MCGREGOR</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Operating Officer</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">[Signature Page to
Credit Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-weight: bold"></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PACIFIC
ETHANOL MAGIC VALLEY, LLC,</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">as Borrower</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ BRYON T. MCGREGOR</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Operating Officer</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-weight: bold"></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PACIFIC
ETHANOL HOLDING CO. LLC,<BR>
</B></FONT>as Borrowers&rsquo; Agent</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ BRYON T. MCGREGOR</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Operating Officer</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">[Signature Page to
Credit Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-weight: bold"></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WELLS
FARGO BANK, N.A.,<BR>
</B></FONT>as Administrative Agent</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ MICHAEL PINZON</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Michael Pinzon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Vice President</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">[Signature Page to
Credit Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-weight: bold"></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WELLS
FARGO BANK, N.A.,<BR>
</B></FONT>as Collateral Agent</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ MICHAEL PINZON</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Michael Pinzon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Vice President</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">[Signature Page to
Credit Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-weight: bold"></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CREDIT
SUISSE LOAN FUNDING LLC,<BR>
</B></FONT>as Initial Lender</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ ROBERT HEALEY</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Robert Healey</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Authorized Signatory</TD></TR>                        <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/S/ MICHAEL WOTANOWSKI</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Michael Wotanowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Authorized Signatory</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-weight: bold"></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CREDIT
SUISSE LOAN FUNDING LLC,<BR>
</B></FONT>as Syndication Agent</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ ROBERT HEALEY</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Robert Healey</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Authorized Signatory</TD></TR>                        <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/S/ MICHAEL WOTANOWSKI</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Michael Wotanowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Authorized Signatory</TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 12pt">[Signature Page to
Credit Agreement]</P>



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    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AMARILLO
NATIONAL BANK,<BR>
</B></FONT>as Accounts Bank</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/S/ CRAIG L. SANDERS</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Craig L. Sanders</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Executive Vice President</TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">[Signature Page to
Credit Agreement]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">SCHEDULE 1.01(a)<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>LENDERS, LOAN COMMITMENTS AND
OFFICES<A HREF="#note_ftn1" NAME="note_ftnref1" STYLE="font-size: 65%; vertical-align: 35%">1</A></U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>I.</B></FONT></TD><TD>LOANS</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #CCCCCC">
    <TD STYLE="width: 22%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>LENDER</B></TD>
    <TD STYLE="width: 21%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>COMMITMENT</B></TD>
    <TD STYLE="width: 27%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>DOMESTIC OFFICE</B></TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>EURODOLLAR OFFICE</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Credit Suisse Loan Funding LLC</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$10,000,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit Suisse Loan Funding LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7033 Louis Stephens Drive</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PO Box 110047</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Research Triangle Park, NC 27709</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Joe Primiano</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 919-994-4788</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: 866-469-3871</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="#note_ftnref1" NAME="note_ftn1" STYLE="font-size: 65%; vertical-align: 35%">1</A>
All Lender information to be completed/confirmed.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">SCHEDULE 1.01(a)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule 5.11(i)<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTRACTS <SUP>1</SUP></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As of June 25, 2010</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="3" STYLE="border: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold; text-decoration: underline">Pacific Ethanol Holding Co. LLC</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 14%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt"> </TD>
    <TD STYLE="width: 30%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Name of Counterparty</TD>
    <TD STYLE="width: 56%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Title</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">1.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&mdash;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Second Amended and Restated Limited Liability Company Agreement of Pacific Ethanol Holding Co. LLC</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">2.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Boardman, Burley, Madera, Stockton, and Pacific Ethanol</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">* Asset Management Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">3.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Boardman, Burley, Madera, Stockton, and Pacific Ethanol</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">* Asset Management Agreement Consent</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">4.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">U.S. Environmental Protection Agency</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fuel Additive Registration: Fuel Ethanol Per 40</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CFR 79.23</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Permit No. 249820001</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(New permit number to reflect assignment to Pacific</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holding)</P></TD></TR>
</TABLE>

<P>__________</P>

<P><SUP>1</SUP> Each document listed on this <U>Schedule 5.11(i)</U> marked with an asterisk is an Affiliated Project Document.</P>
<P STYLE="text-align: center">SCHEDULE 5.11(i)</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">5.</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">U.S. Environmental Protection Agency</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Renewable Fuel Standard Program</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company ID: 3697</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(New permit number to reflect assignment to Pacific</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holding)</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="4" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold; text-decoration: underline">Pacific Ethanol Madera LLC</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Name of Counterparty</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Title</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">1.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&mdash;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Fourth Amended and Restated Limited Liability Company Operating Agreement of Pacific Ethanol Madera LLC</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">2.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">California State Board of Equalization</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Seller&rsquo;s Permit SR KHO 100-910312</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">3.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Comerica Bank</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Letter Agreement Regarding Interest Rate Cap Ref. No. CAP0230</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">4.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Comerica Bank</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Letter Agreement Regarding Interest Rate Cap Ref. No. CAP0229</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">5.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Delta-T Corporation</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">License of Technology Between Delta-T Corporation and Pacific Ethanol Madera LLC</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">6.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Department of the Treasury Alcohol and Tobacco Tax and Trade Bureau</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Alcohol Fuel Producers Permit AFP-CA-15046</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">7.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Department of the Treasury Alcohol and Tobacco Tax and Trade Bureau</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Distilled Spirits Bond</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Surety: International Fidelity Insurance Company)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bond No.: 0427939</P>

</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">8.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Design Space Modular Buildings, Inc.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; border-top: Black 1pt solid">Lease Agreements</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">9.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Fred Vance &amp; Associates LLC</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Letter Agreement for Real and Business Personal Property Tax Consulting</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">10.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">IRS</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Producer of alcohol 05-CA-2007-004345-AF</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">11.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Madera County Department of Agriculture</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Pesticide application permit for premises weed control (Note: Employee, Bacilio Ochoa, holds the Private Applicator Certificate as the person authorized to apply pesticides) 27-012339/2090110</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">12.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Madera County Environmental Health Department</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Domestic Water Supply Permit 2000938</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">13.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pacific Ethanol Imperial,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">LLC and 13 Tons, LLC</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">*Equipment Lease Agreement</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">14.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Pacific Holding, Boardman, Burley, Stockton, and Pacific Ethanol</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">*Asset Management Agreement</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">15.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Pacific Holding, Boardman, Burley, Stockton, and Pacific Ethanol</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">*Asset Management Agreement Consent</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">16.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">PPM Energy, Inc. (a.k.a. Iberdrola Renewables)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Base Contract for Sale and Purchase of Natural Gas</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">17.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Regional Water Quality Control Board</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Industrial Stormwater Discharge 5F201019914</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">18.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">San Joaquin Valley APCD</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Air Permit to Operate (PTO)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261</P>

</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">19.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">San Joaquin Valley APCD</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; border-top: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Grain Receiving PTO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-29-0</P>

</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">20.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">San Joaquin Valley APCD</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; border-top: Black 1pt solid">Scalping PTO C-4261-30-0</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center">21.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">San Joaquin Valley APCD</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white">Grain
    Grinding (Hammerimill) PTO<BR>
C-4261-31-0</TD></TR>
<TR>
    <TD STYLE="padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; text-align: center; width: 14%"></TD>
    <TD STYLE="padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; width: 30%"></TD>
    <TD STYLE="vertical-align: top; padding: 2.15pt 0.05in 2.15pt 2pt; background-color: white; width: 55%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P>&nbsp;</P>

<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 5.11(i)</P>
<!-- Field: Page; Sequence: 112; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">22.</TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Flaked Grain Storage PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-32-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">23.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Flaked Grain Loadout PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-33-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">24.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ethanol Hammermill #1 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-34-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">25.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ethanol Hammermill #2 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-35-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">26.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Slurry Tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-36-2</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">27.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yeast Prop Tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-37-3</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">28.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dormant Emission Unit PTO (yeast tank)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-37-5</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">29.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Liquefaction Tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-38-3</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">30.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fermentation Tanks PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-39-3</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">31.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beerwell PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-40-3</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">32.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Distillation Process PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-41-2</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">33.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Process Condensate Tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-42-2</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">34.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wetcake Process PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-43-2</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">35.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wetcake Loadout PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-44-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">36.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ethanol day tank #1 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-45-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">37.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ethanol day tank #2 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-46-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">38.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Final storage tank #1 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-47-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">39.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">E85 or Offspec tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-48-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">40.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ethanol Loading Rack PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-49-3</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">41.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dormant Emission Unit PTO (loading rack)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-49-4</P></TD></TR>
</TABLE>
<P>&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 5.11(i)</P>
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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">42.</TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boiler #1 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-50-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">43.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boiler #2 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-51-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">44.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emergency fire water pump PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-53-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">45.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cooling tower PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-54-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">46.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Denaturant tank (authority to construct)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-55-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">47.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Final storage tank #2 (authority to construct)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-56-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">48.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ethanol Hammermill #3 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-57-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">49.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lime silo (authority to construct)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C-4261-58-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">50.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">State of California Department of Food and Agriculture</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Commercial Feed License</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15625</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">51.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">US Environmental Protection Agency</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Renewable Fuel Standard Program</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company ID: 3697</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(New permit number assigned to Pacific Holdings.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also applies to Madera)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facility ID: 70061</P></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold; text-decoration: underline">Pacific Ethanol Magic Valley, LLC</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Name of Counterparty</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Title</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">1.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&mdash;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Amended and Restated Limited Liability Company Operating Agreement of Pacific Ethanol Magic Valley, LLC</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">2.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">American Railcar Leasing LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Master Service Contract</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">3.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">American Railcar Leasing LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Rider to Master Service Contract</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">4.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">City of Burley</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Municipal Water and Sewer Services Contract</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">5.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">City of Burley</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wastewater permit</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2008-01</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">6.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">City of Burley</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Wastewater permit addendum #1 <BR> 2008-01-1</TD></TR>
</TABLE>
<P>&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 5.11(i)</P>
<!-- Field: Page; Sequence: 114; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">7.</TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Delta-T Corporation</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Engineering, Procurement and Technology License Agreement for Plant No. 5</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">8.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Department of the Treasury Alcohol and Tobacco Tax and Trade Bureau</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alcohol Fuel Producers Permit</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AFP-ID-15010</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">9.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Department of the Treasury Alcohol and Tobacco Tax and Trade Bureau</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Distilled Spirits Bond</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Surety: International Fidelity Insurance Company)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bond No.: 0427981</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">10.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Fred Vance &amp; Associates LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Letter Agreement for Real and Business Personal Property Tax Consulting</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">11.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Idaho Department of Environmental Quality</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Air Quality Permit to Construct P-2009.0124</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">12.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Idaho State Department of Agriculture Bureau of Weight and Measures</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Device License (1 scale 1160-7500 lb, 2 scales 100,000 or more lbs and 2 petroleum meters &gt; 150 gpm) H0331108--2010-1</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">13.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Intermountain Gas Company</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Intermountain Gas Company T-4 Natural Gas Service Contract</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">14.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">IRS</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Producer of alcohol 05-CA-2008-005483-AF</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">15.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">J.D. Heiskell Holdings, LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Grain Storage Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">16.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">J.D. Heiskell Holdings, LLC and WestLB AG, New York Branch</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consent and Agreement</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(re: Pre-petition Credit Agreement)</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">17.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">J.D. Heiskell Holdings, LLC and WestLB AG, New York Branch</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Consent and Agreement (re: DIP Credit Agreement)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">18.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">J.D. Heiskell Holdings, LLC and WestLB AG, New York Branch</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Consent and Agreement (re: Agreement)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">19.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pacific Ethanol Imperial,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">LLC and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">13 Tons, LLC</P></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">* Equipment Lease Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">20.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ethanol, Inc.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Assignment and Assumption Agreement (re: Delta-T)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">21.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Holding, Boardman, Madera, Stockton, and Pacific Ethanol</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Asset Management Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">22.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Holding, Boardman, Madera, Stockton, and Pacific Ethanol</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Asset Management Agreement Consent</TD></TR>
</TABLE>
<P>&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 5.11(i)</P>
<!-- Field: Page; Sequence: 115; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">23.</TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Corn Procurement and Handling Agreement (Burley)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">24.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Corn Procurement and Handling Agreement Consent (Burley)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">25.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Kinergy Marketing LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">* Ethanol Marketing Agreement (Burley)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">26.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Kinergy Marketing LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Ethanol Marketing Agreement Consent (Burley)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">27.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Distillers Grains Marketing Agreement (Burley)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">28.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Distillers Grains Marketing Agreement Consent (Burley)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">29.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">PPM Energy, Inc. (a.k.a. Iberdrola Renewables)</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Base Contract for Sale and Purchase of Natural Gas</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">30.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">PPM Energy, Inc. (a.k.a. Iberdrola Renewables)</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Special Provisions to the NAESB Base Contract for Sale and Purchase of Natural Gas</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">31.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">SimplexGrinnell LP</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Inspection Plus Proposal, Service Agreement and Modifications</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">32.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">State of Idaho Department of Agriculture</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Commercial Feed Registration</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company Number 10075 Certificate Number 11104</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">33.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">State of Idaho Motor Fuel Division</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Motor Fuel Distributor License</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Application pending. Not required until July 1,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2010.)</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">34.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">State of Idaho Tax Policy Dept</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Terminal License</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">35.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">United Electric Co-op, Inc.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Right of Way and Access Easement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">36.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">US Environmental Protection Agency</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Industrial Stormwater Discharge</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IDR05C066</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">37.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">US Environmental Protection Agency</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Renewable Fuel Standard Program</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company ID: 3697</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(New permit number assigned to Pacific Holdings.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also applies to Burley.)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facility ID: 70291</P></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold; text-decoration: underline">Pacific Ethanol Columbia, LLC</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Name of Counterparty</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Title</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">1.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&mdash;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Second Amended and Restated Limited Liability Company Agreement of Pacific Ethanol Columbia, LLC</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">2.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Delta-T Corporation</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Engineering, Procurement and Technology License Agreement</TD></TR>
</TABLE>
<P>&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 5.11(i)</P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">3.</TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Department of the Treasury Alcohol and Tobacco Tax and Trade Bureau</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alcohol Fuel Producers Permit</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AFP-OR-15020</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">4.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Department of the Treasury Alcohol and Tobacco Tax and Trade Bureau</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Distilled Spirits Bond</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Surety: International Fidelity Insurance Company)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bond No.: 0427965</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">5.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Fred Vance &amp; Associates LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Letter Agreement for Real and Business Personal Property Tax Consulting</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">6.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">IRS</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Producer of alcohol</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">05-CA-2007-004456-AF</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">7.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Morrow County, Oregon</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Enterprise Zone Abatement Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">8.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Oregon Department of Agriculture</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Commercial Feed Registration</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AG-R0184937FEED</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">9.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Oregon Department of Environmental Quality</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Air Contaminant Discharge Permit</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">25-0006</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">10.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Oregon Department of Environmental Quality</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Industrial Storm water Discharge</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1200-Z</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">11.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Oregon Energy Facility Siting Council</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Energy Facility Site Certificate</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">12.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pacific Ethanol Imperial,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">LLC and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">13 Tons, LLC</P></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Equipment Lease Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">13.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Holding, Burley, Madera, Stockton, and Pacific Ethanol</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Asset Management Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">14.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Holding, Burley, Madera, Stockton, and Pacific Ethanol</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Asset Management Agreement Consent</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">15.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Corn Procurement and Handling Agreement (Boardman)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">16.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Corn Procurement and Handling Agreement Consent (Boardman)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">17.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Kinergy Marketing LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Ethanol Marketing Agreement (Boardman)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">18.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Kinergy Marketing LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Ethanol Marketing Agreement Consent (Boardman)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">19.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Distillers Grains Marketing Agreement (Boardman)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">20.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Distillers Grains Marketing Agreement Consent (Boardman)</TD></TR>
</TABLE>
<P>&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 5.11(i)</P>
<!-- Field: Page; Sequence: 117; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">21.</TD>
    <TD COLSPAN="2" STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Harris Feeding Company</TD>
    <TD STYLE="vertical-align: top; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Grain Storage Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">22.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Harris Feeding Company</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Grain Storage Agreement Consent</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">23.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Morrow</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Easement for Roadway Purposes</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">24.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Morrow</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pipeline Easement Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">25.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Morrow</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Morrow Lease</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">26.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">PPM Energy, Inc. (a.k.a. Iberdrola Renewables)</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Base Contract for Sale and Purchase of Natural Gas</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">27.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">State of Oregon acting through the Oregon Department of Energy</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">28.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Tidewater Barge Lines, Inc. and Tidewater Terminal, Co.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Environmental Services Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">29.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Tidewater Barge Lines, Inc. and Tidewater Terminal, Co.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Amended and Restated Transportation and Dock Services Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">30.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Tidewater Barge Lines, Inc., Tidewater Terminal, Co., and U.S. Bank National Association</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Deposit Escrow Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">31.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Umatilla Electric Cooperative</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Agreement for Electric Service and Purchase of Power</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">32.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Union Pacific Railroad Company and Port of Morrow</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Agreement and Consent to Joint Use of Track</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">33.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">US Environmental Protection Agency</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Renewable Fuel Standard Program</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company ID: 3697</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(New permit number assigned to Pacific Holdings.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also applies to Boardman)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facility ID: 70060</P></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="4" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold; text-decoration: underline">Pacific Ethanol Stockton LLC</TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Name of Counterparty</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Title</TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">1.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">&mdash;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Third Amended and Restated Limited Liability Company Operating Agreement of Pacific Ethanol Stockton LLC</TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">2.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">California Department of Food and Agriculture Division of Measurement Standards</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Weighmaster License 12403</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="text-align: center">SCHEDULE 5.11(i)</P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">3.</TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">California State Board of Equalization</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Seller&rsquo;s Permit SR KH 101-125910</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">4.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">City of Stockton</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Waste water discharge</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">5.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Delta-T Corporation</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Engineering, Procurement and Technology License Agreement for Plant No. 3</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">6.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Department of the Treasury Alcohol and Tobacco Tax and Trade Bureau</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Alcohol Fuel Producers Permit AFP-CA-15084</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">7.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Department of the Treasury Alcohol and Tobacco Tax and Trade Bureau</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Distilled Spirits Bond</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Surety: Great American Insurance Company)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bond No.: 5616288</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">8.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Fred Vance &amp; Associates LLC</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Letter Agreement for Real and Business Personal Property Tax Consulting</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">9.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">H.J. Heinz Company, L.P.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Sewer Capacity Credits Purchase Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">10.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Iberdrola Renewables, Inc.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Base Contract for Sale and Purchase of Natural Gas</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">11.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">IRS</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Producer of alcohol 05-CA-2008-006579-AF</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">12.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pacific Ethanol Imperial,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">LLC and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">13 Tons, LLC</P></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Equipment Lease Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">13.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Ethanol, Inc.</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Assignment and Assumption Agreement (re: Delta-T)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">14.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Holding, Boardman, Burley, Madera, and Pacific Ethanol</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Asset Management Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">15.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pacific Holding, Boardman, Burley, Madera, and Pacific Ethanol</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">*Asset Management Agreement Consent</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">16.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Stockton</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">First Addendum to Lease (Ordinance No. 218)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">17.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Stockton</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Lease by the Stockton Port District to Pacific Ethanol Stockton LLC (Ordinance No. 218)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">18.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Stockton</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Letter Agreement (Grading)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">19.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Stockton</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Memorandum of Lease</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">20.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Stockton</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Pipeline Easement Agreement for Term</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">21.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Port of Stockton</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Rail and Access Easement Agreement and Reservation for Term</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">22.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Regional Water Quality Control Board</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Industrial Stormwater Discharge 5F39I021746</TD></TR>
</TABLE>
<P>&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 5.11(i)</P>
<!-- Field: Page; Sequence: 119; Value: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">23.</TD>
    <TD COLSPAN="2" STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin County Division of Weights and Measures</TD>
    <TD STYLE="vertical-align: top; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Scales</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By Location: 3028 Navy Drive, Stockton, CA 95206</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">24.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Air Permit to Operate (PTO)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">25.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Grain Receiving PTO N-7365-1-1</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">26.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ethanol Hammermill #1 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-2-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">27.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ethanol Hammermill #2 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-3-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">28.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Slurry Tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-4-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">29.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yeast Prop Tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-5-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">30.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dormant Emission Unit PTO (Yeast tank)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-5-3</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">31.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Liquefaction Tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-6-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">32.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fermentation Tanks PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-7-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">33.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beerwell PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-8-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">34.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Distillation Process PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-9-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">35.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Process Condensate Tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-10-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">36.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wetcake Process PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-11-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">37.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wetcake Loadout PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-12-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">38.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Offspec tank PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-13-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">39.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ethanol day tank #1 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-14-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">40.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ethanol day tank #2 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-15-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">41.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Final storage tank #1 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-16-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">42.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Final storage tank #2</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-17-0</P></TD></TR>
<TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 56%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="text-align: center">SCHEDULE 5.11(i)</P>
<!-- Field: Page; Sequence: 120; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">43.</TD>
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; width: 56%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ethanol Loading Rack PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-19-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">44.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dormant Emission Unit PTO (loading rack)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-19-2</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">45.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boiler #1 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-20-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">46.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dormant Emission Unit PTO (Boiler #1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-20-2</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">47.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boiler #2 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-21-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">48.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dormant Emission Unit PTO (Boiler #2)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-21-2</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">49.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boiler #3 PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-22-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">50.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dormant Emission Unit PTO (Boiler #3)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-22-2</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">51.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cooling tower PTO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-23-1</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">52.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emergency fire water pump #1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-29-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">53.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emergency fire water pump #2</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-30-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">54.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">San Joaquin Valley APCD</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Denaturant tank (authority to construct)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">N-7365-31-0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">55.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">State of California Department of Food and Agriculture</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">Commercial Feed License 15625-1</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt; text-align: center">56.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">US Environmental Protection Agency</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 2.15pt 0.05in 2.15pt 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Renewable Fuel Standard Program</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company ID: 3697</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(New permit number assigned to Pacific Holdings.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also applies to Stockton)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facility ID: 70319</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE 5.11(i)</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule 5.11(ii)<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTRACTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As of Closing Date</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Counterparty(ies)</TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">PE Contracting Entity</TD>
    <TD STYLE="width: 11%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Document Type</TD>
    <TD STYLE="width: 32%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Subject Matter / Notes</TD>
    <TD STYLE="width: 19%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Title</TD>
    <TD STYLE="width: 9%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Date of Execution</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Wells Fargo Bank, N.A., et al</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEHC = Pacific Ethanol Holding Co. LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Corporate Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">First Amendment to the Amended and Restated Credit Agreement.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">First Amendment to Amended and Restated Credit Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">7/13/2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">International Fidelity Insurance Company</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEHC = Pacific Ethanol Holding Co. LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Escrow Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This agreement is signed solely on behalf of the Boardman plant regarding a bond and cash collateral in the amount of $863,200.00.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Cash Collateral Escrow Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/13/2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy Marketing, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEHC = Pacific Ethanol Holding Co. LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Liquidity Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">In order to enhance the liquidity available to the plants (Stockton, Columbia and Magic Valley), PAP and Kinergy have offered to make papyments in advance of the dates they are due under their respective Marketing Agreements and Pacific Ethanol Holding Co will receive such accelerated payments in an aggregate amount of approximately $3 million.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Liquidity Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/7/2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Wells Fargo Bank, N.A., et al</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEHC = Pacific Ethanol Holding Co. LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Corporate Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amends the original Credit Agreement regarding Tranche A-1 Term Loans.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Credit Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">8/1/2011</TD></TR>
</TABLE>
<P>&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 5.11(ii)</P>
<!-- Field: Page; Sequence: 122; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">International Fidelity Insurance Company</TD>
    <TD COLSPAN="2" STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEHC = Pacific Ethanol Holding Co. LLC (DE)</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Indemnity Agreement</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This general indemnity agreement is made and entered into by Pacific Ethanol Holding Co., LLC; any other entitiy or individual for whom Pacific Ethanol Holding Co., LLC requests a bond or bonds, and New PE Holdco, LLC, and International Fidelity Insurance Company and Allegheny Casualty Company.</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Agreement of Indemnity - Commercial Bond (II)</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">5/18/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">WestLB AG, New York Branch, et al</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEHC = Pacific Ethanol Holding Co. LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Finance Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Second Amendment to the original Credit Agreement dated June 25, 2010 and the Amendment to Credit Agreement dated October 15, 2010.&nbsp; This amendment deletes and replaces certain articles in the original Credit Agreement.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Second Amendment to Credit Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">3/30/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">WestLB AG, New York Branch, et al</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEHC = Pacific Ethanol Holding Co. LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Finance Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment to Credit Agreement dated June 25, 2010.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment to Credit Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10/15/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">WestLB AG, New York Branch, et al</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEHC = Pacific Ethanol Holding Co. LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Finance Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Credit
    Agreement where Lenders are willing to make the Exit Facility available to the Borrowers subject to certain terms and
    conditions. All exhibits and schedules are attached.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Credit Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/25/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">California Alternative Energy and Advanced Transportation Financing Authority</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEM = Pacific Ethanol Madera LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Finance Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">The California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) will provide financial assistance to PEM for advanced transportation and alternative fuels technologies.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Financial Assistance Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">40660</TD></TR>
<TR>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 5.11(ii)</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-top: Black 1pt solid">California Energy Commission</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-top: Black 1pt solid">PEM = Pacific Ethanol Madera LLC (DE)</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-top: Black 1pt solid">Grant Agreement</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-top: Black 1pt solid">Alternative &amp; Renewable Fuel &amp; Vehicle Tech-AB 118 (FY 09/10 BCP#2)</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-top: Black 1pt solid">Grant Award Number:&nbsp; ARV-10-029</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-top: Black 1pt solid">40592</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">ICM, Inc.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Waiver</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and waiver by Wells Fargo Bank to ICM, Inc.'s Purchase Money Security Interest (PMSI) in ICM equipment and in certain proceeds from PEMV's sale of corn oil produced using the ICM equipment at PEMV.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Waiver</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/21/2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">ICM, Inc.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Purchase Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV to purchase from ICM certain equipment known as the AOS (Advanced Oil System) with patent-pending Selected Solids Separation (SSS) specified in the Plans and Specifications on Exhibit A of this Agreement.&nbsp; ICM shall install the Equipment at the Burley plant (per Exhibit B).</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Advanced Oil System with Patent-Pending Selected Solids Separation Purchase and Installation Agreement</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/20/2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">ICM, Inc.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">License Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">ICM grants to PEMV limited right and license to use the proprietary property for the separation of corn oil from the emulsion concentrate derived from the thin stillage solely at the PEMV plant.</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">License Agreement</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/20/2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Intermountain Gas Company</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Commodity Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Natural gas contract for a Maximum Daily Firm Quantity (MDFQ) of 50,000 therms per day during the Agreement period.&nbsp; (See Record No. 743 for previous agreement.)</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">T-4 Firm Distribution Only Transportation Service</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">12/29/2011</TD></TR>
<TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="text-align: center">SCHEDULE 5.11(ii)</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">J.D. Heiskell Holdings, LLC</TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="width: 11%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment</TD>
    <TD STYLE="width: 32%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Second amendment to the grain storage agreement.&nbsp; NOTE:&nbsp; Amendment originally drafted dated 11/17/11 but then extended to 12/10/11.&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment No. 2 to Grain Storage Agreement</TD>
    <TD STYLE="width: 9%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">12/10/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">J.D. Heiskell Holdings, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Guarantee Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This Guaranty is signed in conjunction with the Second amendment to the grain storage agreement (see Record No. 1908).</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Guaranty of PEMV Obligations to Heiskell</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">11/2/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy Marketing, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy to provide marketing services for denatured fuel ethanol production at the Magic Valley facility</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Ethanol Marketing Agreement (Burley Project)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/30/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This amended and restated agreement will allow PAP to provide marketing services for Distillers Grains from the denatured fuel ethanol production facilities at Magic Valley.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Distillers Grains Marketing Agreement (Burley Project)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/30/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Commodity Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This amended and restated agreement will allow PAP to provide procurement and handling of grain services for the denatured fuel ethanol production facility at Burley, Idaho.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Corn Procurement and Handling Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/30/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">American Railcar Leasing LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Contract #MSC 4-8875, Rider 1 dated December 7, 2009 is renewed for an additional period of six (6) months at a rental rate of $725 per car per month, commencing July 1, 2011.&nbsp; (This renewal agreement replaces Record #1730, which commenced on January 1, 2011 and expired June 30, 2011.)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Renewal of Car Service Contract No. MSC 4-8875, Rider 1</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/22/2011</TD></TR>
</TABLE>
<P>&nbsp;</P>




<P></P>

<P></P>

<P STYLE="text-align: center">SCHEDULE 5.11(ii)</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">American Railcar Leasing LLC</TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="width: 33%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Contract #MSC 4-8875, Rider 1 dated December 7, 2009 is renewed for an additional period of six (6) months at a rental rate of $425 per car per month, commencing January 1, 2011.&nbsp; (This renewal agreement replaces Record #1713, which commenced on July 1, 2010 and expired December 31, 2010.)</TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Renewal of Car Service Contract No. MSC 4-8875, Rider 1</TD>
    <TD STYLE="width: 10%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">12/16/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">J.D. Heiskell Holdings, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">First amendment to the grain storage agreement regarding prepayment by PEMV.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment No. 1 to Grain Storage Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">12/10/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">American Railcar Leasing LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Contract #MSC 4-8875, Rider 1 dated December 7, 2009 is renewed for an additional period of six (6) months at a rental rate of $425 per car per month.&nbsp; (See also Record #1546 for Rider 1.)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Renewal of Car Service Contract</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">9/14/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy Marketing, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy to provide marketing services for denatured fuel ethanol.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Ethanol Marketing Agreement (Burley Project)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/29/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Commodity Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PAP to provide grain services.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Corn Procurement and Handling Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/29/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PEMV = Pacific Ethanol Magic Valley, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PAP to provide marketing services.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distillers Grains Marketing Agreement (Burley Project)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/29/2010</TD></TR>
</TABLE>
<P>&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 5.11(ii)</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">International Fidelity Insurance Company</TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Bond</TD>
    <TD STYLE="width: 33%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL (the Principal) and International Fidelity Insurance Company (the Surety) are held and firmly bound unto the State of Oregon, acting by and through the Energy Facility Siting Council (the Obligee) in the penal sum of $863,200.00 (Bond No. 0590288) for the Boardman plant.</TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Site Certificate Bond No. 0590288</TD>
    <TD STYLE="width: 10%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/14/2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Mascoma Corporation</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Mascoma has engaged Lallemand to manufacture, market and distribute its Mascoma Grain Technology yeast product at the Columbia facility.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Supply and Service Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">3/9/2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">CHS, Inc.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">CHS, Inc. consents to the assignment to Wells Fargo Bank, N.A., of all of the Borrower's right, title and interest in, to and under the Assigned Agreement pursuant to the Security Agreement.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">2/24/2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">CHS, Inc.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Storage Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">CHS to store and maintain corn (grain) at the grain handling and storage facility located at the PECOL ethanol facility located in the Port of Boardman, Oregon.&nbsp; CHS also agrees to sell grain to PECOL.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Grain Supply Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">2/24/2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Tidewater Terminal Co.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Requisition</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This requisition represents a request for disbursement of funds in the amount of $150,000.00 pursuant to Schedule II of the Deposit Escrow Agreement, dated September 1, 2009.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Requisition of Request for Disbursement of Funds</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">9/9/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">WestLB AG, New York Branch, et al</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This Amendment No. 2 to Irrevocable Standby Letter of Credit No. 22703101566WLB increases the amount of the LOC by US $8,848.00 to US $844,320.00.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment No. 2 to Irrevocable Standby Letter of Credit No. 22703101566WLB</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">8/12/2011</TD></TR>
</TABLE>
<P>&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 5.11(ii)</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Commodity Agreement</TD>
    <TD STYLE="width: 33%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PAP to provide grain services for denatured fuel ethanol production facilities.</TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Corn Procurement and Handling Agreement</TD>
    <TD STYLE="width: 10%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/30/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This is the first amendment to the Distillers Grains Marketing Agreement for the Boardman plant.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Distillers Grains Marketing Agreement (Boardman Project)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/30/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy Marketing, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">First amendment to the Ethanol Marketing Agreement for the Boardman plant.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Ethanol Marketing Agreement (Boardman Project)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/30/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">WestLB AG, New York Branch, et al</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Irrevocable Standby Letter of Credit No. 22703101566WLB extending the LOC validity to June 25, 2012.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment No. 1 to Irrevocable Standby Letter of Credit No. 22703101566WLB</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/22/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Tidewater Barge Lines, Inc.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Rate Schedule</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Local rates, rules and regulations governing the transportation of bulk fertilizer and petroleum products via barge.&nbsp; (Signatures not required.)&nbsp; See also Exhibit Attachment 1 for letter dated March 1, 2011 of announcement of rate increase.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Rate Schedule No. 800-A</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">3/14/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Tidewater Terminal Co.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This is an amendment and restatement of the Transportation and Dock Services Agreement dated September 1, 2009.&nbsp; Tidewater waives the Dock Fee due and owing from PE Columbia on January 1, February 1, and March 1, 2011.&nbsp; PE Columbia will resume paying the Dock Fee on or before April 1, 2011.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Transportation and Dock Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">3/7/2011</TD></TR>
</TABLE>
<P>&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 5.11(ii)</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Tidewater Terminal Co.</TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment</TD>
    <TD STYLE="width: 33%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This amendment to the Deposit Escrow Agreement (dated February 15, 2007) names John T. MIller as the sole officer entitled to sign or give instructions to the bank on behalf of PECOL.</TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment to Deposit Escrow Agreement</TD>
    <TD STYLE="width: 10%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">9/14/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Tidewater Terminal Co.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Requisition</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This requisition represents a request for disbursement of funds in the amount of $150,000.00 pursuant to Schedule II of the Deposit Escrow Agreement, dated September 1, 2009.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Requisition of Request for Disbursement of Funds</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">9/8/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy Marketing, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy to provide marketing services for denatured fuel ethanol.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Ethanol Marketing Agreement (Boardman Project)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/29/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Commodity Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PAP to provide grain services.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Corn Procurement and Handling Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/29/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PAP to provide marketing services for Distillers Grains from the denatured fuel ethanol production facilities at the Boardman plant.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distillers Grains Marketing Agreement (Boardman Project)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/29/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">WestLB AG, New York Branch, et al</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PECOL = Pacific Ethanol Columbia, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Finance Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Irrevocable Standby Letter of Credit No. 22703101566WLB in the amount of $835,472 in connection with the Site Certificate for the Columbia Ethanol Project, in favor of the State of Oregon, acting by and through The Energy Facility Siting Council, Oregon Department of Energy.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Irrevocable Standby Letter of Credit No. 22703101566WLB</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/28/2010</TD></TR>
</TABLE>
<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 5.11(ii)</P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">J.D. Heiskell Holdings, LLC</TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Storage Agreement</TD>
    <TD STYLE="width: 33%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">First amendment to the grain storage agreement.&nbsp; NOTE:&nbsp; Amendment originally drafted dated 11/17/11 but then extended to 12/10.11.</TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment No. 1 to Grain Storage Agreement</TD>
    <TD STYLE="width: 10%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">12/10/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">J.D. Heiskell Holdings, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Guarantee Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This Guaranty is signed in conjunction with the First amendment to the grain storage agreement (see Record No. 1909).</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Guaranty of PES Obligations to Heiskell</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">11/2/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Agreement for PAP to provide grain services for the denatured fuel ethanol production facility located at Stockton, CA.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Corn Procurement and Handling Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/30/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Agreement for PAP to provide marketing services for Distillers Grains from the denatured fuel ethanol production facility in Stockton, CA.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Distillers Grains Marketing Agreement (Stockton Project)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/30/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy Marketing, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Kinergy to provide marketing services for denatured fuel ethanol production at the Stockton facility</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Ethanol Marketing Agreement (Stockton)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">6/30/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">J.D. Heiskell Holdings, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">J.D. Heiskell consents to the assignment to WestLB AG, New York Branch, all of PES' right, title and interest in, to and under the Assigned Agreement pursuant to the Security Agreement and acknowledges the right of WestLB in the exercise of their rights and remedies under the Security Agreement.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">1/14/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">California Energy Commission</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Grant Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Alternative &amp; Renewable Fuel &amp; Vehicle Tech-AB 118 (FY 09/10 BCP#2)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Grant Award Number:&nbsp; ARV-10-030</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">12/15/2010</TD></TR>
</TABLE>
<P>&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 5.11(ii)</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">J.D. Heiskell Holdings, LLC</TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Storage Agreement</TD>
    <TD STYLE="width: 33%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">J.D. Heiskell Holdings, LLC is a California limited liability company doing business as J.D. Heiskell &amp; Company.&nbsp; Heiskell will store and maintain grain at the grain handling and storage facility located in Stockton, California in order to provide for the purchase and sale of the grain from the facility to third parties and to PES.</TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Grain Storage Agreement</TD>
    <TD STYLE="width: 10%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">12/10/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Gas and Electric Company</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Licenses and Registration</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Nomination by PES for BP Energy to be our natural gas scheduling and marketing agent with PG&amp;E for delivery of natural gas to the Stockton plant.&nbsp; (NOTE:&nbsp; This replaces Record #1246.)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Authorization to Revise Nominating Marketer on Exhibits C and D of Form 79-756 - Natural Gas Service Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">11/18/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Gas and Electric Company</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Licenses and Registration</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Nomination by PES for BP Energy to be our balancing agent with PG&amp;E.&nbsp; Note that the document labelled "Exhibit B" (last page of this 3-page document) terminates Iberdrola, the former balancing agent, as of November 30, 2010.&nbsp; See also Record #1711 for the nomination of BP to be our natural gas scheduling and marketing agent with PG&amp;E.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Customer Balancing Agent Service Authorization</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">11/17/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">BP Energy Company</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Confirmation</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">This Transaction Confirmation #6929691 confirms the terms of the transaction between the parties and is subject to the terms and conditions of the Base Contract dated 11/01/2010.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Physical Gas Transaction Confirmation for Immediate Delivery - BP (NUCLEUS) ID:5542938</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">11/15/2010</TD></TR>
</TABLE>
<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 5.11(ii)</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="width: 33%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PAP to provide services for Distillers Grains from denatured fuel ethanol production facilities.</TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distillers Grains Marketing Agreement (Stockton Project)</TD>
    <TD STYLE="width: 10%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10/15/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Services Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PAP to provide grain services for denatured fuel ethanol production facilities.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Corn Procurement and Handling Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10/15/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and agreement re: PAP Distillers Grains Marketing Agreement.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10/15/2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ag. Products, LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">PES = Pacific Ethanol Stockton, LLC (DE)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and agreement to PAP corn agreement.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent and Agreement</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10/15/2010</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE 5.11(ii)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">SCHEDULE 5.12<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>UCC FILING OFFICES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>UCC Filing Offices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>New PE Holdco LLC</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of the Secretary of State of the <FONT STYLE="color: black">State</FONT>
of Delaware</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>Pacific Ethanol Holding Co. LLC</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of the Secretary of State of the <FONT STYLE="color: black">State</FONT>
of Delaware</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>Pacific Ethanol Madera LLC</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of the Secretary of State of the State of Delaware</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>Pacific Ethanol Columbia, LLC</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of the Secretary of State of the State of Delaware</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>Pacific Ethanol Stockton LLC</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of the Secretary of State of the State of Delaware</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>Pacific Ethanol Magic Valley, LLC</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of the Secretary of State of the State of Delaware</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mortgage Recording Offices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>Pacific Ethanol Madera LLC</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">County Recorder&rsquo;s Office for the County of Madera (California)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>Pacific Ethanol Columbia, LLC</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morrow County Recorder&rsquo;s Office (Oregon)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>Pacific Ethanol Stockton LLC</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">County of San Joaquin Office of the Assessor-Recorder-County
Clerk (California)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Pacific Ethanol Magic Valley, LLC </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cassia County Recorder&rsquo;s Office (Idaho)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">**With respect to the filings to be made in the Office of the
Secretary of State of the State of Delaware pursuant to Section&nbsp;9-515 of the Uniform Commercial Code as now in effect in the
State of Delaware, the effectiveness of a filed financing statement lapses on the expiration of the date that is five years after
the date of filing, unless before the lapse a continuation statement is filed in accordance with Section&nbsp;9-515(d) within the
six-month period prior to the expiration of the applicable five-year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE
5.12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">SCHEDULE 5.13(a)<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>SITE
DESCRIPTIONS</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>BOARDMAN</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Boardman Leased Premises</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A LEASEHOLD ESTATE, FOR THE TERM AND UPON
THE TERMS, CONDITIONS AND PROVISIONS AS CONTAINED IN THAT CERTAIN MEMORANDUM OF GROUND LEASE, INCLUDING THE TERMS AND PROVISIONS
THEREOF, BY AND BETWEEN THE PORT OF MORROW, A MUNICIPAL CORPORATION OF THE STATE OF OREGON, AS LESSOR, AND PACIFIC ETHANOL COLUMBIA,
LLC, A DELAWARE LIMITED LIABILITY COMPANY, AS LESSEE, RECORDED OCTOBER 5, 2006 AS 2006-17758, MORROW COUNTY MICROFILM RECORDS,
ON THE FOLLOWING DESCRIBED PROPERTY:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A PARCEL OF LAND LOCATED IN SECTION 2, TOWNSHIP
4 NORTH, RANGE 25 EAST OF THE WILLAMETTE MERIDIAN, IN THE COUNTY OF MORROW, STATE OF OREGON, DESCRIBED AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">BEGINNING AT A POINT ON THE NORTH RIGHT
OF WAY LINE OF CENTER LOOP DRIVE BEING NORTH 04&deg;45&rsquo;10&rdquo; WEST A DISTANCE OF 1,666.80 FEET FROM THE SOUTH QUARTER
CORNER OF SECTION 2, IN TOWNSHIP 4 NORTH, RANGE 25 EWM;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THENCE NORTHWESTERLY ALONG THE NORTH RIGHT
OF WAY OF SAID CENTER LOOP DRIVE, ALONG A 530.26 FOOT CURVE TO THE LEFT, SAID CURVE HAVING A RADIUS OF 470.00 FEET, AN INTERNAL
ANGLE OF 64&deg;38&rsquo;29&rdquo; AND A CHORD WHICH BEARS NORTH 80&deg;21&rsquo;18&rdquo; WEST A DISTANCE OF 502.58 FEET;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THENCE CONTINUING ALONG THE NORTH RIGHT
OF WAY LINE OF CENTER LOOP DRIVE SOUTH 67&deg;19&rsquo;28&rdquo; WEST A DISTANCE OF 80.00 FEET;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THENCE NORTH 22&deg;40&rsquo;32&rdquo; WEST
A DISTANCE OF 10.00 FEET;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THENCE NORTHWESTERLY ALONG A 419.11 FOOT
CURVE TO THE LEFT, SAID CURVE HAVING A RADIUS OF 595.00 FEET, AN INTERNAL ANGLE OF 40&deg;21&rsquo; 19&rdquo; AND A CHORD WHICH
BEARS NORTH 42&deg;51 &lsquo;17&rdquo; WEST A DISTANCE OF 410.50 FEET;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THENCE NORTH 38&deg;56&rsquo;09&rdquo; EAST
A DISTANCE OF 1,258.00 FEET;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THENCE SOUTH 51&deg;03&rsquo;51&rdquo; EAST
A DISTANCE OF 970.00 FEET;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE
5.13(a)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THENCE SOUTH 43&deg;24&rsquo;17&rdquo; WEST
A DISTANCE OF 1,008.18 FEET TO THE NORTH RIGHT OF WAY LINE OF CENTER LOOP DRIVE AND THE POINT OF BEGINNING.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Boardman Easement Premises</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PIPELINE EASEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A TWENTY (20.00) FOOT WIDE EASEMENT FOR
THE ADDITION/EXPANSION OF ETHANOL AND BIO-FUELS PIPELINES TO THE TIDEWATER BIO-FUELS BARGE LOADING SITE. SAID 20.00 FOOT WIDE EASEMENT
BEING 10.00 FEET ON EACH SIDE OF A CENTER LINE THAT IS DESCRIBED AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">BEGINNING AT A POINT LOCATED ON THE NORTHEAST
LINE OF THE PACIFIC ETHANOL COLUMBIA, LLC LEASED LANDS AND THE SOUTHWEST RIGHT OF WAY OF DEWEY WEST LANE, SAID POINT BEING NORTH
01&deg; 39&rsquo; 11&rdquo; WEST A DISTANCE OF 2,910.70 FEET FROM THE SOUTH QUARTER CORNER OF SECTION 2, OF TOWNSHIP 4 NORTH, RANGE
25 EWM; THENCE NORTH 38&deg; 56&rsquo; 09&rdquo; EAST A DISTANCE OF 40.00 FEET TO A POINT 10.00 FEET FROM THE CENTERLINE OF DEWEY
WEST LANE; THENCE PARALLEL WITH THE CENTERLINE OF SAID DEWEY WEST LANE, NORTH 51&deg; 03&rsquo; 51&rdquo; WEST A DISTANCE OF 966.00
FEET; THENCE SOUTH 38&deg; 56&rsquo; 09&rdquo; EAST A DISTANCE OF 10.00 FEET, THENCE NORTH 50&deg; 05&rsquo; 33&rdquo; WEST A DISTANCE
OF 168.00 FEET TO A POINT LOCATED ON THE PROJECTED NORTH RIGHT OF WAY LINE OF LEWIS &amp; CLARK DRIVE; THENCE PARALLEL TO THE CENTERLINE
AND ALONG THE SAID NORTH RIGHT OF WAY OF LEWIS &amp; CLARK DRIVE, SOUTH 38&deg; 56&rsquo; 09&rdquo; WEST A DISTANCE OF 86.00 FEET
TO A POINT ON THE SOUTHEAST BOUNDARY OF LEASED LANDS OF TIDEWATER BARGE LINES BIO-FUELS BARGE LOADING FACILITY; THENCE NORTH 48&deg;
02&rsquo; 43&rdquo; WEST A DISTANCE OF 15.00 FEET TO THE PIPELINE MANIFOLD CONNECTION TO TIDEWATER BARGE LINES BIO-FUELS BARGE
LOADING FACILITY AND TERMINUS OF EASEMENT DESCRIPTION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PIPELINE, ACCESS/EGRESS &amp; FACILITIES
EASEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A SIXTY (60.00) FOOT WIDE PIPELINE &amp;
ACCESS/EGRESS EASEMENT FOR THE ADDITION/EXPANSION OF ETHANOL AND BIO-FUELS PIPELINES TO A RAIL CAR BIO-FUELS LOADING SITE IN ADDITION
TO AN EASEMENT FOR THE SITTING OF A RAIL CAR BIO-FUELS LOAD-OUT FACILITY ON AND ADJACENT TO THE PORT OF MORROW EAST BEACH RAIL
SPUR FACILITY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SAID 60.00 FOOT WIDE EASEMENT BEING 30.00
FEET ON EACH SIDE OF A CENTER LINE THAT IS DESCRIBED AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">BEGINNING AT A POINT LOCATED ON THE NORTHEAST
LINE OF THE PACIFIC ETHANOL COLUMBIA, LLC LEASED LANDS AND THE SOUTHWEST RIGHT OF WAY OF DEWEY WEST LANE, SAID POINT BEING NORTH
01&deg; 39&rsquo; 11&rdquo; WEST A DISTANCE OF 2,910.70 FEET FROM THE SOUTH QUARTER CORNER OF SECTION 2, OF TOWNSHIP 4 NORTH, RANGE
25 EWM; THENCE NORTH 38&deg; 56&rsquo; 09&rdquo; EAST A DISTANCE OF 505.95 FEET TO A POINT 110.00 FEET FROM AND AT RIGHT ANGLES
<FONT STYLE="color: black">TO THE CENTERLINE OF TRACK THREE OF THE PORT OF MORROW EAST BEACH RAIL SPUR AND TERMINUS OF PIPELINE
&amp; ACCESS/EGRESS EASEMENT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: black">SCHEDULE
5.13(a)</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SAID RAIL CAR BIO-FUELS LOAD-OUT FACILITY
EASEMENT BEING A 140.00 FEET BY 117.50 FEET TRACT OF LAND MORE PARTICULARLY DESCRIBED AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">BEGINNING AT THE TERMINUS OF THE ABOVE DESCRIBED
CENTERLINE OF THE PIPELINE AND ACCESS/EGRESS EASEMENT: THENCE SOUTH 56&deg; 29&rsquo; 29&rdquo; EAST, PARALLEL TO THE CENTERLINES
OF THE PORT OF MORROW EAST BEACH RAIL SPURS, A DISTANCE OF 56.94 FEET; THENCE NORTH 33&deg; 30&rsquo; 31&rdquo; EAST, AT RIGHT
ANGLES TO THE CENTERLINES OF THE PORT OF MORROW EAST BEACH RAIL SPURS, A DISTANCE OF 117.50 FEET TO A POINT 7.50 FEET OFFSET FROM
THE CENTER OF TRACK THREE OF THE PORT OF MORROW EAST BEACH RAIL SPUR; THENCE NORTH 56&deg; 29&rsquo; 29&rdquo; WEST, PARALLEL TO
THE CENTERLINES OF THE PORT OF MORROW EAST BEACH RAIL SPURS, A DISTANCE OF 140.00 FEET; THENCE SOUTH 33&deg; 30&rsquo; 31&rdquo;
WEST, AT RIGHT ANGLES TO THE CENTERLINES OF THE PORT OF MORROW EAST BEACH RAIL SPURS, A DISTANCE OF 117.50 FEET; THENCE SOUTH 56&deg;
29&rsquo; 29&rdquo; EAST, PARALLEL TO THE CENTERLINES OF THE PORT OF MORROW EAST BEACH RAIL SPURS, A DISTANCE OF 83.06 FEET AND
THE POINT OF BEGINNING OF THE RAIL CAR BIO-FUELS LOAD-OUT FACILITY EASEMENT.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>BURLEY</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>PARCEL NO. 1</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">TOWNSHIP 10 SOUTH, RANGE 22 EAST OF THE
BOISE MERIDIAN, CASSIA COUNTY, IDAHO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 25: That part of the SW&frac14;
SW&frac14; lying South of the &ldquo;G&rdquo; Canal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>PARCEL NO. 2</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">TOWNSHIP 10 SOUTH, RANGE 22 EAST OF THE
BOISE MERIDIAN, CASSIA COUNTY, IDAHO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 25: That part of the SE&frac14;
SW&frac14; lying South of the &ldquo;G&rdquo; Canal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>PARCEL NO. 3</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">TOWNSHIP 10 SOUTH, RANGE 22 EAST OF THE
BOISE MERIDIAN, CASSIA COUNTY, IDAHO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 25: That part of the SW&frac14;
SE&frac14; lying South of the &ldquo;G&rdquo; Canal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>PARCEL NO. 4</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE
5.13(a)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">TOWNSHIP 10 SOUTH, RANGE 22 EAST OF THE
BOISE MERIDIAN, CASSIA COUNTY, IDAHO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 25: SE&frac14; SE&frac14; EXCEPTING
the railroad right-of-way and EXCEPTING the following described tracts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>Tract No. 1</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">That part of said SE<FONT STYLE="color: black">&frac14;</FONT>
SE<FONT STYLE="color: black">&frac14;</FONT> lying South and East of the railroad right-of-way as deeded to the United States of
America by Warranty Deed recorded March 29, 1950 as Instrument No. 168821 in Book 54 of Deeds, page 158, records of Cassia County,
Idaho.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>Tract No. 2</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Commencing at the Southeast corner of said
Section 25, marked by an aluminum cap on a 5/8 rebar and running thence along the South line thereof South 89&deg;29&rsquo;41&rdquo;
West 598.21 feet; Thence North 0&deg;30&rsquo;19&rdquo; West 144.76 feet to the True Point of Beginning;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Thence continuing North 0&deg;30&rsquo;19&rdquo;
West 189.80 feet;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Thence North 89&deg;29&rsquo;41&rdquo; East
400.46 feet;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Thence continuing South 0&deg;30&rsquo;19&rdquo;
East 102.13 feet;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Thence continuing South 52&deg;21&rsquo;15&rdquo;
West 55.21 feet;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Thence continuing South 62&deg;40&rsquo;38&rdquo;
West 120.42 feet;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Thence continuing South 89&deg;29&rsquo;41&rdquo;
West 248.97 feet to the True Point of Beginning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>SAVE AND EXCEPT, </B>that portion from
Parcel Nos. 1 through 4, more particularly described in the Deed of Dedication, by and between Pacific Ethanol Magic Valley LLC,
Grantor, to the City of Burley, dated August 28, 2008 and recorded September 17, 2008 as Instrument No. 2008-005248, records of
Cassia County, Idaho.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>PARCEL NO. 5</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">TOWNSHIP 10 SOUTH, RANGE 22 EAST OF THE
BOISE MERIDIAN, CASSIA COUNTY, IDAHO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 25: That part of the NE&frac14;
SE&frac14; lying South of the &ldquo;G&rdquo; Canal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>PARCEL NO. 6</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">TOWNSHIP 10 SOUTH, RANGE 22 EAST OF THE
BOISE MERIDIAN, CASSIA COUNTY, IDAHO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 25: That part of the NW&frac14;
SE&frac14; lying South of the &ldquo;G&rdquo; Canal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE
5.13(a)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>MADERA</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The land referred to in this Deed of Trust
is situated in the State of California, County of Madera, and described as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><U>PARCEL A</U></B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A parcel of land lying in the North &frac12;<I>
</I>of Section 2, Township 12 South, Range 18 East, Mount Diablo Base and Meridian according to the official plat thereof, being
also a portion of Parcel 1 of Parcel Map No. 1121, recorded in Book 23 of Maps Page 11, Madera County records, more particularly
described as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>BEGINNING </B>at the Southwest corner
of said Parcel 1; thence North 00&deg;31&rsquo;16&rdquo; East along the West line of said Parcel 1 a distance of 2,412.82 feet
to the Northwest corner of said Parcel 1; thence South 89&deg;16&rsquo;26&rdquo; East along the North line of said Parcel 1 a distance
of 874.08 feet to a point on the Southwesterly line of the Atcheson Topeka and Santa Fe Railroad Company&rsquo;s right-of-way;
thence South 35&deg;19&rsquo;16&rdquo; East along said railroad right-of-way line a distance of 2,457.39 feet; thence South 89&deg;55&rsquo;38&rdquo;
West and parallel with the South line of said Parcel 1 a distance of 855.09 feet; thence South 00&deg;27&rsquo;17&rdquo; West a
distance of 393.68 feet to a point on the South line of said Parcel 1, said point being also the Northwest corner of Parcel 1 of
Parcel Map No. 2031, recorded in Book 27 of Maps, Page 140, Madera County Records; thence South 89&deg;55&rsquo;38&rdquo; West
along the South line of Parcel 1 of said Parcel Map No. 1121 a distance of 643.46 feet to the center of said Section 2; thence
continuing South 89&deg;55&rsquo;38&rdquo; West along the South line of last said Parcel 1 a distance of 815.04 to the point of
beginning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">APN: 047-130-020 (portion of)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><U>PARCEL B</U></B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A parcel of land in Section 2, Township
12 South, Range 18 East, Mount Diablo Base and Meridian according to the official plat thereof, more particularly described as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>BEGINNING</B> at the Northwest corner
of Parcel 1 of Parcel Map No. 2031, according to the map thereof recorded in Book 27 Page 140 of Maps, Madera County Records; thence
South 89&deg;55&rsquo;38&rdquo; West along the Northerly boundary line of Parcel 2 of Parcel Map No. 2031 a distance of 643.46
feet to the center of said Section 2; thence continuing South 89&deg;55&rsquo;38&rdquo; West a distance of 815.04 feet; thence
South 00&deg;31&rsquo;16&rdquo; West a distance of 653.00 feet; thence North 89&deg;55&rsquo;38&rdquo; East a distance of 1,459.26
feet to a point on the West line of said Parcel 1; thence continuing North 89&deg;55&rsquo;38&rdquo; East parallel to the North
line of said Parcel 1 a distance of 1,342.48 feet to a point on the East line of said Parcel 1; thence North 00&deg;28&rsquo;16&rdquo;
East along the East line of said Parcel 1 a distance of 365.46 feet to a point on the Southwesterly line of the Atcheson Topeka
and Santa Fe Railroad Company&rsquo;s right-of-way; thence North 35&deg;25&rsquo;56&rdquo; West along the said railroad right-of-way
line a distance of 352.56 feet to the Northeasterly corner thence North 35&deg;19&rsquo;16&rdquo; West continuing along said railroad
right-of-way line a distance of 482.04 feet; thence South 89&deg;55&rsquo;38&rdquo; West, parallel to the North line of said Parcel
1 a distance of 855.09 feet to a point on the Northerly extension of this West line of said Parcel 1; thence South 00&deg;27&rsquo;17&rdquo;
West, a distance of 393.68 feet to the point of beginning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE
5.13(a)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">APN 047-130-020 (portion of)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>STOCKTON</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>&nbsp;</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STOCKTON LEASED PREMISES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ALL THAT REAL PROPERTY SITUATE IN THE STATE OF CALIFORNIA, COUNTY
OF SAN JOAQUIN, CITY OF STOCKTON, DESCRIBED AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PARCEL OF LAND BEING A PORTION OF SECTION 8, TOWNSHIP 1 NORTH,
RANGE 6 EAST, MOUNT DIABLO BASE AND MERIDIAN, MORE PARTICULARLY DESCRIBED AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">COMMENCING AT GPS OCCUPIED POINT 306 AS SHOWN ON THAT CERTAIN
MAP FILED FOR RECORD ON AUGUST 30, 1994 IN BOOK 33 OF SURVEYS AT PAGE 20, SAN JOAQUIN COUNTY RECORDS, SAID POINT HAVING COORDINATES
OF NORTHING 2167315.376 AND EASTING 6320382.066; THENCE SOUTH 11&deg;23&rsquo;12&rdquo; WEST 609.05 FEET TO THE TRUE POINT OF BEGINNING;
THENCE SOUTH 02&deg;49&rsquo;08&rdquo; EAST 809.96 FEET; THENCE SOUTH 87&deg;07&rsquo;38&rdquo; WEST 1303.28 FEET; THENCE ALONG
A NON TANGENT CURVE TO THE RIGHT HAVING A RADIUS OF 491.67 FEET, A CENTRAL ANGLE OF 86&deg;39&rsquo;29&rdquo;, A CHORD BEARING
AND A DISTANCE OF NORTH 42&deg;45&rsquo;42&rdquo; WEST 674.76 FEET AND AN ARC LENGTH OF 743.64 FEET; THENCE NORTH 47&deg;00&rsquo;55&rdquo;
EAST 455.58 FEET; THENCE NORTH 87&deg;10&rsquo;52&rdquo; EAST 1388.34 FEET TO THE TRUE POINT OF BEGINNING, CONTAINING 30.00 ACRES,
MORE OR LESS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STOCKTON RAIL EASEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ALL THAT REAL PROPERTY SITUATE IN THE STATE OF CALIFORNIA, COUNTY
OF SAN JOAQUIN, CITY OF STOCKTON, DESCRIBED AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PARCEL OF LAND BEING A PORTION OF SECTION 8, TOWNSHIP 1 NORTH,
RANGE 6 EAST, MOUNT DIABLO BASE AND MERIDIAN, MORE PARTICULARLY DESCRIBED AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">COMMENCING AT GPS OCCUPIED POINT 306 AS SHOWN ON THAT CERTAIN
MAP FILED FOR RECORD ON AUGUST 30, 1994 IN BOOK 33 OF SURVEYS AT PAGE 20, SAN JOAQUIN COUNTY RECORDS, SAID POINT HAVING COORDINATES
OF NORTHING 2167315.376 AND EASTING 6320382.066; THENCE NORTH 83&deg;59&rsquo;39&rdquo; WEST 21.09 FEET TO THE WEST RIGHT-OF-WAY
LINE OF NAVY DRIVE AND BEING THE TRUE POINT OF BEGINNING; THENCE ALONG SAID WEST RIGHT-OF-WAY LINE SOUTH 39&deg;59&rsquo;30&rdquo;
EAST 118.12 FEET; THENCE LEAVING SAID WEST RIGHT-OF-WAY LINE SOUTH 86&deg;21&rsquo;48&rdquo; WEST 59.81 FEET; THENCE ALONG A NON
TANGENT CURVE TO THE RIGHT HAVING A RADIUS OF 586.44 FEET, A CENTRAL ANGLE OF 24&deg;23&rsquo;40&rdquo;, A CHORD BEARING AND DISTANCE
OF NORTH 81&deg;38&rsquo;17&rdquo; WEST 247.80 FEET, AND AN ARC LENGTH OF 249.68 FEET; THENCE NORTH 69&deg;40&rsquo;31&rdquo; WEST
77 52 FEET; THENCE SOUTH 57&deg;22&rsquo;04&rdquo; EAST 539.60 FEET; THENCE ALONG A TANGENT CURVE TO THE LEFT HAVING A RADIUS OF
75.00 FEET, A CENTRAL ANGLE OF 72&deg;47&rsquo;46&rdquo; AND AN ARC LENGTH OF 95.29 FEET; THENCE NORTH 49&deg;50&rsquo;10&rdquo;
EAST 18.52 FEET TO SAID WEST RIGHT-OF-WAY LINE; THENCE ALONG SAID WEST RIGHT-OF-WAY LINE SOUTH 40&rdquo;10&rsquo;45&rdquo; EAST
100.00 FEET; THENCE LEAVING SAID WEST RIGHT-OF-WAY LINE SOUTH 49&deg;50&rsquo;10&rdquo; WEST 104.32 FEET; THENCE SOUTH <FONT STYLE="color: black">58&deg;45&rsquo;51&rdquo;
EAST 104.18 FEET; THENCE ALONG A TANGENT CURVE TO THE RIGHT HAVING A RADIUS OF 539.06 FEET, A CENTRAL ANGLE OF 145&deg;53&rsquo;30&rdquo;
AND AN ARC LENGTH OF 1372.60 FEET; THENCE SOUTH 87&deg;07&rsquo;38&rdquo; WEST 1434.97 FEET; THENCE NORTH 02&deg;52&rsquo;22&rdquo;
WEST 100.00 FEET; THENCE NORTH 87&deg;07&rsquo;38&rdquo; EAST 1303.28 FEET; THENCE NORTH 02&deg;49&rsquo;08&rdquo; WEST 10.00 FEET;
THENCE NORTH 87&deg;07&rsquo;38&rdquo; EAST 69.52 FEET; THENCE ALONG A TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 450.00 FEET,
A CENTRAL ANGLE OF 146&deg;23&rsquo;42&rdquo; AND AN ARC LENGTH OF 1149.78 FEET; THENCE NORTH 59&deg;16&rsquo;03&rdquo; WEST 758.03
FEET; THENCE NORTH 11&deg;01&rsquo;59&rdquo; WEST 318.92 FEET; THENCE SOUTH 69&deg;40&rsquo;31&rdquo; EAST 318.87 FEET; THENCE
ALONG A TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 506.44 FEET, A CENTRAL ANGLE OF 22&deg;40&rsquo;31&rdquo; AND AN ARC LENGTH
OF 200.43 FEET TO THE TRUE POINT OF BEGINNING CONTAINING 12.00 ACRES MORE OR LESS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: black">SCHEDULE
5.13(a)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TOGETHER WITH THE FOLLOWING:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ALL THAT REAL PROPERTY SITUATE IN THE STATE OF CALIFORNIA, COUNTY
OF SAN JOAQUIN, CITY OF STOCKTON, DESCRIBED AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PARCEL OF LAND BEING A PORTION OF SECTION 8, TOWNSHIP 1 NORTH,
RANGE 6 EAST, MOUNT DIABLO BASE AND MERIDIAN, MORE PARTICULARLY DESCRIBED AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">COMMENCING AT GPS OCCUPIED POINT 306 AS SHOWN ON THAT CERTAIN
MAP FILED FOR RECORD ON AUGUST 30, 1994 IN BOOK 33 OF SURVEYS AT PAGE 20, SAN JOAQUIN COUNTY RECORDS, SAID POINT HAVING COORDINATES
OF NORTHING 2167315.376 AND EASTING 6320382.066; THENCE SOUTH 41&deg;13&rsquo;53&rdquo; WEST 2089.26 FEET TO THE TRUE POINT OF
BEGINNING; THENCE ALONG A NON TANGENT CURVE TO THE RIGHT HAVING A RADIUS OF 561.67 FEET, A CENTRAL ANGLE OF 139&deg;53&rsquo;17&rdquo;,
A CHORD BEARING AND DISTANCE OF NORTH 22&deg;55&rsquo;43&rdquo; WEST 1055.22 FEET, AND AN ARC LENGTH OF 1371.32 FEET; THENCE NORTH
47&deg;00&rsquo;55&rdquo; EAST 913.06 FEET; THENCE ALONG A TANGENT CURVE TO THE RIGHT HAVING A RADIUS OF 586.44 FEET, A CENTRAL
ANGLE OF 63&deg;18&rsquo;34&rdquo; AND AN ARC LENGTH OF 647.99 FEET; THENCE SOUTH 11&deg;01&rsquo;59&rdquo; EAST 318.92 FEET; THENCE
ALONG A NON TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 450.00 FEET, A CENTRAL ANGLE OF 73&deg;43&rsquo;01&rdquo;, A CHORD BEARING
AND DISTANCE OF SOUTH 83&deg;52&rsquo;26&rdquo; WEST 539.86 FEET, AND AN ARC LENGTH OF 578.97 FEET; THENCE SOUTH 47&deg;00&rsquo;55&rdquo;
WEST 640.22 FEET; THENCE SOUTH 87&deg;10&rsquo;52&rdquo; WEST 46.21 FEET; THENCE SOUTH 47&deg;00&rsquo;55&rdquo; WEST 455.58 FEET;
THENCE ALONG A NON TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 491.67 FEET, A CENTRAL ANGLE OF 86&deg;39&rsquo;29&rdquo;, A CHORD
BEARING AND DISTANCE OF SOUTH 42&deg;45&rsquo;42&rdquo; EAST 674.76 FEET, AND AN ARC LENGTH OF 743.64 FEET; THENCE SOUTH 02&deg;52&rsquo;22&rdquo;
EAST 100.00 FEET TO THE TRUE POINT OF BEGINNING CONTAINING 13.28 ACRES MORE OR LESS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EXCEPT THEREFROM THE FOLLOWING:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE
5.13(a)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 140; Value: 1 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ALL THAT REAL PROPERTY SITUATE IN THE STATE OF CALIFORNIA, COUNTY
OF SAN JOAQUIN, CITY OF STOCKTON, DESCRIBED AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PARCEL OF LAND BEING A PORTION OF SECTION 8, TOWNSHIP 1 NORTH,
RANGE 6 EAST, MOUNT DIABLO BASE AND MERIDIAN, MORE PARTICULARLY DESCRIBED AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">COMMENCING AT GPS OCCUPIED POINT 306 AS SHOWN ON THAT CERTAIN
MAP FILED FOR RECORD ON AUGUST 30, 1994 IN BOOK 33 OF SURVEYS AT PAGE 20, SAN JOAQUIN COUNTY RECORDS, SAID POINT HAVING COORDINATES
OF NORTHING 2167315.376 AND EASTING 6320382.066; THENCE SOUTH 37&deg;50&rsquo;04&rdquo; EAST 382.77 FEET TO THE WEST RIGHT-OF-WAY
LINE OF NAVY DRIVE AND BEING THE TRUE POINT OF BEGINNING; THENCE LEAVING SAID WEST RIGHT-OF-WAY LINE SOUTH 49&deg;50&rsquo; 10&rdquo;
WEST 18.52 FEET; THENCE ALONG A TANGENT CURVE TO THE RIGHT HAVING A RADIUS OF 75.00 FEET, A CENTRAL ANGLE OF 72&deg;47&rsquo;46&rdquo;
AND AN ARC LENGTH OF 95.29 FEET; THENCE NORTH 57&deg;22&rsquo;04&rdquo; WEST 539.60 FEET; THENCE NORTH 61&deg;29&rsquo;20&rdquo;
WEST 158.40 FEET; THENCE ALONG A TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 534.44 FEET, A CENTRAL ANGLE OF 71&deg;29&rsquo;44&rdquo;
AND AN ARC LENGTH OF 666.89 FEET; THENCE SOUTH 47&deg;00&rsquo;55&rdquo; WEST 843.28 FEET; THENCE ALONG A TANGENT CURVE TO THE
LEFT HAVING A RADIUS OF 381.00 FEET, A CENTRAL ANGLE OF 3&deg;11&rsquo;34&rdquo; AND AN ARC LENGTH OF 21.23 FEET; THENCE SOUTH
45&deg;25&rsquo;09&rdquo; WEST 55.02 FEET; THENCE ALONG A NON TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 150.00 FEET, A CENTRAL
ANGLE OF 15&deg;52&rsquo;13&rdquo;, A CHORD BEARING AND DISTANCE OF SOUTH 37&deg;29&rsquo;02&rdquo; WEST 41.42 FEET, AND AN ARC
LENGTH OF 41.55 FEET; THENCE ALONG A NON TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 390.00 FEET, A CENTRAL ANGLE OF 40&deg;18&rsquo;09&rdquo;,
A CHORD BEARING AND DISTANCE OF SOUTH 09&deg;23&rsquo;52&rdquo; WEST 268.71 FEET AND AN ARC LENGTH OF 274.33 FEET; THENCE NORTH
47&deg;00&rsquo;55&rdquo; EAST 62.21 FEET; THENCE ALONG A NON TANGENT CURVE TO THE RIGHT HAVING A RADIUS OF 339.00 FEET, A CENTRAL
ANGLE OF 52&deg;09&rsquo;07&rdquo;, A CHORD BEARING AND DISTANCE OF NORTH 20&deg;56&rsquo;22&rdquo; EAST 298.02 FEET, AND AN ARC
LENGTH OF 308.56 FEET; THENCE NORTH 47&deg;00&rsquo;55&rdquo; EAST 843.28 FEET; THENCE ALONG A TANGENT CURVE TO THE RIGHT HAVING
A RADIUS OF 492.44 FEET, A CENTRAL ANGLE OF 75&deg;37&rsquo;01&rdquo; AND AN ARC LENGTH OF 649.90 FEET; THENCE SOUTH 57&deg;22&rsquo;04&rdquo;
EAST 803.05 FEET; THENCE NORTH 49&deg;50&rsquo;10&rdquo; EAST 97.31 FEET TO SAID WEST RIGHT-OF-WAY LINE; THENCE ALONG SAID RIGHT-OF-WAY
LINE NORTH 40&deg;10&rsquo;45&rdquo; WEST 100.00 FEET TO THE TRUE POINT OF BEGINNING CONTAINING 2.97 ACRES MORE OR LESS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STOCKTON ACCESS EASEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.7pt; background-color: white">ALL THAT REAL PROPERTY SITUATE
IN THE STATE OF CALIFORNIA, COUNTY OF SAN JOAQUIN, CITY OF STOCKTON, DESCRIBED AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 23.05pt 0pt 0.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 23.05pt 0pt 0.95pt; background-color: white">A PARCEL OF LAND BEING
A PORTION OF SECTION 8, TOWNSHIP 1 NORTH, RANGE 6 EAST, MOUNT DIABLO BASE AND MERIDIAN, MORE PARTICULARLY DESCRIBED AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 23.05pt 0pt 0.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: white">SCHEDULE
5.13(a)</P>

<!-- Field: Page; Sequence: 141; Value: 1 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">COMMENCING AT GPS OCCUPIED POINT 306 AS SHOWN ON THAT CERTAIN
MAP FILED FOR RECORD ON AUGUST 30, 1994 IN BOOK 33 OF SURVEYS AT PAGE 20, SAN JOAQUIN COUNTY RECORDS, SAID POINT HAVING COORDINATES
OF NORTHING 2167315.376 AND EASTING 6320382.066; THENCE SOUTH 37&deg;50&rsquo;04&rdquo; EAST 382.77 FEET TO THE WEST RIGHT-OF-WAY
LINE OF NAVY DRIVE AND BEING THE TRUE POINT OF BEGINNING; THENCE LEAVING SAID WEST RIGHT-OF-WAY LINE SOUTH 49&deg;50&rsquo;10&rdquo;
WEST 18.52 FEET; THENCE ALONG A TANGENT CURVE TO THE RIGHT HAVING A RADIUS OF 75.00 FEET, A CENTRAL ANGLE OF 72&deg;47&rsquo;46&rdquo;
AND AN ARC LENGTH OF 95.29 FEET; THENCE NORTH 57&deg;22&rsquo;04&rdquo; WEST 539.60 FEET; THENCE NORTH 61&deg;29&rsquo;20&rdquo;
WEST 158.40 FEET; THENCE ALONG A TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 534.44 FEET, A CENTRAL ANGLE OF 71&deg;29&rsquo;44&rdquo;
AND AN ARC LENGTH OF 666.89 FEET; THENCE SOUTH 47&deg;00&rsquo;55&rdquo; WEST 843.28 FEET; THENCE ALONG A TANGENT CURVE TO THE
LEFT HAVING A RADIUS OF 381.00 FEET, A CENTRAL ANGLE OF 3&deg;11&rsquo;34&rdquo; AND AN ARC LENGTH OF 21.23 FEET; THENCE SOUTH
45&deg;25&rsquo;09&rdquo; WEST 55.02 FEET; THENCE ALONG A NON TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 150.00 FEET, A CENTRAL
ANGLE OF 15&deg;52&rsquo;13&rdquo;, A CHORD BEARING AND DISTANCE OF SOUTH 37&deg;29&rsquo;02&rdquo; WEST 41.42 FEET, AND AN ARC
LENGTH OF 41.55 FEET; THENCE ALONG A NON TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 390.00 FEET, A CENTRAL ANGLE OF 40&deg;18&rsquo;09&rdquo;,
A CHORD BEARING AND DISTANCE OF SOUTH 09&deg;23&rsquo;52&rdquo; WEST 268.71 FEET AND AN ARC LENGTH OF 274.33 FEET; THENCE NORTH
47&deg;00&rsquo;55&rdquo; EAST 62.21 FEET; THENCE ALONG A NON TANGENT CURVE TO THE RIGHT HAVING A RADIUS OF 339.00 FEET, A CENTRAL
ANGLE OF 52&deg;09&rsquo;07&rdquo;, A CHORD BEARING AND DISTANCE OF NORTH 20&deg;56&rsquo;22&rdquo; EAST 298.02 FEET, AND AN ARC
LENGTH OF 308.56 FEET; THENCE NORTH 47&deg;00&rsquo;55&rdquo; EAST 843.28 FEET; THENCE ALONG A TANGENT CURVE TO THE RIGHT HAVING
A RADIUS OF 492.44 FEET, A CENTRAL ANGLE OF 75&deg;37&rsquo;01&rdquo; AND AN ARC LENGTH OF 649.90 FEET; THENCE SOUTH 57&deg;22&rsquo;04&rdquo;
EAST 803.05 FEET; THENCE NORTH 49&deg;50&rsquo;10&rdquo; EAST 97.31 FEET TO SAID WEST RIGHT-OF-WAY LINE; THENCE ALONG SAID RIGHT-OF-WAY
LINE NORTH 40&deg;10&rsquo;45&rdquo; WEST 100.00 FEET TO THE TRUE POINT OF BEGINNING CONTAINING 2.97 ACRES MORE OR LESS.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STOCKTON PIPELINE EASEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ALL THAT REAL PROPERTY SITUATE IN THE STATE OF CALIFORNIA, COUNTY
OF SAN JOAQUIN, CITY OF STOCKTON, DESCRIBED AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PARCEL OF LAND BEING A PORTION OF SECTION 8, TOWNSHIP 1 NORTH,
RANGE 6 EAST, MOUNT DIABLO BASE AND MERIDIAN, MORE PARTICULARLY DESCRIBED AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">COMMENCING AT GPS OCCUPIED POINT 306 AS SHOWN ON THAT CERTAIN
MAP FILED FOR RECORD ON AUGUST 30, 1994 IN BOOK 33 OF SURVEYS AT PAGE 20, SAN JOAQUIN COUNTY RECORDS, SAID POINT HAVING COORDINATES
OF NORTHING 2167315.376 AND EASTING 6320382.066; THENCE SOUTH 10&deg;57&rsquo;33&rdquo; WEST 627.57 FEET TO THE TRUE POINT OF BEGINNING;
THENCE NORTH 86&deg;59&rsquo;47&rdquo; EAST 593.64 FEET TO THE WEST RIGHT-OF-WAY LINE OF NAVY DRIVE; THENCE CONTINUING ALONG SAID
WEST RIGHT-OF-WAY LINE SOUTH 40&deg;10&rsquo;45&rdquo; EAST 188.26 FEET; THENCE LEAVING SAID WEST RIGHT-OF-WAY LINE SOUTH 86&deg;59&rsquo;47&rdquo;
WEST 77.51 FEET; THENCE ALONG A NON TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 539.06 FEET, A CENTRAL ANGLE OF 10&deg;47&rsquo;32&rdquo;,
A CHORD BEARING AND DISTANCE OF NORTH 30&deg;25&rsquo;13&rdquo; WEST 101.39 FEET, AND AN ARC LENGTH OF 101.54 FEET; THENCE SOUTH
86&deg;59&rsquo;47&rdquo; WEST 583.40 FEET; THENCE NORTH <FONT STYLE="color: black">02&deg;49&rsquo;08&rdquo; WEST 60.00 FEET TO
THE TRUE POINT OF BEGINNING CONTAINING 0.98 ACRES MORE OR LESS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: black">SCHEDULE
5.13(a)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.8in; text-align: right; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.8in; text-align: right; background-color: white">SCHEDULE
5.19(a)(i)<BR>
<U>to Exit Credit Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.8in; text-align: right; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ENVIRONMENTAL WARRANTIES</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Madera:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pacific Ethanol Madera, LLC elected to place certain air permits
on a &ldquo;Dormant&rdquo; status, thus eliminating the unnecessary expense associated with periodic air quality testing. Reactivation
of the permits is an administrative matter, requiring only seven days&rsquo; written notice to the air district. In addition, all
testing requirements will be required to be updated within 60 days of restart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE
5.19(a)(i)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 143; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">SCHEDULE 5.19(d)(ii)<BR>
<U>to Amended and Restated DIP Credit Agreement</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>UNDERGROUND STORAGE TANKS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE 5.19(d)(ii)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">SCHEDULE 5.23<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SEPARATENESS PROVISIONS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of Pacific Holding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific
Holding shall do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter
and statutory) and franchises; provided, however, that Pacific Holding shall not be required to preserve any such right or franchise
if the member of Pacific Holding shall determine that the preservation thereof is no longer desirable for the conduct of its business
and that the loss thereof is not disadvantageous in any material respect to Pacific Holding. For so long as any Obligation remains
outstanding, Pacific Holding shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;maintain
its own separate books and records and bank accounts (other than the Project Accounts);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
all times conduct its business solely in its own name in a manner not misleading to other Persons as to its identity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file
its own tax returns, if any, as may be required under applicable law, to the extent (1) not part of a consolidated group filing
a consolidated return or returns or (2) not treated as a division for tax purposes of another taxpayer, and pay any taxes so required
to be paid under applicable law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not
commingle its assets with assets of any other Persons and hold all of its assets in its own name (except to the extent otherwise
provided in the Financing Documents );</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;strictly
comply with all organizational formalities to maintain its separate existence;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;maintain
separate financial statements, showing its assets and liabilities separate and apart from those of any other Person (other than
any of Pacific Holding&rsquo;s subsidiaries), and not have its assets listed on any financial statement of any other Person; provided,
however, that Pacific Holding&rsquo;s assets may be included in consolidated financial statements of one of its Affiliates, provided
that (i) appropriate disclosure within the consolidated financial statements or footnotes thereto shall be made to indicate the
separateness of Pacific Holding from such Affiliate and to indicate that Pacific Holding&rsquo;s assets and credit are not available
to satisfy the debts and other obligations of such Affiliate or any other Person and (ii) such assets shall also be listed on Pacific
Holding&rsquo;s own separate balance sheet;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pay
its own liabilities only out of its own funds or from the Project Accounts; provided, however, the foregoing shall not require
the member of Pacific Holding to make any additional capital contributions to Pacific Holding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SCHEDULE 5.23</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;maintain
an arm&rsquo;s-length relationship with its Affiliates and the member of Pacific Holding and enter into transactions with Affiliates
and any such member only on a commercially reasonable basis and on terms similar to those of an arm&rsquo;s-length transaction
(except to the extent it may (i) guarantee the obligations of another Borrower as permitted under the Financing Documents or (ii)
enter into any contract or any other Affiliate transaction permitted under the Credit Agreement);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;correct
any known misunderstanding regarding its separate identity and not identify itself as a division of any other Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;maintain
adequate capital in light of its contemplated business purpose, transactions and liabilities; provided, however, the foregoing
shall not require the member of Pacific Holding to make any additional capital contributions to Pacific Holding; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cause
any directors, officers, agents and other representatives of Pacific Holding to act at all times with respect to Pacific Holding
consistently and in furtherance of the foregoing and in the best interests of Pacific Holding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of each other Borrower:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
Borrower shall maintain separate bank accounts and separate books of account from each other Borrower and the Pledgor (other than
the Project Accounts maintained in accordance with the Credit Agreement). The separate liabilities of such Borrower shall be readily
distinguishable from the liabilities of each of its Affiliates, including the Pledgor (except to the extent otherwise contemplated
by the Transaction Documents). Such Borrower shall conduct its business solely in its own name in a manner not misleading to other
Persons as to its identity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
Borrower shall not, so long as any Obligation is outstanding and to the extent restricted by the Financing Documents, amend, alter
or change the terms of its limited liability company agreement in any material respect unless the Administrative Agent consents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
so long as any Obligation remains outstanding, such Borrower shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;maintain
its own separate books and records and bank accounts (other than the Project Accounts);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file
its own tax returns, if any, as may be required under applicable law, to the extent (1) not part of a consolidated group filing
a consolidated return or returns or (2) not treated as a division for tax purposes of another taxpayer, and pay any taxes so required
to be paid under applicable law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not
commingle its assets with assets of any other Persons and hold all of its assets in its own name (except to the extent otherwise
provided in the Financing Documents);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;strictly
comply with all organizational formalities to maintain its separate existence;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SCHEDULE 5.23</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pay
its own liabilities only out of its own funds or from the Project Accounts, provided, however, the foregoing shall not require
the member of such Borrower to make any additional capital contributions to such Borrower;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;maintain
an arm&rsquo;s-length relationship with its Affiliates and the member of such Borrower and enter into transactions with Affiliates
and the member of such Borrower only on a commercially reasonable basis and on terms similar to those of an arm&rsquo;s-length
transaction (except to the extent it may (1) guarantee the obligations of another Borrower as permitted under the Financing Documents
or (2) enter into any contract or any other Affiliate transaction permitted under the Credit Agreement);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;correct
any known misunderstanding regarding its separate identity and not identify itself as a division of any other Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;maintain
adequate capital in light of its contemplated business purpose, transactions and liabilities; provided, however, the foregoing
shall not require the member of such Borrower to make any additional capital contributions to such Borrower; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cause
any directors, officers, agents and other representatives of such Borrower to act at all times with respect to such Borrower consistently
and in furtherance of the foregoing and in the best interests of such Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE 5.23</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">SCHEDULE 5.28<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>LEGAL NAMES AND PLACE OF BUSINESS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Legal Names</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Pacific Holding: Pacific Ethanol
Holding Co. LLC, a Delaware limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Madera: Pacific Ethanol Madera
LLC, a Delaware limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: -58.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 10%">Boardman:</TD>
    <TD STYLE="width: 90%">Pacific Ethanol Columbia, LLC, a Delaware limited liability company. This entity was known as PE Columbia Ethanol, LLC from its
formation until March 2006.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 10%">Stockton:</TD>
    <TD STYLE="width: 90%">Pacific Ethanol Stockton LLC, a Delaware limited liability company. This entity was known as Pacific Ethanol Visalia LLC from
its formation until June 2006.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Burley: Pacific Ethanol Magic
Valley, LLC, a Delaware limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sole Place of Business and Chief Executive Office of Each
Borrower</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sacramento, California 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE 5.28</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">SCHEDULE 5.29<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>BROKER FEES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE 5.29</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">SCHEDULE 6.01(a)(ix)<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>PART A &ndash; Closing Date Consents</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Asset Management Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Grain Supply Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Ethanol Offtake Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
DG Offtake Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>PART B &ndash; Post Closing Consents</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Burley Heiskell GSA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Stockton Heiskell GSA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Boardman CHS GSA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 6.01(a)(ix)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">SCHEDULE 6.01(m)A<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Initial Budget</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>See attached.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 6.01(m)A<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; border-bottom: windowtext 1pt solid; padding-right: 6.75pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">
 <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PEHC Q4'12 QUARTERLY BUDGET</B></FONT></TD>
    <TD STYLE="width: 32%; border-bottom: windowtext 1pt solid; background-color: #C00000; padding-left: 5.4pt; font-size: 10pt; color: white; text-align: center">September 28, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.95pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt">PEHC Q4'12 quarterly budget ("Q412 Budget") was developed
from the PEHC 2012 annual budget ("Prior Budget") with updated commodity prices and cost reduction.</P>

<P STYLE="color: #1F497D; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt">Commodity and Operation Assumptions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt">Commodity price assumptions are based on recent market moves,
with</P>

<UL TYPE="DISC" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font-family: Times New Roman, Times, Serif; line-height: 1.5">Corn price: assuming futures of $7.50/bu based on September
ten days trading average.</LI>

<LI STYLE="margin: 0pt 0; font-family: Times New Roman, Times, Serif; line-height: 1.5">Commodity margin: assumes an increase from 10 cpg in Week
1 to 25 cpg in Week 4 and then holding steady through the remainder of the quarter.</LI>

<LI STYLE="margin: 0pt 0; font-family: Times New Roman, Times, Serif; line-height: 1.5">Ethanol, WDG/Syrup, natural gas prices are also updated based
on traders' estimates and current market information/existing positions. Please note the risks associated with commodity given
the market volatility.</LI>

<LI STYLE="margin: 0pt 0; font-family: Times New Roman, Times, Serif; line-height: 1.5">For Stockton facility, the model assumes Milo as 50% of feedstock
throughout the fourth quarter.</LI>

<LI STYLE="margin: 0pt 0; font-family: Times New Roman, Times, Serif; line-height: 1.5">The budget assumes production rate to be 75% for Columbia,
100% for Magic Valley and 90% for Stockton. Blend ratio is 2.25%.</LI>

</UL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="color: #1F497D; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt">Other Cash Budget Items</P>

<UL TYPE="DISC" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font-family: Times New Roman, Times, Serif; line-height: 1.5"><U>Working Capital Assumptions</U>: The budget assumes Kinergy
to pay plants earlier by maximum $9M from the end of Q3. On average, Kinergy is to pay plants earlier by 5-7 days.</LI>

<LI STYLE="margin: 0pt 0; font-family: Times New Roman, Times, Serif; line-height: 1.5"><U>Beginning week of new quarterly budget</U>: The Q412 Budget
begins on Oct 1<SUP>st</SUP> and ends on Dec 30<SUP>th</SUP>; beginning cash is based/reconciled based on estimated ending cash
balance based on latest weekly forecasts.</LI>

<LI STYLE="margin: 0pt 0; font-family: Times New Roman, Times, Serif; line-height: 1.5"><U>Capital Expenditures</U>: Capital expenditure budget was
revised given the current tight cash situation, with 2012 totaling at $1.5M, compared to original budget of $4M and prior forecasts
of $2.9M. For Q42012, we expect to incur $0.5M, compared to $1.5M in the original annual budget. Please see Appendix III for schedule.</LI>

</UL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="color: #1F497D; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt">13 Week Weekly Cash Flow Scenario Analysis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt">We also provide a scenario analysis to evaluate the impact on
cash flow:</P>

<UL TYPE="DISC" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font-family: Times New Roman, Times, Serif; line-height: 1.5">Assume sales of Madera to Pitman to be completed in November,
with proceeds totaling $10M received by month end. $5M is to pay down term loan and the other $5M is to pay down revolver facility.
Revolver usage increases to $42.4M by Week 8 consistent with the Base Case but is then reduced to $36M with 1/2 the proceeds from
the asset sale is used to reduce revolver balance and service liquidity needs.</LI>

<LI STYLE="margin: 0pt 0; font-family: Times New Roman, Times, Serif">Assume Targa project is to be in effective in December. Proceeds
total $3M with $0.1M deposits In the middle of October and $2.9 coming in the beginning of December.</LI>

<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 6.01(m) A&nbsp;</P>
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</UL STYLE="font-family: Times New Roman, Times, Serif">

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; border-bottom: windowtext 1pt solid; padding-right: 6.75pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PEHC
    Q4'12 QUARTERLY BUDGET</B></FONT></TD>
    <TD STYLE="width: 32%; border-bottom: windowtext 1pt solid; background-color: #C00000; padding-right: 6.75pt; padding-left: 5.4pt; font-size: 10pt; color: white; text-align: center">September 28, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Table 1: Comparison of Annual Budget and Quarterly Budget</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: #B2A1C7">&nbsp;</TD><TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; background-color: #B2A1C7">Annual Budget </TD><TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; background-color: #F79646">Quarterly Budget</TD><TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; text-align: center; background-color: #C2D69B"><B>Quarterly Actuals</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Q112</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Q212</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Q312</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Q412</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Q112</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Q212</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Q312</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Q412</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Q112 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Q212</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Jul-Aug</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Commodity Prices</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 23%; text-align: left; padding-left: 9pt">Ethanol (OPIS LA) $/gal</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">2.70</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">2.77</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">2.79</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="width: 4%; text-align: right">2.66</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">2.49</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">2.59</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">2.62</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="width: 4%; text-align: right">2.57</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">2.32</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">2.29</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">2.74</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt">Corn (futures) $/bu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.78</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.87</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.56</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">6.07</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">7.50</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.41</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.81</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt">Commodity Margin S/gal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">0.60</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.35</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">0.23</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.24</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.23</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total sales gallons - mm</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">40.0</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">35.5</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">n/a</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Income Statements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt">Sales $mm</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">131.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">135.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">138.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">129.8</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">122.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">122.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">132.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">124.0</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">105.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">112.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">n/a</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt">Cost of Goods Sold</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">125.4</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">130.8</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">n/a</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">4.4</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.4</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">(6.8</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9.4</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">n/a</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9pt">SG&amp;A Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">1.2</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">1.0</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">n/a</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt">PEHC Board Level SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">n/a</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9pt">Depreciation/Amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">n/a</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt">Interest Expense (Income)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">2.7</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">2.9</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">n/a</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt">Net income (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(5.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(3.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(9.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(6.7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(3.1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">(11.0</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(13.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(11.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">n/a</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Consol EBITDA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">5.7</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(4.4</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1.1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">(5.2</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(8.1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(5.4</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">n/a</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Consol EBITDA $/gal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">0.14</TD><TD STYLE="text-align: right; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.11</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.03</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.07</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(0.15</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.23</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.15</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">n/a</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Table 2: Capital Expenditure Budget Summary</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Annual Budget</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Actuals &amp; Forecasts</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q112</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q212</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q312</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q412</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">TOTAL</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q112 A</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q212 A</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q312 A</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q412</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">TOTAL</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font-weight: bold; text-align: left">PECOL</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">200,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">352,500</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">65,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="width: 6%; text-align: right; border-right: Black 1pt solid">700,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">1,317,500</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">9,200</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">210,800</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">$</TD><TD STYLE="width: 6%; text-align: right; border-bottom: Black 1pt solid">220,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">PEMV</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">273,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">276,250</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-right: Black 1pt solid">78,750</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">760,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,952</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">37,163</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">134,214</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">191,684</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">489,013</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">PES</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">245,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">305,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">665,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-right: Black 1pt solid; border-bottom: Black 1pt solid">700,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,915,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">21,795</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">138.031</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">282,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">355,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">797,326</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">577,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">930,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,006,250</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-right: Black 1pt solid; border-bottom: Black 1pt solid">1,478,750</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,992,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">147,747</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">184,394</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">627,514</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">546,684</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,506,339</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 41.4pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Appendix I: Quarterly Budget - Mthly P&amp;L Budget</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Appendix II: Quarterly Budget - 13-wk Weekly Cash Flow</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Appendix III: Capital Expenditure Schedule 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Appendix IV: Quarterly Budget - 13-wk Weekly Cash Flow Scenario
Analysis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE 6.01(m)A&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: bold 7pt Times New Roman, Times, Serif; margin: 0pt 0">Appendix I - 2012Q4 Budget Financial Statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">New <FONT STYLE="font-size: 7pt">PEHoldco LLC Consolidated</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Income Statement/Balance
Sheet/Cash Flow Statements Forecast</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Q4'12 Quarterly Budget</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 47%; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Oct-12</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Nov-12</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Dec-12</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; border-right: windowtext 1pt solid; padding-right: 1.7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 1.7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Total
    Q412</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.7pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6.25pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.7pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.7pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">Production Gallons</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">12,068,580&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">11,419,373</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">12,001,994&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">35,489,947&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD ROWSPAN="2"><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 27pt"><FONT STYLE="font-size: 7pt">OPIS LA</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 27pt"><FONT STYLE="font-size: 7pt">Corn</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 27pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">$<BR>
    $</FONT></TD>
    <TD ROWSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">2.528</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">7.500</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD ROWSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">2.598</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">7.500</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD ROWSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">2.598</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">7.500</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: windowtext 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">2.575</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">7.500</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0"><FONT STYLE="font-size: 7pt">$</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0"><FONT STYLE="font-size: 7pt">$</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 4.5pt"><FONT STYLE="font-size: 7pt"><B>Commodity
        Crush Margin</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 4.5pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">0.180&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">0.250&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">0.250&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">0.227&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 4.5pt"><FONT STYLE="font-size: 7pt"><B>Income
        Statement Forecast</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 4.5pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">Sales</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 27pt"><FONT STYLE="font-size: 7pt">Ethanol</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 27pt"><FONT STYLE="font-size: 7pt">Co-products</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 27pt"><FONT STYLE="font-size: 7pt">Other/CEPIP</FONT></P></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">30,826,456</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">11,030,300</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">&#9;29,844,789</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">10,430,216</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">&#9;30,939,316</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">10,967,000</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">&#9;91,610,561</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">32,427,516</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 0.5in; font-weight: bold"><FONT STYLE="font-size: 7pt">Total sales</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">41,856,757&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">40,275,005&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">41,906,316&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">124,038,078&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">Cost of Goods Sold</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Raw materials and Ingredients</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">41,220,907&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">38,836,788&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">40,336,273&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">120,393,967&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Labor</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">1,167,453&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">1,045,066&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">1,153,455&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">3,365,974&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Maintenance, supplies</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Production overhead</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">565,430&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">556,381&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">555,295&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">1,677,106&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Depreciation expense - PPE</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">927,810&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">925,727&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">929,070&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">2,782,607&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Ethanol maliceting fee</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">274,603&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">258,565&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">269,202&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">802,370&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">WDG marketing fee</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">380,815&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">360,324&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">378,607&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">1,119,746&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Com procurement fee</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">195,848&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">185,310&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">194,712&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">575,869&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Non-cash compensation</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">25,083&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">25,083&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">25,083&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">75,250&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Derivative (gain) loss</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 0.5in; font-weight: bold"><FONT STYLE="font-size: 7pt">Total cost of goods
    sold</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">44,757,950&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">42,193,244&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">43,841,697&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">130,792,890&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">Gross profit</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,901,193)</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,918,239)</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,935,381)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">(6,754,813)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">SG&amp;A Expenses</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">O&amp;M fee</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">273,000&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">273,000&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">273,000&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">819,000&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Other 508,A at ethanol plants</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">33,083&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">33,083&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">33,083&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">99,250&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">PEHC Professional
    Fee (audit/ property tax/license</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">41,967&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">41.967&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">41,967&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">125,900&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 0.5in; font-weight: bold"><FONT STYLE="font-size: 7pt">Total SG&amp;A expenses</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">348,050&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">348,050&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">348,050&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">1,044,150&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">Operating
    Income (loss) before special items</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(3,249,243)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(2,266,289)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(2,283,431)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(7,798,963</B>)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">PEHC Board Level SG&amp;A</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Board</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Officer</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Advisor</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">15,000&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">15,000&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">15,000&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">45,000&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Bank Advisor</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">10,000&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">10,000&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">10,000&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">30,000&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Other SG&amp;A</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">15,000&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">15,000&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">15,000&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">45,000&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">D&amp;O insurance</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">6,667&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">6,667&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">6.667&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">20,000&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 27pt; font-weight: bold"><FONT STYLE="font-size: 7pt">Total
    PEHC Board Level SG&amp;A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">46,667&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">46,667&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">46,667&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">140,000&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">Depreciation/Amortization</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Depreciation expense - non-plant</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">2,822&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">2,822&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">2,822&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">8,467&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Amortization expense- intangible assets</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Amortixation expense- financing costs</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">52,036&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">50,358&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">52,036&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">154.431&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 0.5in; font-weight: bold"><FONT STYLE="font-size: 7pt">Total depreciation/amortization</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">54,859&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">53,180&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">54,859&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">162,897&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">Interest Expense (Income)</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Term Loan A</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">585,081&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">566,208&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">585,081&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">1,736,371&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Exit Fanny Revolver</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">353,345&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">395,027&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">413,619&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">1,161,992&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Bank fee</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">6,500&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">6,500&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">36,500&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">49,500&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 27pt"><FONT STYLE="font-size: 7pt">Interest Income</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; text-align: right">-<FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; text-align: right">-<FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 0.5in; font-weight: bold"><FONT STYLE="font-size: 7pt">Total Interest expense
    (income)</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">944,927&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">967,735&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">1,035,201&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">2,947,863&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">Net Income (loss)</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(4,295,695)</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(3,333,871)</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(3,420,157)</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right; border-right: Black 2.5pt solid"><FONT STYLE="font-size: 7pt"><B>(11,049,723)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt">Plants EBITDA $</FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(2,279,466)</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(1,298,585)</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(1,312,394</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(4,890,456)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt"><B>Consol EBITDA $</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(2,368,100)</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(1,387,229)</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(1,401,028)</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt"><B>$</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(5,156,356&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt"><B>Consol EBITDA $/gal</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(0.15)</B></FONT></TD></TR>
</TABLE>

<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 6.01(m) A&nbsp;</P>
<!-- Field: Page; Sequence: 154 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">CONFIDENTIAL</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">Pacific Ethanol Holding Company, LLC</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">Income Statement Forecast</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">Years Ending December 31, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: center">Oct-12</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Nov-12</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 1.7pt; font-weight: bold; text-align: center">Dec-12</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; padding-right: 1.7pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.7pt; font-weight: bold; text-align: center">Total Q412</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.7pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Sales</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Ethanol</TD>
    <TD STYLE="text-align: right">$</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">$</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">$</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">$</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Co-products</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Other/CEPIP</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.7pt; font-weight: bold">Total sales</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Cost of Goods Sold</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Raw materials and ingredients</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Labor, maintenance, supplies</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Production overhead</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Depreciation expense - PPE</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Ethanol marketing fee</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">WDG marketing fee</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Corn procurement fee</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Non-cash compensation</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">5,833&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">5,833&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">5,833&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">17,500&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Derivative (gain) loss</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt; font-weight: bold">Total cost of goods sold</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">5,833&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">5,833&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">5,833&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">17,500&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Gross profit</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">(5,833)</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">(5,833)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">(5,833)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">(17,500)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">SG&amp;A Expenses</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Other SG&amp;A at ethanol plants</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">O&amp;M fee</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">PEHC Professional Fee (audit/property tax/license fee</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right; border-bottom: Black 1pt solid">41,967&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right; border-bottom: Black 1pt solid">41,967&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right; border-bottom: Black 1pt solid">41,967&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">125,900&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt; font-weight: bold; padding-bottom: 1pt">Total SG&amp;A expenses</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right; border-bottom: Black 1pt solid">41,967&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right; border-bottom: Black 1pt solid">41,967&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right; border-bottom: Black 1pt solid">41,967&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">125,900&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Operating income (loss) before special items</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(47,800)</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(47,800)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(47,800)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(143,400)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">PEHC Board Level SG&amp;A</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Board</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Officer</TD>
    <TD STYLE="padding-right: 10.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Advisor</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">15,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">15,000&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">15,000&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">45,000&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Bank Advisor</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">10,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">10,000&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">10,000&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">30,000&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Other SG&amp;A</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">15,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">15,000&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">15,000&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">45,000&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">D&amp;O Insurance</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">6,667&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">6,667&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">6,667&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">20,000&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt; font-weight: bold">Total PEHC Board Level SG&amp;A</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">46,667&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">46,667&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">46,667&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">140,000&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Depreciation/Amortization</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Depreciation expense - non-plant</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Amortization expense - intangible assets</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Amortization expense - financing costs</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">52,036&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">50,358&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">52,036&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">154,431&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt; font-weight: bold"><B>Total depreciation/amortization</B></TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">52,036&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">50,358&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">52,036&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">154,431&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Interest Expense (Income)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Term Loan A</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">585,081&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">566,208&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">585,081&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">1,736,371&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Exit Facility Revolver</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">353,345&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">395,027&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">413,619&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">1,161,992&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Bank fee (bank analysis fee + WF agency fee)</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">6,500&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">6,500&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">36,500&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">49,500&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Interest income</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt; font-weight: bold"><B>Total interest expense (income)</B></TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">944,927&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">967,735&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">1,035,201&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">2,947,863&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Net income (loss)</TD>
    <TD STYLE="padding-right: 1.45pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(1,091,430)</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(1,112,560)</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(1,181,704)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(3,385,693)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">EBITDA $</TD>
    <TD STYLE="padding-right: 1.45pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(94,467)</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(94,467)</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(94,467)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(283,400)</TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="text-align: center">
SCHEDULE 6.01(m)A</P>
<!-- Field: Page; Sequence: 155 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">CONFIDENTIAL</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Pacific Ethanol Columbia, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Income Statement Forecast</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Years Ending December 31, 2012</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: center">Oct-12</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Nov-12</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 1.7pt; font-weight: bold; text-align: center">Dec-12</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; padding-right: 1.7pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; background-color: white; padding-right: 1.7pt; font-weight: bold; text-align: center">Total Q412</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.7pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Sales</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Ethanol</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">6,721,980&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">5,952,357&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">$</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">6,372,904&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">$</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">19,047,241&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Co-products</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">2,428,527&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">2,115,169&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">2,350,188&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">6,893,884&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Other/CEPIP</TD>
    <TD STYLE="padding-right: 6.7pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt; font-weight: bold">Total sales</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">9,150,507&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">8,067,526&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">8,723,092&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">25,941,126&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Cost of Goods Sold</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Raw materials and ingredients</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">9,128,524&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">7,875,216&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">8,460,075&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">25,463,814&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Labor, maintenance, supplies</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">400,898&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">288,189&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">290,898&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">979,984&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Production overhead</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">133,997&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">131,997&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">127,997&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">393,992&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Depreciation expense - PPE</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">208,476&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">206,400&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">208,546&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">623,422&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Ethanol marketing fee</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">59,990&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">51,687&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">55,339&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">167,016&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">WDG marketing fee</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">81,475&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">70,962&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">78,847&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">231,284&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Corn procurement fee</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">41,902&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">36,495&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">40,550&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">118,946&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Non-cash compensation</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">5,833&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">5,833&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">5,833&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">17,500&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Derivative (gain) loss</TD>
    <TD STYLE="padding-right: 6.7pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt"><B>Total cost of goods sold</B></TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">10,061,095&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">8,666,779&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">9,268,084&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">27,995,959&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Gross profit</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">(910,588)</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">(599,253)</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">(544,992)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">(2,054,833)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">SG&amp;A Expenses</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">O&amp;M fee</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">77,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">77,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">77,000&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">231,000&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Other SG&amp;A at ethanol plants</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">6,167&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">6,167&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">6,167&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">18,500&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">PEHC Professional Fee (audit/property tax/license fee</TD>
    <TD STYLE="padding-right: 6.7pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total SG&amp;A expenses</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">83,167&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">83,167&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">83,167&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">249,500&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Operating income (loss) before special items</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(993,755)</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(682,420)</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(628,159)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(2,304,333)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">PEHC Board Level SG&amp;A</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Board</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Officer</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Advisor</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Bank Advisor</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Other SG&amp;A</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">D&amp;O Insurance</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total PEHC Board Level SG&amp;A</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Depreciation/Amortization</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Depreciation expense - non-plant</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; text-align: right">1,140&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; text-align: right">1,140&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; text-align: right">1,140&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">3,419</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Amortization expense</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total depreciation/amortization</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; text-align: right">1,140&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; text-align: right">1,140&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; text-align: right">1,140&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">3,419</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Interest Expense (Income)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Term Loan A</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Exit Facility Revolver</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Bank fee</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Interest income</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total interest expense (income)</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Net income (loss)</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold">$</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.2pt; font-weight: bold; text-align: right">(994,895)</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 1.95pt; font-weight: bold; text-align: right">(683,559)</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right">(629,299)&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">(2,307,753)</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">EBITDA $ before special Items</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold">$</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">(785,276)</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (476,020)</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="padding-right: 1.25pt; font-weight: bold; text-align: right">419,613&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">(1,680,911)</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 15px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="text-align: center">SCHEDULE 6.01(m) A&nbsp;</P>
<!-- Field: Page; Sequence: 156 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">CONFIDENTIAL</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Pacific Ethanol Magic Valley,
LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Income Statement Forecast</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Years Ending December 31, 2012</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: center">Oct-12</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Nov-12</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 1.7pt; font-weight: bold; text-align: center">Dec-12</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; padding-right: 1.7pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; background-color: white; padding-right: 1.7pt; font-weight: bold; text-align: center">Total Q412</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.7pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Sales</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Ethanol</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="text-align: right">12,606,372&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">12,537,178&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">$</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">13,269,590&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">$</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">38,413,140&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Co-products</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">4,526,477&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">4,375,594&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">4,677,359&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">13,579,430&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Other/CEPIP</TD>
    <TD STYLE="padding-right: 6.7pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total sales</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">17,132,849&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">16,912,772&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">17,946,950&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">51,992,571&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Cost of Goods Sold</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Raw materials and ingredients</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">17,148,713&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">16,592,103&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">17,574,505&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">51,315,323&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Labor, maintenance, supplies</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">324,578&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">320,784&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">370,578&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">1,015,940&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Production overhead</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">144,765&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">144,551&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">144,980&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">434,296&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Depreciation expense - PPE</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">256,679&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">257,284&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">256,807&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">770,769&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Ethanol marketing fee</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">112,363&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">108,617&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">116,108&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">337,088&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">WDG marketing fee</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">155,967&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">150,768&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">161,166&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">467,902&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Corn procurement fee</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">80,212&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">77,538&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">82,885&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">240,635&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Non-cash compensation</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">5,833&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">5,833&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">5,833&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">17,500&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Derivative (gain) loss</TD>
    <TD STYLE="padding-right: 6.7pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total cost of goods sold</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">18,229,111&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">17,657,480&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">18,712,863&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">54,599,454&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Gross profit</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">(1,096,262)</TD>
    <TD STYLE="padding-right: 2.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">(744,708)</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">(765,914)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">(2,606,884)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">SG&amp;A Expenses</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">O&amp;M fee</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">77,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">77,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">77,000&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">231,000&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Other SG&amp;A at ethanol plants</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">12,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">12,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">12,000&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">36,000&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt">PEHC Professional Fee (audit/property tax/license fee</TD>
    <TD STYLE="vertical-align: top; padding-right: 6.7pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total SG&amp;A expenses</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">89,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">89,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">89,000&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">267,000&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Operating income (loss) before special items</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(1,185,262)</TD>
    <TD STYLE="padding-right: 2.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(833,708)</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(854,914)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(2,873,884)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">PEHC Board Level SG&amp;A</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Board</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Officer</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Advisor</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Bank Advisor</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Other SG&amp;A</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">D&amp;O Insurance</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total PEHC Board Level SG&amp;A</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Depreciation/Amortization</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Depreciation expense - non-plant</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; text-align: right">370&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; text-align: right">370&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; text-align: right">370&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">1,111&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Amortization expense</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total depreciation/amortization</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; text-align: right">370&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; text-align: right">370&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; text-align: right">370&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">1,111&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Interest Expense (Income)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Term Loan A</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Exit Facility Revolver</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Bank fee</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Interest income</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total interest expense (income)</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Net income (loss)</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold">$</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.2pt; font-weight: bold; text-align: right">(1,185,632)</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 1.95pt; font-weight: bold; text-align: right">(834,079)</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><B>(855,284)</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">(2,874,995)</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">EBITDA $ before special Items</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold">$</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">(928,583)</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">(576,425)</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="padding-right: 1.25pt; font-weight: bold; text-align: right">(598,107)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">(2,103,114)</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 15px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE 6.01(m)A&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 157 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">CONFIDENTIAL</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Pacific Ethanol Stockton, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Income Statement Forecast</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Years Ending December 31, 2012</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: center">Oct-12</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Nov-12</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 1.7pt; font-weight: bold; text-align: center">Dec-12</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; padding-right: 1.7pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; background-color: white">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0; text-align: center"><B>Total Q412</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.7pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Sales</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Ethanol</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="text-align: right">11,498,105&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">11,355,253&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">$</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">11,296,822&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">$</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">34,150,180&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Co-products</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">4,075,296&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">3,939,453&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">3,939,453&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">11,954,202&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Other/CEPIP</TD>
    <TD STYLE="padding-right: 6.7pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total sales</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">15,573,401&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">15,294,706&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">15,236,274&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">46,104,381&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Cost of Goods Sold</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Raw materials and ingredients</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">14,933,006&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">14,358,802&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">14,291,028&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">43,582,835&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Labor, maintenance, supplies</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">352,742&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">348,333&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">402,742&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">1,103,817&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Production overhead</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">203,506&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">196,671&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">196,597&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">596,775&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Depreciation expense - PPE</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">282,873&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">282,261&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">283,935&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">849,069&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Ethanol marketing fee</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">102,250&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">98,261&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">95,755&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">298,267&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">WDG marketing fee</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">143,373&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">138,594&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">138,594&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">420,560&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Corn procurement fee</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">73,735&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">71,277&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">71,277&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">216,288&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Non-cash compensation</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">5,833&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">5,833&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">5,833&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">17,500&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Derivative (gain) loss</TD>
    <TD STYLE="padding-right: 6.7pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total cost of goods sold</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">16,097,317&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">15,500,032&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">15,487,761&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">47,085,111&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Gross profit</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">(523,917)</TD>
    <TD STYLE="padding-right: 2.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">(205,326)</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">(251,487)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">(980,730)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">SG&amp;A Expenses</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">O&amp;M fee</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">77,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">77,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">77,000&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">231,000&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Other SG&amp;A at ethanol plants</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">12,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">12,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">12,000&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">36,000&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt">PEHC Professional Fee (audit/property tax/license fee</TD>
    <TD STYLE="vertical-align: top; padding-right: 6.7pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total SG&amp;A expenses</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">89,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">89,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">89,000&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">267,000&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Operating income (loss) before special items</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(612,917)</TD>
    <TD STYLE="padding-right: 2.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(294,326)</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(340,487)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(1,247,730)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">PEHC Board Level SG&amp;A</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Board</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Officer</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Advisor</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Bank Advisor</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Other SG&amp;A</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">D&amp;O Insurance</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total PEHC Board Level SG&amp;A</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Depreciation/Amortization</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Depreciation expense - non-plant</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; text-align: right">959&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; text-align: right">959&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; text-align: right">959&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; font-weight: bold; text-align: right">2,877&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Amortization expense</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total depreciation/amortization</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; text-align: right">959&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; text-align: right">959&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; text-align: right">959&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; font-weight: bold; text-align: right">2,877&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Interest Expense (Income)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Term Loan A</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Exit Facility Revolver</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Bank fee</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Interest income</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total interest expense (income)</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Net income (loss)</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold">$</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.2pt; font-weight: bold; text-align: right">(613,876)</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 1.95pt; font-weight: bold; text-align: right">(295,285)</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right">(341,446)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">(1,250,607)</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">EBITDA $ before special Items</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold">$</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">(330,044)</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">(12,065)</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="padding-right: 1.25pt; font-weight: bold; text-align: right">(56,552)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">(398,661)</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 15px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE 6.01(m)A&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">CONFIDENTIAL</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Pacific Ethanol Madera, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Income Statement Forecast</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Years Ending December 31, 2012</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: center">Oct-12</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Nov-12</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 1.7pt; font-weight: bold; text-align: center">Dec-12</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; padding-right: 1.7pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.7pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Sales</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Ethanol</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">$</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right"></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Co-products</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Other/CEPIP</TD>
    <TD STYLE="padding-right: 6.7pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total sales</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Cost of Goods Sold</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Raw materials and ingredients</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">10,665&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">10,665&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">10,665&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Labor, maintenance, supplies</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">89,235&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">87,760&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">89,237&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Production overhead</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">83,161&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">83,161&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">85,721&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Depreciation expense - PPE</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">179,783&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">179,783&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">179,783&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Ethanol marketing fee</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">WDG marketing fee</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Corn procurement fee</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Non-cash compensation</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">1,750&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">1,750&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">1,750&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Derivative (gain) loss</TD>
    <TD STYLE="padding-right: 6.7pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total cost of goods sold</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">364,593&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">363,119&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">367,155&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Gross profit</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">(364,593)</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">(363,119)</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">(367,155)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">SG&amp;A Expenses</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">O&amp;M fee</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">42,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">42,000&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">42,000&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Other SG&amp;A at ethanol plants</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.4pt; text-align: right">2,917&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">2,917&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">2,917&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.35pt; padding-left: 4.5pt">PEHC Professional Fee (audit/property tax/license fee</TD>
    <TD STYLE="vertical-align: top; padding-right: 6.7pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total SG&amp;A expenses</TD>
    <TD STYLE="padding-right: 2.2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">44,917&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">44,917&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">44,917&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Operating income (loss) before special items</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(409,510)</TD>
    <TD STYLE="padding-right: 2.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(408,035)</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">(412,072)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">PEHC Board Level SG&amp;A</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Board</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Officer</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Advisor</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Bank Advisor</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Other SG&amp;A</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">D&amp;O Insurance</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total PEHC Board Level SG&amp;A</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Depreciation/Amortization</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Depreciation expense - non-plant</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; text-align: right">353&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; text-align: right">353&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; text-align: right">353&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Amortization expense</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total depreciation/amortization</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; text-align: right">353&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; text-align: right">353&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; text-align: right">353&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Interest Expense (Income)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Term Loan A</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Exit Facility Revolver</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Bank fee</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">Interest income</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 13.9pt">Total interest expense (income)</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.35pt; padding-left: 4.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">Net income (loss)</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold">$</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.2pt; font-weight: bold; text-align: right">(409,863)</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 1.95pt; font-weight: bold; text-align: right">(408,388)</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right">(412,425)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">EBITDA $ before special Items</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold">$</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">(229,727)</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">(228,253)</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">$</TD>
    <TD STYLE="padding-right: 1.25pt; font-weight: bold; text-align: right">(232,289)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.35pt; padding-left: 4.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 2.2pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.95pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 1.75pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 15px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE 6.01(m)A&nbsp;</P>

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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Appendix II: Quarterly Budget
&ndash; 13-wk Weekly Cash Flow</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Pacific Ethanol Holding Co.
LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>As of September 27, 2012</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 6pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 6pt">OCTOBER</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; background-color: #F2F2F2"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 6pt">NOVEMBER</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; background-color: #F2F2F2"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 6pt">DECEMBER</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; background-color: #F2F2F2"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">wk
                                                                                                                              1<BR>
                                                                                                                              10/01-10/07</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">wk
                                                                                                                              2<BR>
                                                                                                                              10/08-10/14</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">wk
                                                                                                                              3<BR>
                                                                                                                              10/15-10/21</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">wk
                                                                                                                              4<BR>
                                                                                                                              10/22-10/28</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">wk
                                                                                                                              5<BR>
                                                                                                                              10/29-11/4</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">wk
                                                                                                                              6<BR>
                                                                                                                              11/5-11/11</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">wk
                                                                                                                              7<BR>
                                                                                                                              11/12-11/18</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">wk
                                                                                                                              8<BR>
                                                                                                                              11/19-11/25</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">wk
                                                                                                                              9<BR>
                                                                                                                              11/26-12/02</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">wk
                                                                                                                              10<BR>
                                                                                                                              12/03-12/09</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">wk
                                                                                                                              11<BR>
                                                                                                                              12/10-12/16</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">wk
                                                                                                                              12<BR>
                                                                                                                              12/17-12/23</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">wk
                                                                                                                              13<BR>
                                                                                                                              12/24-12/30</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; font-weight: bold; text-align: left; padding-left: 2.15pt; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">Commodity
    Margin $/gal</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 6pt">0.10</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 6pt">0.15</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 6pt">0.20</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 6pt">0.18</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 6pt">0.25</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 6pt">0.25</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 6pt">0.25</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 6pt">0.25</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 6pt">0.25</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 6pt">0.25</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 6pt">0.25</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 6pt">0.25</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 6pt">0.25</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 2.15pt; background-color: white"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.15pt; background-color: #D9D9D9"><FONT STYLE="font-size: 6pt">Revenue,
    Operating &amp; Plan Admin Accts</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">Beginning Cash Balance</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,454,889</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,294,906</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">737,502</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">964,332</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">804,920</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(148,237</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">193,349</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">168,524</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">126,539</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">288,028</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(198,211</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(103,364</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(448,295</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">Cash Inflows</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Revenue - Ethanol (Kinergy)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7,109,459</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,683,883</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,629,297</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,557,746</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,595,861</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,868,034</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,676,417</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,676,417</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,962,830</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,751,898</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,751,898</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,962,830</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,962,830</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Revenue - WDG (PAP) and others</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,474,019</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,369,675</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,382,444</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,310,646</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,310,646</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,382,444</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,284,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,284,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,382,444</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,310,646</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,310,646</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,382,444</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,382,444</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Revenue - CEPIP</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Others</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">Total Cash Inflows</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,583,478</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,053,558</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,011,741</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,868,392</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,906,507</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,250,478</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,960,485</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,960,485</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,345,274</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,062,544</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,062,544</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,345,274</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,345,274</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">Disbursements</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">Operating Disbursements</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Corn</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(7,693,909</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(7,534,787</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(7,693,909</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Natural Gas</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(186,908</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(186,908</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(176,194</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(186,908</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(181,913</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(176,580</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(187,573</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(186,908</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(175,529</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(186,908</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(187,573</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(186,908</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(151,946</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Electricity</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(118,267</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(268,873</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(128,815</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(336,630</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(125,714</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(75,165</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(363,509</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Insurance</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(45,408</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(45,408</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Property Tax and other Taxes</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">220,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(571,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">380,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(604,186</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Ethanol freight</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(143,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(143,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(131,578</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(143,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,912</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(134,157</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(143,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(143,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(131,578</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(143,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(143,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(143,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(143,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Co-product freight</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(36,894</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Lease Payments</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(34,239</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(34,239</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(33,557</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Grain procurement and handling w/ PAP</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(80,212</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(77,538</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(82,885</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Plant Supplies &amp; Maintenance</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(621,437</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(621,437</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(621,437</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(621,437</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(610,056</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(610,056</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(610,056</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(610,056</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(610,056</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(559,257</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(559,257</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(559,257</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(559,257</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Capital Expenditures</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Other PEHC costs</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Professional fee</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Bank fee</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Contingency</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">Total Operating Disbursements</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,271,363</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,271,363</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(8,641,248</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,621,947</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,313,450</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(8,569,294</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,841,647</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,596,612</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(8,635,335</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,209,183</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,824,034</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,284,348</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,655,673</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">Asset Management Agreement</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt"><B>Direct Reimbursable Items
    under AMA</B></FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Payroll &amp; Benefits - Plants &amp; Plant
    Operations</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(328,436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(328,436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(328,436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(328,436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(328,436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(328,436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(328,436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 6pt">Other Direct Expenses:</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 31.5pt"><FONT STYLE="font-size: 6pt">Insurance</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(59,341</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(59,341</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(59,341</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 31.5pt"><FONT STYLE="font-size: 6pt">Professional fee</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">Total Direct Reimbursable
    Items under AMA</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(330,296</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(330,296</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(389,637</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(330,296</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(389,637</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(330,296</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(389,637</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,860</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">Asset Management Fee</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(132,500</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(132,500</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(132,500</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(132,500</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(132,500</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(132,500</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(132,500</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">Total Asset Management
    Agreement</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(462,796</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(330,296</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(134,360</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(389,637</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(134,360</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(330,296</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(134,360</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(389,637</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(134,360</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(330,296</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(134,360</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(389,637</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(134,360</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">Plan Administration Related
    Cash Flow</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">Board fee/Professional
    Fee</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(16,219</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(16,219</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(16,219</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">Interest
    &amp; Fees</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(402,551</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(404,788</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">Total Disbursements</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,743,461</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,610,961</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(8,784,911</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(10,027,804</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,859,663</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(8,908,893</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,985,310</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(10,002,469</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,183,786</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,548,782</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,967,697</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,690,205</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,799,336</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">Exit
    Facility Funding</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">1,000,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">1,000,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">1,000,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">1,000,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">1,000,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">Ending Cash Balance</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">1,294,906</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">737,502</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">964,332</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">804,920</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(148,237</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">193,349</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">168,524</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">126,539</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">288,028</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(198,211</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(103,364</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(448,295</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">97,644</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">Cumulative funding</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">39,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">39,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">39,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">40,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">40,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">40,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">41,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">42,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">42,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">42,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">43,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">43,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">44,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt"><FONT STYLE="font-size: 6pt">Net funding</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">38,068,294</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">38,625,698</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">38,398,868</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">39,558,280</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">40,511,437</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">40,169,851</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">41,194,676</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">42,236,661</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">42,075,172</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">42,561,411</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">43,466,564</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">43,811,495</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">44,265,556</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE 6.01(m)A&nbsp;</P>

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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Appendix III _ 2012 Capital Expenditure Plan: Q412 Forecasts</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD COLSPAN="12" STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold">2012</TD></TR>
<TR>
    <TD STYLE="width: 35%; padding-right: 2.15pt; padding-left: 2.15pt; font-weight: bold">Capital Projects</TD>
    <TD STYLE="width: 5%; background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold">Actual +<BR> Forecast</TD>
    <TD STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold; width: 5%">Jan</TD>
    <TD STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold; width: 5%">Feb</TD>
    <TD STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold; width: 5%">Mar</TD>
    <TD STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold; width: 5%">Apr</TD>
    <TD STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold; width: 5%">May</TD>
    <TD STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold; width: 5%">Jun</TD>
    <TD STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold; width: 5%">Jul</TD>
    <TD STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold; width: 5%">Aug</TD>
    <TD STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold; width: 5%">Sep</TD>
    <TD STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold; width: 5%">Oct</TD>
    <TD STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold; width: 5%">Nov</TD>
    <TD STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold; width: 5%">Dec</TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; font-weight: bold">PEMV</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-left: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; font-weight: bold">2011 Capital Budget Carryover Items</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-left: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">Variable speed drive for PC-4504*</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">22,011</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">22,011</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-left: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">Live steam to Beer Column control (Delayed to 2013)</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-left: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">Purchase Demister</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">43,500</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">43,500</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">Install Demister</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">49,491</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">49,491</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Demister Installation Added Scope (Working Thru Building)</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">33,663</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">33,663</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Replace media in RTO</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Purchase and install Slurry Density Meter</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">12,000</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">12,000</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Slurry Tank replacement</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">139,152</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">125,952</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">13,200</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Replace 930 front end loader</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Replace air compressor at corn train load-out</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Build office space for Commodities (delayed to 2013)</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Build office space for Utility Operators (delayed to 2013)</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Seal up or replace Whole Stillage screens</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Plant triage</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Liquid Yeast Cooler Installations (Replaced with Storage agreement</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Beer Column Tray Redesign (Forecast reduced to $72.5k)</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">72,228</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">21,913</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">50,315</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Corn Oil Project</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">50,000</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Purchase and install Flare (Move to 2012)</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">82,971</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">39,486</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">43,485</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-weight: bold">Capital spares</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Pogo' for corn train load-out (delayed to 2013)</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Gearboxes for corn delivery conveyors</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">14,000</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">3,500</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">3,500</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">3,500</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">3,500</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Other Capital spares</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">84,999</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">28,333</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">28,333</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">28,333</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; font-weight: bold; text-align: center">Items Moved to 2013</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Refrigeration system for cream yeast</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Replace Urea Tank</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Condenser for PC Tank vapor</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Add catwalks around tops of boilers</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Install water treatment system for back-end water recovery</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 2.15pt; padding-left: 2.15pt; font-weight: bold">PEMV Totals</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp;&nbsp;&nbsp;&nbsp;439,013</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp; 125,952</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp;&nbsp;-</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp;&nbsp;&nbsp; -</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp; 37,163</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp;&nbsp; 15,500</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp; 64,899</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp; 53,815</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp; 85,018</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$ 28,333</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp; 78,333</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; font-weight: bold">PECOL</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-left: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; font-weight: bold">2011 Capital Budget Carryover Items</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-left: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">Install Slurry Density Meter*</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">14,243</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">4,295</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">Replace Beer Column Trays*</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">75,277</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">45,000</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Expansion joints &amp; Piping Upgrade</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">80,000</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">40,000</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">40,000</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Replace telescoping boom lift (interim as needed rental at $300/wk)</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Corn truck loading upgrades</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">75,000</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">75,000</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Plant Triage (delayed to 2013)</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Syrup solids density meter (delayed to 2013)</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Inductive Automation (delayed to 2013)</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Replace Kawasaki Mule (delayed to 2013)</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Reconfigure evaporators</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Capital Spares - Plates for Mash Cooler (reduced from 25k to 8k</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">8,000</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">8,000</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Capital Spares - Belts and Buckets for BE-240 (delayed to 2013)</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Capital Spares - Motor for Hammermill moved up to Sep</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">25,000</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">25,000</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Centrifuge crane extension (delayed to 2013)</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Burden carrier (delayed to 2013)</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">PPE &amp; Clock In Building (delayed to 2013)</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Corn bin laser level system (delayed to 2013)</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Storage unit for safety/file storage (delayed to 2013)</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Liquid Yeast Cooler Installations</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">12,000</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">9200</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">2,800</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Upgrade Laterals in both Moecular Sieves (delayed to 2013)</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Replace Rectifier Column Trays Reduced to 20k and 55k in 2013</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">20,000</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">20,000</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 1.25in; font-weight: bold">Items Moved to 2013</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Beer column burp tank</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Pump suction knock out pots</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">Pump suction knock out pots</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD NOWRAP STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: windowtext 2.25pt solid; padding-right: 2.15pt; padding-left: 2.15pt; font-weight: bold">PECOL Totals</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 2.25pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp; 220,000</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp;&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp;&nbsp;&nbsp; -</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 2.25pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp;&nbsp;&nbsp; 9,200</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 2.25pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp; 42,800</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 2.25pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp;&nbsp; 48,000</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 2.25pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp; 120,000</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-weight: bold">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>SCHEDULE 6.01(m)A&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Appendix III _ 2012 Capital Expenditure Plan: Q412 Forecasts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="46" STYLE="font-weight: bold; text-align: center; background-color: gray">2012</TD><TD STYLE="font-weight: bold; background-color: gray">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Capital Projects</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold">Actual +<BR> Forecast</TD><TD STYLE="color: white; font-weight: bold; background-color: gray">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold">Jan</TD><TD STYLE="color: white; font-weight: bold; background-color: gray">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold">Feb</TD><TD STYLE="color: white; font-weight: bold; background-color: gray">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold">Mar</TD><TD STYLE="color: white; font-weight: bold; background-color: gray">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold">Apr</TD><TD STYLE="color: white; font-weight: bold; background-color: gray">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold">May</TD><TD STYLE="color: white; font-weight: bold; background-color: gray">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold">Jun</TD><TD STYLE="color: white; font-weight: bold; background-color: gray">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold">Jul</TD><TD STYLE="color: white; font-weight: bold; background-color: gray">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold">Aug</TD><TD STYLE="color: white; font-weight: bold; background-color: gray">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold">Sep</TD><TD STYLE="color: white; font-weight: bold; background-color: gray">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold">Oct</TD><TD STYLE="color: white; font-weight: bold; background-color: gray">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold">Nov</TD><TD STYLE="color: white; font-weight: bold; background-color: gray">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: gray; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; font-weight: bold">Dec</TD><TD STYLE="color: white; font-weight: bold; background-color: gray">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 2.15pt; border-bottom: Black 1pt solid">PES</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.15pt; border-left: Black 1pt solid">2011 Capital Budget Carryover Items</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="width: 10%; text-align: left; padding-left: 2.15pt; border-left: Black 1pt solid">PES C201 1 00X Bin sweeps CO2011*</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">178,206</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">109,538</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; padding-left: 2.15pt">Replacement Handrail around loadout Sump CO2011*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,507</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,507</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; padding-left: 2.15pt">PES C2012 001 Slurry density meter - CO 2011*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,715</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,946</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,769</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="border-right: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; padding-left: 2.15pt; border-bottom: Black 1pt solid">Add Plate Packs to Final Product Heat Exchanger CO2011</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Paint Fiberglass Double Wall Pipe - Regulatory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,352</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,352</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Plant Triage</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Inductive Automation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">RTO Upgrades</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,033</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,033</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">CO2 Scrubber Distributor Spray Header</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">CO2 Scrubber Long Term Solution (increased to 150k)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">160,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Expansion joints &amp; Piping Upgrade (delayed to 2013)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Piping support upgrades (delayed to 2013)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">catwalk above boiler for steam valve isolation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Syrup solids density meter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Density control for final ethanol moisture control</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Isolate rectifier from beer column for CIP (delayed to 2013)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">cooling tower louvers (delayed to 2013)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Fire Pump House Construction Completion Regulatory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,998</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,998</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Evaporator process conversion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">349,943</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,443</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">175,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">catwalk in DDE for Steam valve isolation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Assorted Capital Spares (Pending Plant Input)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Outdoor storage/cover for parts and consumables (delayed to</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">FM Global recommendations for water flow improvements on fire system (delayed to 2013)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
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    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">reclaim line to beer well to accept offspec wine</TD><TD>&nbsp;</TD>
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    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
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    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
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    <TD STYLE="text-align: left; padding-left: 2.15pt">Liquid Yeast Cooler Installations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
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    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Grain MCC Room AC Unit add 15k</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Beer Column Tray Redesign</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
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    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Fermentation Pump Energy Efficiency Project</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">Items Moved to 2013</TD><TD>&nbsp;</TD>
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    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
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    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Spare Centrifuge</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Corn bin laser level system</TD><TD>&nbsp;</TD>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Pump suction knock out pots</TD><TD>&nbsp;</TD>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">Beer column burp tank</TD><TD>&nbsp;</TD>
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    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 2.15pt; border-bottom: Black 1pt solid">CIP recovery system to discharge solids and recover caustic</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 2.15pt; border-bottom: Black 2.5pt double">PES Totals</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">797,326</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">18,352</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,443</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">128,031</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">60,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">122,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">320,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">35,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2.15pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 2.15pt">PEM</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.15pt">PEM startup related</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 2.15pt; border-bottom: Black 1pt solid">PEM capex after startup</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 2.15pt; border-bottom: Black 2.5pt double">PEM Totals</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 2.15pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="color: white; font-weight: bold; text-align: left; padding-left: 2.15pt">GRAND TOTAL</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">$</TD><TD STYLE="color: white; font-weight: bold; text-align: right">1,456,339</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">$</TD><TD STYLE="color: white; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">$</TD><TD STYLE="color: white; font-weight: bold; text-align: right">18,352</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">$</TD><TD STYLE="color: white; font-weight: bold; text-align: right">129,395</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">$</TD><TD STYLE="color: white; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">$</TD><TD STYLE="color: white; font-weight: bold; text-align: right">10,000</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">$</TD><TD STYLE="color: white; font-weight: bold; text-align: right">174,394</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">$</TD><TD STYLE="color: white; font-weight: bold; text-align: right">118,800</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">$</TD><TD STYLE="color: white; font-weight: bold; text-align: right">212,899</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">$</TD><TD STYLE="color: white; font-weight: bold; text-align: right">295,815</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">$</TD><TD STYLE="color: white; font-weight: bold; text-align: right">405,018</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">$</TD><TD STYLE="color: white; font-weight: bold; text-align: right">63,333</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">$</TD><TD STYLE="color: white; font-weight: bold; text-align: right">78,333</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE 6.01(m)A&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Appendix IV: Quarterly Budget
&ndash; 13-wk Weekly Cash Flow Scenario Analysis</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Pacific Ethanol Holding Co.
LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>As of September 27, 2012</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">OCTOBER</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">NOVEMBER</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">DECEMBER</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: black; font-weight: bold; text-align: right; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">wk
                                                                                                        1<BR> 10/01-10/07</FONT></TD><TD STYLE="color: black; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: black; font-weight: bold; text-align: right; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">wk
                                                                                                        2<BR> 10/08-10/14</FONT></TD><TD STYLE="color: black; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: black; font-weight: bold; text-align: right; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">wk
                                                                                                        3<BR> 10/15-10/21</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: black; font-weight: bold; text-align: right; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">wk
                                                                                                        4<BR> 10/22-10/28</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: black; font-weight: bold; text-align: right; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">wk
                                                                                                        5<BR> 10/29-11/4</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: black; font-weight: bold; text-align: right; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">wk
                                                                                                        6<BR> 11/5-11/11</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: black; font-weight: bold; text-align: right; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">wk
                                                                                                        7<BR> 11/12-11/18</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: black; font-weight: bold; text-align: right; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">wk
                                                                                                        8<BR> 11/19-11/25</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: black; font-weight: bold; text-align: right; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">wk
                                                                                                        9<BR> 11/26-12/02</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: black; font-weight: bold; text-align: right; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">wk
                                                                                                        10<BR> 12/03-12/09</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: black; font-weight: bold; text-align: right; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">wk
                                                                                                        11<BR> 12/10-12/16</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: black; font-weight: bold; text-align: right; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">wk
                                                                                                        12<BR> 12/17-12/23</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="color: black; font-weight: bold; text-align: right; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">wk
                                                                                                        13<BR> 12/24-12/30</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #A6A6A6"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; font-weight: bold; text-align: left; padding-left: 2.9pt; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">Commodity
    Margin $/gal</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">0.10</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">0.15</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">0.20</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">0.18</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">0.25</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">0.25</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">0.25</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">0.25</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">0.25</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">0.25</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">0.25</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">0.25</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">0.25</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.9pt; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">Revenue,
    Operating &amp; Plan Admin Accts</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Beginning Cash Balance</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,454,889</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,294,906</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">837,502</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,064,332</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(95,080</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(48,193</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">293,392</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">268,567</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">226,583</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">388,077</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(98,161</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">396,685</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">51,755</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Cash Inflows</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Revenue - Ethanol (Kinergy)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">7,109,459</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,683,883</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,629,297</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,557,746</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,595,861</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,868,034</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,676,417</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,676,417</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,962,830</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,751,898</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,751,898</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,962,830</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,962,830</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Revenue - WDG (PAP) and others</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,474,019</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,369,675</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,382,444</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,310,646</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,310,646</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,382,444</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,284,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,284,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,382,444</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,310,646</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,310,646</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,382,444</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,382,444</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Revenue - CEPIP</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Others</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">100,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">5,000,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">2,900,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Total Cash Inflows</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">9,583,478</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">9,153,558</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">9,011,741</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">8,868,392</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">8,906,507</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">9,250,478</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">8,960,485</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">8,960,485</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">14,345,274</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">9,062,544</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">11,962,544</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">9,345,274</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">9,345,274</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Disbursements</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Operating Disbursements</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Corn</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(7,693,909</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(7,534,787</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(7,693,909</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(8,200,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Natural Gas</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(186,908</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(186,908</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(176,194</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(186,908</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(181,913</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(176,580</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(187,573</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(186,908</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(175,529</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(186,908</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(187,573</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(186,908</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(151,946</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Electricity</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(118,267</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(268,873</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(128,815</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(336,630</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(125,714</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(75,165</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(363,509</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Insurance</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(45,408</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(45,408</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Property Tax and other Taxes</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">220,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(571,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">380,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(604,186</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Ethanol freight</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(143,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(143,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(131,578</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(143,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,912</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(134,157</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(143,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(143,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(131,578</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(143,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(143,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(143,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(143,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Co-product freight</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(36,894</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(43,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Lease Payments</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(34,239</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(34,239</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(33,557</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Grain procurement and handling w/ PAP</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(80,212</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(77,538</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(82,885</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Plant Supplies &amp; Maintenance</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(621,437</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(621,437</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(621,437</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(621,437</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(610,056</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(610,056</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(610,056</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(610,056</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(610,056</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(559,257</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(559,257</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(559,257</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(559,257</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Capital Expenditures</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(42,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Other PEHC costs</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Professional fee</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Bank fee</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(1,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(1,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(1,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Contingency</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(25,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt"><B>Total Operating Disbursements</B></FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,271,363</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,271,363</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(8,641,248</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,621,947</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,313,450</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(8,569,294</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,841,647</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,596,612</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(8,635,335</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,209,183</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,824,034</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,284,348</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,655,673</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Asset Management Agreement</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Direct Reimbursable Items
    under AMA</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Payroll &amp; Benefits - Plants &amp; Plant
    Operations</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(328,436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(328,436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(328,436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(328,436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(328,436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(328,436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(328,436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Other Direct Expenses:</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Insurance</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(59,341</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(59,341</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(59,341</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Professional fee</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Total Direct Reimbursable
    Items under AMA</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(330,296</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(330,296</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(389,637</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(330,296</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(389,637</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(330,296</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(389,637</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(1,860</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Asset Management Fee</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(132,500</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(132,500</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(132,500</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(132,500</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(132,500</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(132,500</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(132,500</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Total Asset Management Agreement</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(462,796</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(330,296</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(134,360</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(389,637</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(134,360</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(330,296</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(134,360</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(389,637</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(134,360</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(330,296</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(134,360</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(389,637</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(134,360</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Plan Administration Related
    Cash Flow</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Board fee/Professional Fee</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(16,219</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(16,219</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(16,219</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Interest
    &amp; Fees</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(402,507</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(404,782</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Total Disbursements</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,743,461</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,610,961</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(8,784,911</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(10,027,804</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,859,620</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(8,908,893</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,985,310</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(10,002,469</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,183,780</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,548,782</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,967,697</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,690,205</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(9,799,336</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Exit
    Facility Funding</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">1,000,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">1,000,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">1,000,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">(5,000,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #D9D9D9"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,500,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 2.9pt"><FONT STYLE="font-size: 7pt">Ending Cash Balance</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">1,294,906</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">837,502</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">1,064,332</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(95,080</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(48,193</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">293,392</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">268,567</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">226,583</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">388,077</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(98,161</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">396,685</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">51,755</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(402,307</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Cumulative funding</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">39,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">39,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">39,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">39,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">40,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">40,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">41,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">42,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">37,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">37,363,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">35,863,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">35,863,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">35,863,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -6pt"><FONT STYLE="font-size: 7pt">Net funding</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">38,068,294</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">38,525,698</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">38,298,868</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">39,458,280</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">40,411,393</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">40,069,808</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">41,094,633</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">42,136,617</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">36,975,123</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">37,461,361</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">35,466,515</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">35,811,445</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">36,265,507</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE 6.01(m)A&nbsp;</P>

<!-- Field: Page; Sequence: 163 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Schedule 6.01(m)B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>To Credit Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INITIAL ANNUAL FORECAST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>See Attached</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE 6.01(m)B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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    <TD STYLE="width: 66%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-indent: 0.5in; font-weight: bold; text-align: right">[NPEHC 2012 BUDGET]</TD>
    <TD STYLE="width: 34%; border-bottom: windowtext 1pt solid; background-color: #76923C; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-indent: 0.5in; color: white; font-weight: bold">October 20, 2011</TD></TR>
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<P STYLE="font: 10pt/1.5 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">New PEholdco (&ldquo;NPEHC&rdquo;) 2012
monthly budget (&ldquo;Annual Budget&rdquo;) was developed through a bottom up process augmented by management input. More specifically,
the Budget started from detailed GL level with inputs from each plant manager; then was reviewed by operational manager and FP&amp;A
department based on historical data, industry trend etc. Commodity prices assumptions are based on historical price performances,
recent market dynamics and inputs from commodity traders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>ASSUMPTIONS/INPUTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Facility Operation Status:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/1.5 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Budget assumes Columbia facility, Magic
Valley facility and Stockton facility to continue operations; while Madera facility will remain idle. Should plans change with
regards to the state of the facilities, the budget should be revised to reflect changes. Also, the budget does not build in the
scenario of production slow down, or temporarily shut down responding to various market margin conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Production Forecasts:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Production forecasts are based on each facility
operation plan/target; denaturant blend ratio is budgeted at 2.40%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Commodity Price Assumptions:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/1.5 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>Commodity crush margin</U> is assumed
to be 54cpg for the full year, with 45cpg for Q1, 50cpg for Q2 and 60cpg for Q3 and Q4. The seasonality was based on the historical
trend while we believe that it will be lessened given the tighter ethanol demand and supply for 2012. <U>Corn</U> prices are based
on the last 20 trading day average of CBOT corn forward curves; <U>natural gas and basis</U> are based on the latest 30 trading
day average of NYMEX natural gas future contracts and clear-port basis contracts. <U>WDG</U> prices are based on ~80% of corn
value; and <U>syrup</U> prices are based on ~76% of corn value. Please note the risks associated to each commodity given the market
volatility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&#9;Chart 1: Commodity Margin (2009-2011
mthly actuals and 2012 estimates)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><IMG SRC="image_ex1007-pg55.jpg" ALT=""></P>
<P STYLE="text-align: center">
SCHEDULE 6.01(m)B</P><!-- Field: Page; Sequence: 165 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 54%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012 <BR> Budget</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center">Close - <BR> Sept 29</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 34%; padding-left: 5.75pt">Ethanol $/gal</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">2.728</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">2.750</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.75pt">Corn $/bu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.570</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.325</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Nat gas $/mmbtu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.490</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.747</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.75pt">Commodity CM $/gal</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.538</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.504</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Commodity Yield Assumptions by Facility:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The yields of major commodities are generally
based on historic yield performances, summarized as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="10" STYLE="color: #282834; font-style: italic; border-bottom: Black 1pt solid; text-align: center">Table 2: Commodity Yield Assumptions Summary</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #282834; font-weight: bold; padding-left: 6pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #282834; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><B>Corn&nbsp;</B></TD><TD STYLE="color: #282834; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="color: #282834; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="color: #282834; text-align: center; border-bottom: Black 1pt solid"><B>Co products</B></TD><TD STYLE="color: #282834; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="color: #282834; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="color: #282834; text-align: center; border-bottom: Black 1pt solid"><B>Nat Gas</B></TD><TD STYLE="color: #282834; text-align: center; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="color: #282834; font-weight: bold; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left"></TD><TD STYLE="color: #282834; text-align: right">un-denatured gals per corn bushel</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">&nbsp;</TD><TD STYLE="color: #282834; text-align: right">lbs per corn bushel</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">&nbsp;</TD><TD STYLE="color: #282834; text-align: right">mmbtu per un-denatured gal</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 43%; color: #282834; font-weight: bold; padding-left: 6pt">PECOL</TD>
    <TD STYLE="width: 0%; color: #282834; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; color: #282834; text-align: right">2.71</TD><TD STYLE="width: 0%; color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0%; color: #282834; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; color: #282834; text-align: right">50.0</TD><TD STYLE="width: 0%; color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0%; color: #282834; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; color: #282834; text-align: right">0.020</TD><TD STYLE="width: 0%; color: #282834; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="color: #282834; font-weight: bold; padding-left: 6pt">PEMV</TD>
    <TD STYLE="color: #282834; text-align: left">&nbsp;</TD><TD STYLE="color: #282834; text-align: right">2.71</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">&nbsp;</TD><TD STYLE="color: #282834; text-align: right">50.0</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">&nbsp;</TD><TD STYLE="color: #282834; text-align: right">0.021</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #282834; font-weight: bold; border-bottom: Black 1pt solid; padding-left: 6pt">PES</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #282834; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #282834; text-align: right">2.71</TD><TD STYLE="border-bottom: Black 1pt solid; color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #282834; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #282834; text-align: right">50.0</TD><TD STYLE="border-bottom: Black 1pt solid; color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #282834; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #282834; text-align: right">0.022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #282834; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operating Expenses:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0.05in">Non commodity expense budgets are derived from
plant mangers&rsquo; best estimates and reviewed by operational manager. Summary of results are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0.05in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #282834; font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid">Table 3: Non-commodity expenses summary</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #282834; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">PECOL</TD><TD STYLE="border-bottom: Black 1pt solid; color: #282834; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #282834; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">PEMV</TD><TD STYLE="border-bottom: Black 1pt solid; color: #282834; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #282834; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">PES</TD><TD STYLE="border-bottom: Black 1pt solid; color: #282834; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E5E5E9">
    <TD STYLE="width: 47%; color: #282834; text-align: left; padding-left: 13.45pt">Production MM gals</TD>
    <TD STYLE="width: 1%; color: #282834; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; color: #282834; text-align: right">38.4</TD><TD STYLE="width: 1%; color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #282834; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; color: #282834; text-align: right">62.2</TD><TD STYLE="width: 1%; color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #282834; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; color: #282834; text-align: right">58.5</TD><TD STYLE="width: 1%; color: #282834; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #282834; text-align: left; padding-left: 13.45pt">Cash Operating Expenses $MM</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E5E5E9">
    <TD STYLE="color: #282834; padding-left: 17.95pt">Payroll</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">2.33</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">2.33</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">2.62</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #282834; text-align: left; padding-left: 17.95pt">Repair and maintenance</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">1.08</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">1.18</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">1.08</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E5E5E9">
    <TD STYLE="color: #282834; text-align: left; padding-left: 17.95pt">Other operating exp</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">1.01</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">1.72</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">1.81</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #282834; text-align: left; padding-left: 17.95pt">Property tax</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">0.32</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">0.86</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">1.00</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E5E5E9">
    <TD STYLE="color: #282834; padding-left: 17.95pt">Insurance</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">0.21</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">0.25</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">0.33</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #282834; padding-left: 17.95pt">SG&amp;A</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">0.14</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">0.14</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">0.14</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E5E5E9">
    <TD STYLE="color: #282834; text-align: left; padding-left: 17.95pt">Mgmt fee</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">1.02</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">1.02</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">1.02</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #282834; text-align: left; padding-left: 13.45pt">Total Cash Operating Exp $MM</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">6.10</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">7.49</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #282834; text-align: left">$</TD><TD STYLE="color: #282834; text-align: right">8.00</TD><TD STYLE="color: #282834; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E5E5E9">
    <TD STYLE="color: #282834; font-style: italic; text-align: left; border-bottom: Black 1pt solid; padding-left: 13.45pt">Total Cash Operating Exp $/gal</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #282834; font-style: italic; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #282834; font-style: italic; text-align: right">0.17</TD><TD STYLE="border-bottom: Black 1pt solid; color: #282834; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #282834; font-style: italic; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #282834; font-style: italic; text-align: right">0.12</TD><TD STYLE="border-bottom: Black 1pt solid; color: #282834; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #282834; font-style: italic; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #282834; font-style: italic; text-align: right">0.14</TD><TD STYLE="border-bottom: Black 1pt solid; color: #282834; font-style: italic; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Capital Expenditure:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On top of the expenses built in the budget,
we also expect capital expenditures items, which are subject to final approval. We are expecting $4.0M of Capex in total. Please
refer to <U>appendix II and III</U> for a full list of 2012 capital expenditure items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE 6.01(m)B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="color: black"><B>PEHC board level SG&amp;A:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We assume a reduction in board level SG&amp;A
to $72K each month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Risk Management:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The Budget currently does not build in any
risk management costs although we expect brokerage fees and working capital costs, shall PEHC risk management program be approved
and implemented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>BUDGET RESULT SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Financial results of consolidated level are
summarized as follows. Please note that the financial results are highly sensitive to commodity assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-style: italic; text-align: center; border-bottom: Black 1pt solid">Table 4: 2012 Budget &ndash; Consolidated Financial Results</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">P&amp;L Summary</TD>
    <TD COLSPAN="4" STYLE="text-align: center; border-bottom: Black 1pt solid">2012 Budget</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.5pt">Production Gallons</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">159.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.5pt">Commodity Margin</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54cpg</TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.5pt; width: 48%">Total Sales</TD>
    <TD STYLE="text-align: left; width: 2%">&nbsp;</TD><TD STYLE="text-align: right; width: 9%">&nbsp;</TD><TD STYLE="text-align: right; width: 2%">$</TD>
    <TD STYLE="text-align: right; width: 9%">535.5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.5pt">Total Cost of Goods Sold</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">526.7</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 22pt">Gross Profit (Loss)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">8.8</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.5pt">Total operating expenses</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">5.5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.5pt">Net operating income (loss)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">3.3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.5pt">Total other income (expense)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(11.6)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.5pt">Net Income (Loss)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(8.3)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.5pt">EBITDA $</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">14.4</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Chart 2: 2012
Budget &mdash; Cash Sources/Uses and Ending Cash</B></P>


<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_ex1007-pg57.jpg" ALT=""></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">SCHEDULE 6.01(m)B</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Variance Analysis:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The budget results are highly sensitive to
commodity price changes. Besides the base case, two additional variance scenarios are presented here:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Variance I &ndash; Assuming commodity margin
down 5cpg each month; other items unchanged</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Variance II &ndash; Assuming corn prices up
$1/bu from January of 2012; other items unchanged; in this case, co product value increased at same rate as corn value increase,
resulting in higher EBITDA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Variance II adj. &ndash; Assuming corn prices up $1/bu from January
of 2012 while in this case, co product value to increase less than variance II. The reality is more likely in between variance
II and II adj.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">***</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exit Facility $MM</B></P></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_ex1007-pg581.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cash Sources &amp; Uses $MM</B></P></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_ex1007-pg582.jpg" ALT=""></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 6.01(m)B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #8E9093"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #8E9093"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #8E9093"><B>Appendix I: 2012 Budget
- Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #8E9093"><B>Appendix II: 2012 Budget
&ndash; Facility Capital Expenditure List</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #8E9093"><B>Appendix III: 2012 Budget
&ndash; Facility IT Capital Expenditure List</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SCHEDULE 6.01(m)B</B></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Appendix I &ndash; 2012 Budget
Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>New PEHoldco LLC Consolidated</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Income Statement/Balance Sheet/Cash
Flow Statements Forecast</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Years Ending December 31, 2012</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 6pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">Dec-11</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Jan-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Feb-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Mar-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Apr-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">May-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Jun-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Jul-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Aug-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Sep-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Oct-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Nov-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Dec-12&#9;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>Total
                                                                                                          $</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 22%; font-weight: bold; text-align: left; padding-left: 0.2pt">Production Gallons</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">13,569,980</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">12,212,982</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">13,393,270</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">13,008,732</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">13,502,185</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">12,950,940</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">13,569,980</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">13,746,689</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">13,117,647</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">13,713,348</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">12,723,106</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">13,579,982&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">159,088,840</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.2pt">Income Statement Forecast</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; padding-left: 0.2pt">Sales</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.2pt">Ethanol</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">36,199,860</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">33,183,843</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">35,440,284</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">35,929,195</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">36,939,986</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">36,016,332</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">38,623,125</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">37,346,714</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">35,903,912</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">35,891,675</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">33,908,754</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">35,581,169</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="color: black; text-align: right">430,964,849</TD><TD STYLE="color: black; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 9.2pt">Co-products</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,187,226</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,268,504</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,070,261</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,896,829</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,243,533</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,912,887</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,338,329</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,801,057</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,400,950</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,368,444</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,755,540</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,280,345</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">104,523,906</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.2pt">Other/CEPIP</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 13.7pt">Total sales</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,387,086</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,452,346</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,510,545</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,826,024</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,183,519</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,929,219</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,961,453</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,147,771</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,304,862</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,260,119</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,664,294</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,861,513</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">535,488,755</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.2pt">Cost of Goods Sold</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.2pt">Raw materials and ingredients</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,125,588</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,514,577</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,244,970</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,954,033</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,143,335</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,057,645</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,538,387</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,778,381</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,157,035</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,983,853</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,787,998</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,682,786</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">482,968,587</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.2pt">Labor, maintenance, supplies</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,096,184</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,073,320</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,175,884</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,198,735</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,116,510</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,169,735</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,194,605</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,074,106</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,158,333</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,182,108</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,059,335</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,172,110</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">13,670,966</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.2pt">Production overhead</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">553,960</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">544,214</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">550,357</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">557,827</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">547,963</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">591,420</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585,798</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">575,427</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">587,091</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">587,381</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">578,317</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">577,437</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">6,837,192</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.2pt">Depreciation expense - PPE</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">920,442</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">921,132</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">921,250</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">922,044</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">922,343</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">922,727</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">923,440</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">923,643</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">924,325</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">927,255</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">924,421</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">928,514</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">11,081,538</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.2pt">Ethanol marketing fee</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">339,088</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">308,425</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">331,731</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">326,660</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,704</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">325,841</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">337,591</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">343,667</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">328,975</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">341,262</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">320,466</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">338,274</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">3,977,684</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.2pt">WDG marketing fee</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">427,876</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">385,088</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">422,304</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">410,179</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">425,738</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">408,357</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">427,876</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">431,870</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">412,137</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">416,397</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">386,031</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">412,078</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">4,965,933</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 9.2pt">Corn procurement fee</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">273,874</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">246,486</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">270,307</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">262,546</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">272,505</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">261,380</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">273,874</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">277,440</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">264,744</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">276,767</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256,782</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">274,075</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">3,210,780</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.2pt">Non-cash compensation</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9.2pt">Derivative (gain) loss</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 13.7pt">Total cost of goods sold</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,737,011</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,993,243</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,916,804</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,632,026</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,764,098</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,737,104</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,281,570</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,404,535</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,832,640</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,715,024</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,313,350</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,385,275</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">526,712,680</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.2pt">Gross profit</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(349,924</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(540,896</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(406,259</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">193,999</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">419,422</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192,115</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,679,883</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,743,236</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,472,222</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,545,095</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,350,945</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,476,238</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">8,776,075</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 0.2pt">SG&amp;A Expenses</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 4.7pt">O&amp;M fee</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304,044</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304,044</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304,044</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304,044</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304,044</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304,044</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304,044</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304,044</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304,044</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304,044</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304,044</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304,044</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">3,648,528</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 4.7pt">Other SG&amp;A at ethanol plants</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,917</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,917</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,917</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,917</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,917</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,917</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,917</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,917</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,917</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,917</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,917</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,917</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">467,000</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9.2pt">PEHC Professional Fee (audit/property tax/license fee etc)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">495,600</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 13.7pt">Total SG&amp;A expenses</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384,261</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384,261</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384,261</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384,261</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384,261</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384,261</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384,261</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384,261</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384,261</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384,261</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384,261</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384,261</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">4,611,128</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.2pt">Operating income (loss) before special items</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(734,185</TD><TD STYLE="font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(925,157</TD><TD STYLE="font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(790,519</TD><TD STYLE="font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(190,262</TD><TD STYLE="font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">35,161</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(192,146</TD><TD STYLE="font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,295,623</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,358,975</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,087,961</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,160,835</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">966,684</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,091,977</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,164,947</TD><TD STYLE="font-weight: bold; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.2pt">PEHC Board Level SG&amp;A</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 9.2pt">Board</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">90,000</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.2pt">Officer</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">150,000</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 9.2pt">Advisor</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">180,000</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.2pt">Bank Advisor</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">120,000</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 9.2pt">Other SG&amp;A</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">180,000</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9.2pt">D&amp;O Insurance</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">136,625</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 4.7pt">Total PEHC Board Level SG&amp;A</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">856,625</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 0.2pt">Depreciation/Amortization</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.2pt">Depreciation expense - non-plant</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,822</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,822</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,822</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,822</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,822</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,822</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,822</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,822</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,822</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,822</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,822</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,822</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">33,867</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.2pt">Amortization expense - intangible assets</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,333</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,333</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,333</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,333</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,333</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,333</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 9.2pt">Amortization expense - financing costs</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52,036</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">47,001</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52,036</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,358</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52,036</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,358</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52,036</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52,036</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,358</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52,036</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,358</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52,036</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">612,687</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 13.7pt">Total depreciation/amortization</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,192</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,156</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,192</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,513</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,192</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,513</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,859</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,859</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,180</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,859</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,180</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,859</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">846,554</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.2pt">Interest Expense (Income)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.2pt">Term Loan A</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585,081</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">528,461</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585,081</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">566,208</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585,081</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">566,208</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585,081</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585,081</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">566,208</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585,081</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">566,208</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585,081</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">6,888,862</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.2pt">Exit Facility Revolver</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">292,763</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">302,122</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">297,076</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">322,040</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330,235</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">341,771</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">341,481</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">344,580</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">324,611</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">307,187</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">303,792</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">282,359</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">3,790,018</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.2pt">Bank fee</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">108,000</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9.2pt">Interest income</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 13.7pt">Total interest expense (income)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">884,345</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">837,083</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">888,658</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">894,748</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">921,816</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">914,478</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">933,062</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">936,162</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">897,319</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">898,768</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">876,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">903,941</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">10,786,880</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.2pt">Net income (loss)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(1,778,107</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(1,916,782</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(1,838,754</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(1,242,908</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(1,046,233</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(1,264,523</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">236,316</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">296,569</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">66,077</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">135,822</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(34,382</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">61,792</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(8,325,113</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.2pt">Plants EBITDA $</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">227,557</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">37,275</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">172,031</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">773,082</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">998,804</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">771,881</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">2,260,362</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">2,323,919</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">2,053,586</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">2,129,389</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">1,932,405</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">2,061,792</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">15,742,084</TD><TD STYLE="color: black; font-weight: bold; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.2pt">Consol EBITDA $</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">114,872</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(75,410</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">59,346</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">660,397</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">886,118</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">659,196</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">2,147,677</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,211,233</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,940,901</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,016,704</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,819,720</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,949,106</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; color: black; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">14,389,859</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P>&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 6.01(m)B</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Appendix I-2012 Budget Financial
Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>New PEHoldco LLC Consolidated</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Income Statement/Balance Sheet/Cash
Flow Statements Forecast</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Years Ending December 31, 2012</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 6pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><B></B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"></P></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dec-11</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Jan-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Feb-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Mar-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Apr-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Jun-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Jul-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Aug-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid">Sep-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid">Oct-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid">Nov-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">Dec-12</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">Total $</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.45pt"><B>Balance Sheet Forecast</B></TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.45pt">ASSETS</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.45pt">CURRENT ASSETS</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; text-align: left; padding-left: 11pt">Cash and Equivalents</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 11pt">Accounts Receivable</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,488,647</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,940,447</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,643,129</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,650,124</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,759,325</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,206,637</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,794,331</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,798,569</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,192,677</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,584,952</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,568,617</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,713,464</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,437,189</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 11pt">Intercompany Receivable</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 11pt">Inventory</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,307,709</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,886,192</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,159,582</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,732,398</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,673,879</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,900,035</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,700,748</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,986,383</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,652,439</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,319,420</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,303,835</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,825,789</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,252,386</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 11pt">Prepaid Expenses</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,121,873</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,121,873</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,121,873</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,121,873</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,121,873</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,121,873</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,121,873</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,121,873</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,121,873</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,121,873</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,121,873</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,121,873</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,121,873</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 11pt">Other Current Assets</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,462,496</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,462,496</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,462,496</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,462,496</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,462,496</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,462,496</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,462,496</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,462,496</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,462,496</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,462,496</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,462,496</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,462,496</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,462,496</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.95pt">TOTAL CURRENT ASSETS</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,630,725</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,661,008</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,637,081</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,216,890</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,267,573</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,941,041</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,329,448</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,619,321</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,679,485</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,738,741</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,706,821</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,373,622</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,523,944</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.95pt">Property and Equipment Net</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155,414,668</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,496,281</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153,825,704</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153,168,373</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152,564,384</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152,025,096</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">151,337,924</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,799,040</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,194,951</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149,578,932</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149,741,278</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">148,841,412</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">148,329,099</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.95pt">OTHER ASSETS</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,026,931</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,941,562</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,861,228</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,775,858</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,692,167</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,606,797</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,523,106</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,471,069</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,419,033</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,368,675</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,316,639</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,266,281</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,214,244</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.95pt">TOTAL ASSETS</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">185,072,324</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">184,098,851</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">181,324,012</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">182,161,122</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">181,524,124</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">181,572,935</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">180,190,478</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">180,889,430</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">179,293,469</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">177,686,348</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">177,764,738</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">175,481,315</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">176,067,287</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.95pt">LIABILITIES AND EQUITY</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.95pt">CURRENT LIABILITIES</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 11pt">Accounts Payable</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,800,140</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,757,145</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,356,111</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,771,132</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,634,835</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,685,133</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,593,440</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,775,369</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,691,392</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,596,236</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,846,212</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,538,276</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,926,610</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 11pt">Intercompany Payable</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16pt; text-indent: -5pt">Accrued Payroll &amp; Benefits, Taxes Payable</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,749</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,749</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,749</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,749</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,749</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,749</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,749</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,749</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,749</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,749</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,749</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,749</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,749</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 11pt">Other Current Liabilities</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.95pt">TOTAL CURRENT LIABILITIES</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,135,890</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,092,894</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,691,860</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,106,881</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,970,584</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,020,882</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,929,189</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,111,118</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,027,142</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,931,985</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,181,961</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,874,025</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,262,359</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.95pt">Debt</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,279,202</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,279,202</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,279,202</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,279,202</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,279,202</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,279,202</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,279,202</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,279,202</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,279,202</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,279,202</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,279,202</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,279,202</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,279,202</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.95pt; background-color: silver">Other Long-term Liabilities (1)</TD>
    <TD STYLE="text-align: left; background-color: silver">&nbsp;</TD><TD STYLE="text-align: right; background-color: silver">26,656,596</TD><TD STYLE="text-align: left; background-color: silver">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: silver">&nbsp;</TD><TD STYLE="text-align: right; background-color: silver">27,504,225</TD><TD STYLE="text-align: left; background-color: silver">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: silver">&nbsp;</TD><TD STYLE="text-align: right; background-color: silver">27,047,203</TD><TD STYLE="text-align: left; background-color: silver">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: silver">&nbsp;</TD><TD STYLE="text-align: right; background-color: silver">29,308,046</TD><TD STYLE="text-align: left; background-color: silver">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: silver">&nbsp;</TD><TD STYLE="text-align: right; background-color: silver">30,050,254</TD><TD STYLE="text-align: left; background-color: silver">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: silver">&nbsp;</TD><TD STYLE="text-align: right; background-color: silver">31,094,999</TD><TD STYLE="text-align: left; background-color: silver">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: silver">&nbsp;</TD><TD STYLE="text-align: right; background-color: silver">31,068,759</TD><TD STYLE="text-align: left; background-color: silver">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: silver">&nbsp;</TD><TD STYLE="text-align: right; background-color: silver">31,349,465</TD><TD STYLE="text-align: left; background-color: silver">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: silver">&nbsp;</TD><TD STYLE="text-align: right; background-color: silver">29,540,912</TD><TD STYLE="text-align: left; background-color: silver">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: silver">&nbsp;</TD><TD STYLE="text-align: right; background-color: silver">27,962,870</TD><TD STYLE="text-align: left; background-color: silver">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: silver">&nbsp;</TD><TD STYLE="text-align: right; background-color: silver">27,655,462</TD><TD STYLE="text-align: left; background-color: silver">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: silver">&nbsp;</TD><TD STYLE="text-align: right; background-color: silver">25,714,356</TD><TD STYLE="text-align: left; background-color: silver">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: silver">&nbsp;</TD><TD STYLE="text-align: right; background-color: silver">25,850,201</TD><TD STYLE="text-align: left; background-color: silver">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.95pt">TOTAL LIABILITIES</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,071,688</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,876,322</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,018,265</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,694,129</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,300,040</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,395,084</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,277,150</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,739,786</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,847,256</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,174,057</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,116,625</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,867,584</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,391,763</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.95pt">Additional Paid in Capital</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115,794,274</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,000,636</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,222,529</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98,305,747</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,466,992</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,224,084</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,177,851</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,913,328</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,149,644</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,446,213</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,512,291</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,648,113</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,613,731</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.95pt">Net Income for Year</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,793,638</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,778,107</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,916,782</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,838,754</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,242,908</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,046,233</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,264,523</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">236,316</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">296,569</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,077</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,822</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(34,382</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,792</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.95pt">TOTAL EQUITY</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,000,636</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,222,529</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98,305,747</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,466,992</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,224,084</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,177,851</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,913,328</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,149,644</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,446,213</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,512,291</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,648,113</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,613,731</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,675,523</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.95pt">TOTAL LIABILITIES AND EQUITY</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">185,072,324</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">184,098,851</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">181,324,012</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">182,161,122</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">181,524,124</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">181,572,935</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">180,190,478</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">180,889,430</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">179,293,469</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">177,686,348</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">177,764,738</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">175,481,315</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">176,067,287</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.95pt">Working capital</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,494,835</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,568,114</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,945,221</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,110,009</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,296,989</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,920,159</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,400,259</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,508,203</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,652,343</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,806,756</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,524,860</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,499,597</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,261,584</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.95pt">Note (1): this does not include $0.8M LOC</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.95pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.95pt">Cash Flow Statement</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.95pt">Operating Activities</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-right: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">Total $</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.95pt">Net income</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,778,107</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">(1,916,782</TD><TD STYLE="color: black; text-align: left">)</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">(1,838,754</TD><TD STYLE="color: black; text-align: left">)</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,242,908</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,046,233</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">(1,264,523</TD><TD STYLE="color: black; text-align: left">)</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">236,316</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">296,569</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">66,077</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">135,822</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(34,382</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">61,792</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: Black 1pt solid; border-left: Black 1pt solid">$(8,325,113)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.45pt">Add back depreciation &amp; amortization</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,005,812</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,001,466</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,006,620</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,005,735</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,007,713</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,006,418</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">975,476</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">975,680</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">974,683</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">979,291</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">974,779</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">980,551</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: Black 1pt solid; border-left: Black 1pt solid">11,894,225</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.45pt">(Increase) decrease in accounts receivable</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(451,800</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,297,317</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,006,994</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(109,201</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(447,312</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">412,306</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,004,238</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">605,892</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">607,726</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,334</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">855,153</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(723,724</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: right; border-right: Black 1pt solid; border-left: Black 1pt solid">51,459</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.45pt">(Increase) decrease in inventories</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">421,517</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">726,610</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(572,815</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,518</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(226,156</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">199,287</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(285,634</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">333,944</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">333,019</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,585</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">478,046</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(426,597</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: right; border-right: Black 1pt solid; border-left: Black 1pt solid">1,055,323</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.45pt">(Increase) decrease in other current</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: Black 1pt solid; border-left: Black 1pt solid">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.45pt">Increase (decrease) in A/P and accrued</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(42,995</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(401,034</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">415,021</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(136,297</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,298</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(91,693</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">181,929</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(83,976</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(95,157</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">249,976</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(307,936</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">388,334</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 6pt">126,470</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.95pt">Net cash from (used by) operating activities</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(845,574</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">707,577</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,996,923</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(424,153</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(661,690</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">261,795</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,848</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,128,109</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,886,347</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,397,009</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,965,661</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">280,356</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: Black 1pt solid; border-left: Black 1pt solid">4,802,363</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left; text-indent: -9pt; padding-left: 9pt"><B>Investing Activities</B></TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.45pt"><FONT STYLE="color: black"><B></B>Capital
expenditures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,055</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(250,555</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(263,920</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(318,055</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(383,055</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(235,555</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(384,555</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(319,555</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(308,305</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,089,601</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(24,555</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(416,201</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right">(3,995,968)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.95pt">Net cash from (used by) investing activities</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,055</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(250,555</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(263,920</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(318,055</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(383,055</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(235,555</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(384,555</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(319,555</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(308,305</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,089,601</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,555</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(416,201</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: right; border-right: Black 1pt solid; border-left: Black 1pt solid">(3,995,968)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.95pt">Financing Activities</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.45pt">Proceeds from line of credit</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">847,629</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(457,022</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,260,843</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">742,208</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,044,745</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26,240</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">280,707</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,808,554</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,578,042</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(307,408</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,941,105</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,845</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: Black 1pt solid; border-left: Black 1pt solid">(806,395)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.45pt">Proceeds from term loan</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: Black 1pt solid; border-left: Black 1pt solid">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.45pt">Financing costs</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.95pt">Net cash provided by financing activities</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">847,629</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(457,022</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,260,843</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">742,208</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,044,745</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26,240</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">280,707</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,808,554</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,578,042</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(307,408</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,941,105</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,845</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: Black 1pt solid; border-left: Black 1pt solid">(806,395)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.95pt">Net cash flow</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: right; border-right: Black 1pt solid; border-left: Black 1pt solid">$(0)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.95pt">Cash and investments, beginning balance</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: Black 1pt solid; border-left: Black 1pt solid">250,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.95pt">Cash and investments, ending balance</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">250,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">250,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">250,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">250,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">250,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">250,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">250,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">250,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">250,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">250,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">250,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">250,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right">250,000</TD></TR>
</TABLE>
<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 6.01(m)B</P>

<!-- Field: Page; Sequence: 171 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>CONFIDENTIAL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Pacific Ethanol Holding Company,
LLC </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Income Statement Forecast</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Years Ending December 31, 2012</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 6pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Dec-11</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Jan-12</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Feb-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Mar-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Apr-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Jun-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Jul-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Aug-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sep-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Oct-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nov-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dec-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total $</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Sales</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Ethanol</TD><TD>$</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD><TD>$</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>$</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>$</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>$</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>$</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>$</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>$</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>$</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>$</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>$</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>$</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>$</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Co-products</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; padding-bottom: 1pt">Other/CEPIP</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total sales</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold">Cost of Goods Sold</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Raw materials and ingredients</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Labor, maintenance, supplies</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Production overhead</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Depreciation expense - PPE</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Ethanol marketing fee</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">WDG marketing fee</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Corn procurement fee</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Non-cash compensation</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Derivative (gain) loss</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Total cost of goods sold</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Gross profit</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold">SG&amp;A Expenses</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Other SG&amp;A at ethanol plants</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>O&amp;M fee</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">-</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 14%; text-align: left; padding-bottom: 1pt; padding-left: 10.5pt">PEHC Professional Fee (audit/property tax/license fee etc)</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: right">41,300</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: right">41,300</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: right">495,600</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 15pt">Total SG&amp;A expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,300</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">495,600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 1.5pt">Operating income (loss) before special items</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD>
    <TD>)</TD><TD STYLE="font-weight: bold"></TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(495,600</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 1.5pt">PEHC Board Level SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10.5pt">Board</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10.5pt">Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10.5pt">Advisor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10.5pt">Bank Advisor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10.5pt">Other SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 10.5pt">D&amp;O Insurance</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">136,625</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10.5pt">Total PEHC Board Level SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">856,625</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 1.5pt">Depreciation/Amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10.5pt">Depreciation expense - non-plant</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10.5pt">Amortization expense - intangible assets&#9;till 06/30/12</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,333</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,333</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,333</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,333</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,333</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,333</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt; padding-left: 10.5pt">Amortization expense - financing costs&#9;till 06/30/13</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52,036</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">47,001</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52,036</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,358</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52,036</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,358</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52,036</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52,036</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,358</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52,036</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,358</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52,036</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">612,687</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 15pt">Total depreciation/amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,370</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,334</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,691</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,691</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,036</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,036</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,358</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,036</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,358</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,036</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">812,687</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 1.5pt">Interest Expense (Income)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10.5pt">Term Loan A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585,081</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">528,461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585,081</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">566,208</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585,081</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">566,208</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585,081</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585,081</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">566,208</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585,081</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">566,208</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585,081</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,888,862</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10.5pt">Exit Facility Revolver</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">292,763</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">302,122</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">297,076</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">322,040</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330,235</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">341,771</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">341,481</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">344,580</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">324,611</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">307,187</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">303,792</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">282,359</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,790,018</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10.5pt">Bank fee (bank analysis fee + WF agency fee)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10.5pt">Interest income</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 15pt">Total interest expense (income)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">884,345</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">837,083</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">888,658</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">894,748</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">921,816</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">914,478</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">933,062</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">936,162</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">897,319</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">898,768</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">876,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">903,941</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,786,880</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt">Net income (loss)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,082,400</TD>
    <TD STYLE="border-bottom: Black 1pt solid">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,030,103</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(1,086,713</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,091,124</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(1,119,872</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,110,855</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(1,097,784</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,100,884</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(1,060,362</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,063,490</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(1,039,544</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,068,663</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(12,951,792</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 1.5pt">EBITDA $ before special items</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD>
    <TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(41,300</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(495,600</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
</TABLE>


<P>&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 6.01(m)B</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>CONFIDENTIAL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Pacific Ethanol Columbia, LLC
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Income Statement Forecast </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Years Ending December 31, 2012</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 6pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Dec-11</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Jan-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Feb-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Mar-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Apr-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Jun-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Jul-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Aug-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Sep-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Oct-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Nov-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Dec-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; padding-left: 0.25pt">Sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 10%; padding-left: 9.25pt">Ethanol</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">8,813,676</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">8,041,604</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">8,655,243</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">8,511,156</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">9,190,521</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">8,855,717</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">9,348,728</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">8,927,074</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">8,676,036</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">8,918,797</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">7,977,748</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">8,535,399</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">104,451,699</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 9.25pt">Co-products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,309,798</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,078,818</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,309,798</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,176,688</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,409,905</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,266,554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,344,711</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,195,056</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,121,888</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,191,440</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,889,394</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,099,327</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,393,378</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9.25pt">Other/CEPIP</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 13.75pt">Total sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,123,474</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,120,421</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,965,040</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,687,844</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,600,426</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,122,271</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,693,439</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,122,130</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,797,924</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,110,237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,867,143</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,634,726</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,845,077</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25pt">Cost of Goods Sold</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Raw materials and ingredients</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,238,164</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,329,089</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,073,338</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,691,256</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,492,078</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,088,088</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,297,848</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,748,553</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,456,896</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,688,851</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,638,666</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,286,033</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,028,861</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Labor, maintenance, supplies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">321,264</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">355,439</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">328,964</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">399,693</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">297,513</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">295,693</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">391,013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">290,513</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">284,693</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">398,513</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">285,693</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">288,513</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,937,506</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Production overhead</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,544</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99,044</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101,044</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105,044</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101,044</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">142,794</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,497</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127,997</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">137,997</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,997</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,997</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127,997</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,441,996</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Depreciation expense - PPE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">205,511</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">205,705</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">205,872</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">205,983</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">206,469</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">206,087</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">206,469</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">206,198</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">206,538</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">208,407</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">206,538</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">208,476</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,478,253</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Ethanol marketing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,743</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,058</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,184</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,781</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,278</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,687</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,372</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,325</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,281</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959,531</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.25pt">WDG marketing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,027</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,724</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,027</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,158</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99,592</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,027</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,027</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99,592</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,547</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,724</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,027</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,209,933</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Corn procurement fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,350</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,549</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,143</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,747</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,747</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,838</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,350</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">774,450</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt">Non-cash compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9.25pt">Derivative (gain) loss</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 13.75pt">Total cost of goods sold</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,116,354</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,216,094</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,958,651</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,636,740</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,354,892</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,975,782</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,278,078</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,623,920</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,328,836</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,690,479</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,490,251</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,160,453</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127,830,530</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25pt">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(95,673</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,390</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,104</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">245,534</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146,489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">415,362</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">498,211</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">469,088</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">419,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">376,892</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">474,273</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,014,546</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 0.25pt">SG&amp;A Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 9.25pt">O&amp;M fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,017,132</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Other SG&amp;A at ethanol plants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">144,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9.25pt">PEHC Professional Fee (audit/property tax/license fee etc)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 13.75pt">Total SG&amp;A expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,161,132</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25pt">Operating income (loss) before special items</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(89,641</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(192,434</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(90,371</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(45,657</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">148,773</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">49,728</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">318,601</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">401,450</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">372,327</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">322,997</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">280,131</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">377,512</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,853,414</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25pt">PEHC Board Level SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt">Board</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 9.25pt">Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Advisor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Bank Advisor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt">Other SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9.25pt">D&amp;O Insurance</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 4.75pt">Total PEHC Board Level SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; padding-left: 0.25pt">Depreciation/Amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Depreciation expense - non-plant</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,678</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Amortization expense</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 13.75pt">Total depreciation/amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,678</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25pt">Interest Expense (Income)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Term Loan A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Exit Facility Revolver</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Bank fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9.25pt">Interest income</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 13.75pt">Total interest expense (income)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25pt">Net income (loss)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(90,781</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(193,574</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(91,511</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(46,797</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">147,633</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">48,588</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">317,461</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">400,310</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">371,187</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">321,858</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">278,991</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">376,372</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,839,737</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25pt">EBITDA $ before special items</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">115,869</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">13,271</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">115,500</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">160,326</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">355,242</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">255,815</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">525,070</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">607,648</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">578,865</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">531,404</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">486,669</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">585,988</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">4,331,668</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P>&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 6.01(m)B</P>
<!-- Field: Page; Sequence: 173 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>CONFIDENTIAL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Pacific Ethanol Magic Valley,
LLC </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Income Statement Forecast</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Years Ending December 31, 2012</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 6pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Dec-11</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Jan-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Feb-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Mar-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Apr-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">May-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Jun-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Jul-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Aug-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Sep-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Oct-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Nov-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Dec-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total $</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; padding-left: 1pt">Sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 10%; padding-left: 10pt">Ethanol</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">13,926,509</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">12,792,477</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">13,492,885</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">13,955,745</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">13,959,878</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">14,026,103</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">14,992,464</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 4%; color: black; text-align: right">14,710,741</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">13,904,493</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">13,770,079</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 4%; color: black; text-align: right">13,012,811</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">14,181,034</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">166,725,219</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Co-products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,508,952</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,158,057</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,391,987</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,428,996</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,428,996</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,449,752</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,568,709</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,422,983</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,202,145</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,148,716</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,938,801</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,253,673</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,901,768</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Other/CEPIP</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 14.5pt">Total sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,435,461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,950,534</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,884,872</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,384,742</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,388,874</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,475,855</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,561,173</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,133,724</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,106,638</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,918,795</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,951,612</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,434,706</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">206,626,986</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 1pt">Cost of Goods Sold</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Raw materials and ingredients</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,240,598</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,892,242</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,732,549</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,928,142</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,930,855</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,011,602</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,513,096</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,070,736</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,182,883</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,978,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,157,515</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,454,026</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">187,093,208</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Labor, maintenance, supplies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">333,078</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">321,694</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">383,078</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">382,699</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">396,608</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">407,699</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">356,608</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">336,608</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">382,699</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">336,608</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">332,699</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">386,608</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,356,685</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Production overhead</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164,648</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,077</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,077</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,077</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,077</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,505</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,077</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164,863</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,505</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,981,780</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Depreciation expense - PPE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">255,432</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">255,553</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">255,574</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">255,854</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">255,792</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256,197</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256,194</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256,307</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256,551</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256,738</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256,648</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256,866</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,073,707</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Ethanol marketing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,532</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,115</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,115</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,115</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,115</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,532</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136,950</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,115</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,532</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123,697</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136,950</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,555,046</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">WDG marketing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167,156</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,440</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">161,584</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">161,584</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">161,584</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">161,584</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167,156</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">171,149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">160,107</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157,436</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146,940</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">162,684</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,929,402</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Corn procurement fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,992</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,293</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,426</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,426</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,426</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,426</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,992</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,559</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,426</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,992</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99,860</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,559</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,255,377</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Non-cash compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Derivative (gain) loss</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 14.5pt">Total cost of goods sold</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,401,080</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,000,149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,929,403</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,124,896</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,141,456</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,233,698</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,697,869</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,247,815</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,378,858</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,134,562</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,282,221</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,673,198</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">201,245,206</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 1pt">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,381</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,615</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(44,531</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">259,846</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">247,419</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">242,156</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">863,304</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">885,909</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">727,780</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">784,233</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">669,391</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">761,509</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,381,781</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 1pt">SG&amp;A Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5.5pt">O&amp;M fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,017,132</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.5pt">Other SG&amp;A at ethanol plants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">144,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.5pt">PEHC Professional Fee (audit/property tax/license fee etc)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 14.5pt">Total SG&amp;A expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,161,132</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 1pt">Operating income (loss) before special items</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(62,380</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(146,376</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(141,292</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">163,085</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">150,658</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">145,395</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">766,543</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">789,148</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">631,019</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">687,472</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">572,630</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">664,748</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,220,649</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 1pt">PEHC Board Level SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Board</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Advisor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Bank Advisor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Other SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; padding-bottom: 1pt">D&amp;O Insurance</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.5pt">Total PEHC Board Level SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; padding-left: 1pt">Depreciation/Amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Depreciation expense - non-plant</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,445</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt; padding-bottom: 1pt">Amortization expense</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 14.5pt">Total depreciation/amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,445</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 1pt">Interest Expense (Income)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Term Loan A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Exit Facility Revolver</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Bank fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Interest income</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 14.5pt">Total interest expense (income)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Net income (loss)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(62,750</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(146,747</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(141,663</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">162,715</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">150,287</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">145,025</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">766,172</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">788,777</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">630,649</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">687,101</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">572,260</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">664,377</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,216,203</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 1pt">EBITDA $ before special items</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">193,053</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">109,177</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">114,282</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">418,939</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">406,449</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">401,592</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,022,737</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,045,455</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">887,570</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">944,210</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">829,278</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">921,613</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">7,294,356</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 6.01(m)B</P>

<!-- Field: Page; Sequence: 174 --><DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>CONFIDENTIAL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Pacific Ethanol Stockton, LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Income Statement Forecast</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Years Ending December 31, 2012</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 6pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Dec-11</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Jan-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Feb-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Mar-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Apr-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">May-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Jun-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Jul-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Aug-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Sep-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Oct-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nov-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Dec-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total $</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; padding-left: 0.25pt">Sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 10%; padding-left: 9.25pt">Ethanol</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">13,459,674</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">12,349,762</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">13,292,156</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">13,462,294</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">13,789,587</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">13,134,512</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">14,281,933</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">13,708,900</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">13,323,383</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">13,202,799</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">12,918,195</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">12,864,736</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">159,787,931</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 9.25pt">Co-products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,368,477</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,031,629</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,368,477</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,291,144</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,404,632</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,196,581</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,424,908</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,183,018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,076,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,028,288</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,927,345</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,927,345</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,228,761</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt">Other/CEPIP</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 13.75pt">Total sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,828,151</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,381,391</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,660,633</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,753,438</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,194,219</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,331,094</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,706,841</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,891,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,400,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,231,087</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,845,540</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,792,081</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,016,692</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25pt">Cost of Goods Sold</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Raw materials and ingredients</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,636,161</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,282,581</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,428,417</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,323,971</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,709,736</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,947,290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,716,778</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,948,427</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,506,591</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,305,372</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,981,152</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,932,061</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">178,718,538</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Labor, maintenance, supplies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">377,205</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,978</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">399,205</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">351,854</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">356,381</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">401,854</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">356,381</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">356,381</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">401,854</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">356,381</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">351,854</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">406,381</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,451,707</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Production overhead</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204,964</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">197,361</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,516</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204,546</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,681</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">197,829</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204,849</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,764</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,296</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204,931</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,296</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,214</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,405,247</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Depreciation expense - PPE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">279,716</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">280,091</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">280,022</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">280,425</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">280,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">280,661</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">280,994</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">281,355</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">281,453</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">282,328</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">281,453</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">283,390</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,372,187</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Ethanol marketing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">124,655</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114,403</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123,155</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121,488</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">124,405</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123,780</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,031</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121,488</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">124,405</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121,488</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,863</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,463,107</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt">WDG marketing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157,694</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141,924</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157,694</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152,437</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157,694</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,181</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157,694</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157,694</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152,437</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">151,414</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146,367</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146,367</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,826,599</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Corn procurement fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,936</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,843</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,936</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,572</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,936</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,207</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,936</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,936</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,572</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,936</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,572</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,572</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,180,954</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt">Non-cash compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9.25pt">Derivative (gain) loss</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 13.75pt">Total cost of goods sold</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,881,332</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,443,181</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,687,946</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,532,293</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,928,133</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,186,967</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,941,411</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,168,588</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,759,691</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,525,768</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,178,182</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,184,847</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">193,418,339</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25pt">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(53,181</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(61,790</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,313</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">221,145</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">266,085</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">144,127</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">765,430</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">723,330</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">640,609</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">705,319</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">667,358</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">607,234</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,598,353</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 0.25pt">SG&amp;A Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 9.25pt">O&amp;M fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,017,132</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt">Other SG&amp;A at ethanol plants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">144,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9.25pt">PEHC Professional Fee (audit/property tax/license fee etc)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 13.75pt">Total SG&amp;A expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,161,132</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25pt">Operating income (loss) before special items</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(149,942</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(158,551</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(124,074</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">124,384</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">169,324</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">47,366</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">668,669</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">626,569</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">543,848</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">608,558</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">570,597</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">510,473</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,437,221</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25pt">PEHC Board Level SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt">Board</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 9.25pt">Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt">Advisor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Bank Advisor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt">Other SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 9.25pt; padding-bottom: 1pt">D&amp;O Insurance</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 13.75pt">Total PEHC Board Level SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; padding-left: 0.25pt">Depreciation/Amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Depreciation expense - non-plant</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,508</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9.25pt">Amortization expense</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 13.75pt">Total depreciation/amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,508</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25pt">Interest Expense (Income)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Term Loan A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Exit Facility Revolver</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.25pt">Bank fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9.25pt">Interest income</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 13.75pt">Total interest expense (income)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25pt">Net income (loss)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(150,901</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(159,510</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(125,033</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">123,425</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">168,365</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">46,407</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">667,710</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">625,610</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">542,889</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">607,599</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">569,638</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">509,514</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">3,425,713</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25pt">EBITDA $ before special items</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">129,774</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">121,540</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">155,948</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">404,809</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">449,624</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">328,027</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">949,663</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">907,924</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">825,300</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">890,886</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">852,050</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">793,862</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">6,809,408</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P>&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 6.01(m)B</P>
<!-- Field: Page; Sequence: 175 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>CONFIDENTIAL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Pacific Ethanol Madera, LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Income Statement Forecast</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Years Ending December 31, 2012</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 6pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Dec-11</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Jan-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Feb-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Mar-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Apr-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Jun-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Jul-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Aug-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sep-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Oct-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nov-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dec-12</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total $</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.3pt">Ethanol</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.3pt">Coproducts</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.3pt">Other/CEPIP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 13.75pt">Total sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Cost of Goods Sold</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 10%; text-align: left; padding-left: 9.3pt">Raw materials and ingredients</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">10,665</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">10,665</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">10,665</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">10,665</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">10,665</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">10,665</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">10,665</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">10,665</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">10,665</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">10,665</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">10,665</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">10,665</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">127,980</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.3pt">Labor, maintenance, supplies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,636</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,210</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,636</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,008</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,604</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,605</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,086</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,607</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,088</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,609</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">925,067</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.3pt">Production overhead</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,161</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,161</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,721</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,161</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,161</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,721</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,161</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,161</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,721</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,161</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,161</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,721</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,008,169</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.3pt">Depreciation expense - PPE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,157,390</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.3pt">Ethanol marketing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.3pt">WDG marketing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.3pt">Corn procurement fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.3pt">Non-cash compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9.3pt">Derivative (gain) loss</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 13.8pt">Total cost of goods sold</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">338,244</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">333,818</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">340,804</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">338,097</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">339,617</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">340,657</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">364,212</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">364,213</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">365,255</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">364,215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">362,697</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">366,777</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,218,606</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.3pt">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(338,244</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(333,818</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(340,804</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(338,097</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(339,617</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(340,657</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(364,212</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(364,213</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(365,255</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(364,215</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(362,697</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(366,777</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,218,606</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 0.3pt">SG&amp;A Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 9.3pt">O&amp;M fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">597,132</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.3pt">Other SG&amp;A at ethanol plants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9.3pt">PEHC Professional Fee (audit/property tax/license fee etc)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 13.8pt">Total SG&amp;A expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">632,132</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.3pt">Operating income (loss) before special items</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(390,922</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(386,496</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(393,482</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(390,774</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(392,294</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(393,334</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(416,890</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(416,891</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(417,932</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(416,893</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(415,374</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(419,455</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(4,850,738</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.3pt">PEHC Board Level SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.3pt">Board</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 9.3pt">Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.3pt">Advisor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.3pt">Bank Advisor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.3pt">Other SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9.3pt">D&amp;O Insurance</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 13.8pt">Total PEHC Board Level SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; padding-left: 0.3pt">Depreciation/Amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.3pt">Depreciation expense - non-plant</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,236</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 9.3pt; padding-bottom: 1pt">Amortization expense</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 13.8pt">Total depreciation/amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,236</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.3pt">Interest Expense (Income)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.3pt">Term Loan A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9.3pt">Exit Facility Revolver</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.3pt">Bank fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9.3pt">Interest income</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 13.8pt">Total interest expense (income)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.3pt">Net income (loss)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(391,275</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(386,849</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(393,835</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(391,127</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(392,647</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(393,687</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(417,243</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(417,244</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(418,285</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(417,246</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(415,727</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(419,808</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">(4,854,974</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.3pt">EBITDA $ before special items</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(211,139</TD><TD STYLE="color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(206,713</TD><TD STYLE="color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(213,699</TD><TD STYLE="color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(210,992</TD><TD STYLE="color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(212,512</TD><TD STYLE="color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(213,552</TD><TD STYLE="color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(237,107</TD><TD STYLE="color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(237,108</TD><TD STYLE="color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(238,150</TD><TD STYLE="color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(237,110</TD><TD STYLE="color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(235,592</TD><TD STYLE="color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(239,672</TD><TD STYLE="color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(2,693,348</TD><TD STYLE="color: black; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 6.01(m)B</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Appendix II_2012 Capital Expenditure
Plan [Cash Payment Schedule]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Capital Projects</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 6pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.95pt; background-color: white">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.95pt; background-color: white">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: right; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: right; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: right; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: right; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: right; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: right; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: right; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: right; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: right; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: right; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: right; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: right; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: right; background-color: #595959">&nbsp;</TD><TD STYLE="text-align: left; background-color: #595959">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.95pt; background-color: #D9D9D9">PEMV</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959">&nbsp;</TD><TD STYLE="color: white; font-weight: bold; text-align: right; background-color: #595959"><FONT STYLE="color: Black">Budget</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right; background-color: #595959"><FONT STYLE="color: Black">Jan</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right; background-color: #595959"><FONT STYLE="color: Black">Feb</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right; background-color: #595959"><FONT STYLE="color: Black">Mar</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right; background-color: #595959"><FONT STYLE="color: Black">Apr</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right; background-color: #595959"><FONT STYLE="color: Black">May</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right; background-color: #595959"><FONT STYLE="color: Black">Jun</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right; background-color: #595959"><FONT STYLE="color: Black">Jul</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right; background-color: #595959"><FONT STYLE="color: Black">Aug</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right; background-color: #595959"><FONT STYLE="color: Black">Sep</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right; background-color: #595959"><FONT STYLE="color: Black">Oct</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right; background-color: #595959"><FONT STYLE="color: Black">Nov</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right; background-color: #595959"><FONT STYLE="color: Black">Dec</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left; background-color: #595959"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Replace 930 front end loader</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; text-align: left; padding-left: 14.45pt">Replace air compressor at corn train load-out</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">25,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">25,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Replace Urea Tank</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Build office space for Commodities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Build office space for Utility Operators</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Condenser for PC Tank vapor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Seal up or replace Whole Stillage screens</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Add catwalks around tops of boilers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Install water treatment system for back-end water recov</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">225,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Add cameras around plant site</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Plant triage</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Inductive Automation (historian)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Ungrade expansion joints and make pipe alignment corr</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Capital spares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 23.45pt">Pogo' for corn train load-out</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 23.45pt">Gearboxes for corn delivery conveyors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 23.45pt">Other Capital spares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,750</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 14.45pt">Refrigeration system for cream yeast</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">75,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">75,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.95pt">PEMV Totals</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">690,000</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">43,500</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">18,500</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">96,000</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">66,000</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">111,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">132,500</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">27,500</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">116,250</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">22,500</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">22,500</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">33,750</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.95pt; background-color: #DBDAD9">PECOL</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Expansion joints &amp; Piping Upgrade</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Replace telescoping boom lift</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Corn truck loading upgrades</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Plant Triage</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Pump suction knock out pots</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Pump suction knock out pots</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Syrup solids density meter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Inductive Automation (historian)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Replace Kawasaki Mule</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Reconfigure evaporators</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Beer column burp tank</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">325,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">325,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Captial Spares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Centrifuge crane extentsion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Burden carrier</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">PPE &amp; Clock In Building</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Corn bin laser level system</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 14.45pt">Storage unit for safety/file storage</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,500</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,500</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.95pt">PECOL Totals</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,317,500</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">70,000</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">130,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">100,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">215,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">37,500</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">40,000</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">25,000</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">675,000</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">25,000</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.95pt; background-color: #DBDAD9">PES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Plant Triage</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Expansion joints &amp; Piping Upgrade</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Piping support upgrades</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Corn bin laser level system</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">catwalk above boiler for steam valve isolation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Syrup solids density meter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Pump suction knock out pots</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">cooling tower louvers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Inductive Automation (historian)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Isolate rectifier from beer column for CIP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">catwalk in DDE for Steam valve isolation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Spare Centrifuge</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Evaporator process conversion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Beer column burp tank</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">325,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">325,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Assorted Capital Spares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.2pt">FM Global recommendations for water flow improvements on fire system</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.2pt">CIP recovery system to discharge solids and recover caustic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Outdoor storage/cover for parts and consumables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Density control for final ethanol moisture control</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">reclaim line to beer well to accept offspec wine</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 14.45pt">Bin sweeps</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 14.45pt">Slurry density meter</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.95pt">PES Totals</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,915,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">135,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">110,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">120,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">100,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">85,000</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">250,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">250,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">165,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">350,000</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">350,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #31869B">
    <TD STYLE="color: white; font-weight: bold; text-align: left; padding-left: 0.95pt"><FONT STYLE="color: Black">GRAND TOTAL</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right"><FONT STYLE="color: Black">3,922,500</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&ndash;</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right"><FONT STYLE="color: Black">248,500</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right"><FONT STYLE="color: Black">258,500</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right"><FONT STYLE="color: Black">316,000</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right"><FONT STYLE="color: Black">381,000</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right"><FONT STYLE="color: Black">233,500</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right"><FONT STYLE="color: Black">382,500</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right"><FONT STYLE="color: Black">317,500</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right"><FONT STYLE="color: Black">306,250</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right"><FONT STYLE="color: Black">1,047,500</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right"><FONT STYLE="color: Black">22,500</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: right"><FONT STYLE="color: Black">408,750</FONT></TD><TD STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P>&nbsp;</P>

<P STYLE="text-align: center">SCHEDULE 6.01(m)B</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Appendix III_IT Projects</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">2012</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">IT Capital Projects</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Budget</B></FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9">&nbsp;</TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">Jan</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">Feb</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">Mar</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">Apr</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">May</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">Jun</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">Jul</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">Aug</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">Sep</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">Oct</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">Nov</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; background-color: #DBDAD9"><FONT STYLE="color: Black">Dec</FONT></TD><TD STYLE="color: white; font-weight: bold; background-color: #DBDAD9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">PECOL</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; padding-bottom: 1pt; padding-left: 6.45pt">Lync</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: right">20,023</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: right">20,023</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 6.45pt">Subtotal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 1.95pt">PEMV</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 6.45pt">Network Infrastru</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"></TD><TD STYLE="text-align: right">&nbsp; 3,365</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,365</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 6.45pt">Server</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 6.45pt">Workstation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,661</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 6.45pt">Lync</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,023</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,023</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 6.45pt">Subtotal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,049</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,420</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,078</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 1.95pt">PES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 6.45pt">Server</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,396</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 6.45pt">Lync</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 6.45pt">Subtotal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,396</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 1.95pt">PEM</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 6.45pt">Lync</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 6.45pt">Subtotal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #595959">
    <TD STYLE="color: white; font-weight: bold; text-align: left; padding-left: 1.95pt">GRAND TOTAL</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold; text-align: right">73,468</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold; text-align: right">2,055</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold; text-align: right">2,055</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold; text-align: right">5,420</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold; text-align: right">2,055</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold; text-align: right">2,055</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold; text-align: right">2,055</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold; text-align: right">2,055</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold; text-align: right">2,055</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold; text-align: right">2,055</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold; text-align: right">42,101</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold; text-align: right">2,055</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: white; font-weight: bold; text-align: right">7,451</TD><TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B>SCHEDULE 6.01(m)B</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">SCHEDULE 7.01(h)<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INSURANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Note: the requirements of this Insurance Schedule apply to each
Plant (and the Borrower that owns such Plant) and to Pacific Holding from and after the date of the initial Funding Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>GENERAL
PROVISIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrowers shall at all times carry and maintain or cause to be carried and maintained, at their own expense, the minimum insurance
coverage set forth in this <U>Schedule 7.01(h)</U>. The terms and conditions of all insurance policies (including the amount, scope
of coverage, deductibles, and self-insured retentions) shall be reasonably acceptable to the Administrative Agent (in consultation
with the Insurance Consultant) in all respects as of the date of the initial Funding. After the date of the initial Funding and
until the Discharge Date, the terms and conditions of all insurance policies (including the amount, scope of coverage, deductibles,
and self-insured retentions) shall be acceptable in all respects in the reasonable judgment of the Administrative Agent (acting
in consultation with the Insurance Consultant), and the Administrative Agent (acting in consultation with the Insurance Consultant)
may require that such terms be modified if (i) a state of facts or circumstances exists with respect to any Plant or the Project
that was not foreseen by the Administrative Agent on the date of the Agreement and which, in the reasonable judgment of the Administrative
Agent (acting in consultation with the Insurance Consultant), renders such coverage inadequate, and (ii) the requested coverage
is available on commercially reasonable terms. All insurance carried pursuant to this <U>Schedule 7.01(h)</U> shall conform to
the relevant provisions of the respective Project Documents and be with insurance companies that are rated &ldquo;A-, X&rdquo;
or better by Best&rsquo;s Insurance Guide and Key Ratings, or other insurance companies of recognized responsibility satisfactory
to the Administrative Agent (acting in consultation with the Insurance Consultant). None of the Agents or the other Senior Secured
Parties shall have any obligation or liability for premiums, commissions, assessments or calls in connection with any insurance
policy required under this <U>Schedule 7.01(h)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Capitalized terms used in this <U>Schedule
7.01(h)</U> not otherwise defined herein shall have the meanings set forth in the Agreement, or if not defined therein, as such
terms are used in the common practice of the insurance industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The insurance carried in accordance with this
<U>Schedule 7.01(h)</U> shall be endorsed as follows: The Collateral Agent shall be sole loss payee with respect to all First Party
policies including the Marine and Inland Transit and Property All Risk and Business Interruption, Leasehold Interest Property All
Risk and Business Interruption (where such Leasehold insurance exists) hereof using a Standard Lenders Loss Payable Clause reasonably
acceptable to the Administrative Agent (acting in consultation with the Insurance Consultant). The Administrative Agent, in its
capacity and on behalf of the Lenders, and the Collateral Agent, on behalf of the <FONT STYLE="color: black">Senior Secured Parties,
shall be additional insureds with respect to all of the Borrowers&rsquo; insurance (where legally allowed);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Schedule 7.01(h)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
insurance policies provided by the Borrowers shall allow that the interest of the Administrative Agent, Collateral Agent and the
other Senior Secured Parties shall not be invalidated by any action or inaction of any of the Borrowers or the insureds and shall
insure the Administrative Agent, Collateral Agent and the other Senior Secured Parties regardless of any breach or violation by
the any of the Borrowers or the insured of any warranties, declarations or conditions in such policies or any foreclosure or change
in ownership of any Plant or the Project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
insurer thereunder shall waive all rights of subrogation against the Administrative Agent, Collateral Agent and the other Senior
Secured Parties and their respective officers, employees, agents, successors and assigns and shall waive any right of setoff and
counterclaim and any other right to deduction whether by attachment or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
insurance shall be primary without right of contribution of any other insurance carried by or on behalf of any of Administrative
Agent, Collateral Agent and the other Senior Secured Parties with respect to its interest as such in the Project and each policy
insuring against liability to third parties shall contain a severability of interests or cross liability provision; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
insurance carried under this <U>Schedule 7.01(h)</U> that is written to cover more than one insured shall provide that all terms,
conditions, insuring agreements and endorsements, with the exception of limits of liability (which shall be applicable to all insureds
as a group) and liability for premiums (which shall be solely a liability of the Borrowers), shall operate in the same manner as
if there were a separate policy covering such insured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
of Losses</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
loss, if any, under any insurance required to be carried hereunder shall be adjusted with the insurance companies or otherwise
collected, including the filing in a timely manner of appropriate proceedings, by the Borrowers, subject to the reasonable approval
of the Administrative Agent (acting in consultation with the Insurance Consultant) as it pertains to losses under the Transit,
Property, Business Interruption, Leasehold Property and Business Interruption and other applicable first party policies only. In
addition, the Borrowers shall take all other steps necessary or reasonably requested by the Administrative Agent to collect from
insurers any loss covered by any of the insurance policies herein. All such policies shall provide that the loss, if any, and coverage
afforded under such insurance shall be adjusted and paid as provided in this <U>Schedule 7.01(h)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrowers shall promptly notify the Administrative Agent of any property damage loss covered by any insurance. The Borrowers shall
cooperate and consult with the Administrative Agent in all matters pertaining to the settlement or adjustment of any and all claims
and demands for damages on account of any taking or condemnation of any Plant or the Project or pertaining to the settlement, compromising
or arbitration of any claim on account of any damage or destruction of any Plant or the Project or any portion thereof. Without
the prior written consent of the Administrative Agent (acting in consultation with the Insurance Consultant), no Borrower will
settle, or consent to the settlement of, any proceeding arising out of any damage, destruction or condemnation of any Plant or
the Project or any portion thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Schedule 7.01(h)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Application
of Payments</U>. All payments with respect to the insurance policies required by this <U>Schedule 7.01(h)</U> shall promptly be
deposited in the relevant Insurance and Condemnation Proceeds Account or the Revenue Account as required pursuant to <U>Article
VIII <I>(Project Accounts)</I></U><I> </I>for application in accordance with the provisions of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Evidence
of Insurance</U>. On the Closing Date, on an annual basis no more than ten (10) days following each policy anniversary, and otherwise
as required under the Agreement, the Borrowers shall furnish to the Administrative Agent with approved certification of all required
insurance. An authorized representative of each insurer shall execute such certificates. Such certificates shall identify underwriters,
the type of insurance, the insurance limits, the risks covered thereby and the policy term, and the insurance broker or insurance
carrier providing such certificates shall specifically state (either in such certificate or otherwise) that the special provisions
enumerated for such insurance herein are provided by such insurance. The Borrowers shall certify that the premiums on all such
policies have been paid in full for the current year or will be paid when due. Upon request, the Borrowers will promptly furnish
to the Administrative Agent copies of all insurance policies, binders and cover notes or other evidence of such insurance relating
to the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Duty to Verify</U>. No provision of this <U>Schedule 7.01(h)</U> or any provision of any Transaction Document shall impose on the
Administrative Agent, Collateral Agent or any Senior Secured Party any duty or obligation to verify the existence or adequacy of
the insurance coverage maintained by the Borrowers, nor shall the Administrative Agent, Collateral Agent or any Senior Secured
Party be responsible for any representations or warranties made by or on behalf of any Borrower to any insurance company or underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>OPERATING
PERIOD INSURANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Coverage</U>.
The following coverages shall be placed into effect for the benefit of each Plant, including grain elevators at the Closing Date
and shall be maintained in effect at all times until the Discharge Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial
General Liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Commercial general liability insurance for
such Plant, written on &ldquo;occurrence&rdquo; policy forms, including coverage for premises/operations, products/completed operations,
broad form property damage, blanket contractual liability, and personal injury, with no exclusions for explosion, collapse and
underground perils, and fire with primary coverage limits of no less than one million Dollars ($1,000,000) per occurrence and two
million Dollars ($2,000,000) in the annual aggregate for injuries or death to one or more persons or damage to property resulting
from any one occurrence, and a products and completed operations liability aggregate limit of not less than one million Dollars
($1,000,000). The commercial general liability policy shall also include a severability of interest clause and a cross liability
clause in the event more than one entity is &ldquo;named insured&rdquo; under the liability policy. Deductibles in excess of two
hundred <FONT STYLE="color: black">fifty thousand Dollars ($250,000) shall be subject to review and reasonable </FONT>approval<FONT STYLE="color: black">
by the Administrative Agent (in consultation with the Insurance Consultant).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobile
Liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;&nbsp;Schedule 7.01(h)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Automobile liability insurance, including
coverage for owned, non-owned and hired automobiles for both bodily injury and property damage in accordance with statutory legal
requirements, with combined single limits of no less than one million Dollars ($1,000,000) per accident with respect to bodily
injury, property damage or death. Automobile insurance shall include the Motor Carrier Act Endorsement encompassing Hazardous Materials
Cleanup (MCS-90), if applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workers
Compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Workers compensation insurance to statutory
limits and employer&rsquo;s liability with a limit of not less than one million Dollars ($1,000,000) per occurrence and in the
aggregate such other forms of insurance required by law with respect to any Plant or the Project, providing statutory benefits
and covering loss resulting from injury, sickness, disability or death of employees (if any) of any Borrower. To the extent applicable,
insurance shall cover Jones Act, Longshore and Harbor Workers Act and Continental Shelf Land Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property
/ Machinery Breakdown.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Prior to or at expiry date of the Builders
Risk Policy and ensuring no gap in coverage through the testing and commissioning period and not later than the Commercial Operations
Date for each Plant, property &ldquo;all risk&rdquo; insurance, as such term is used in the common practice of the insurance industry
on the date of the Agreement, including machinery breakdown, the perils of flood and earthquake, strike, vandalism and malicious
mischief subject to terms that are consistent with current industry practice insuring all real and personal property of the Project
at each Plant for an amount of not less than full replacement cost of such Plant. Sub limits are permitted as respects to the following
perils: (i) debris removal (the greater of $5,000,000 or 25% of loss), (ii) expediting or extra expense ($5,000,000), (iii) increased
costs due to orders by law and demolition costs of undamaged portion due to enforcement of by law ($2,000,000), flood (25% of replacement
cost) and earthquake (25% of replacement cost) and (iv) such other coverages customarily sub-limited in reasonable amounts consistent
with current industry practice with respect to similar risks and reasonably acceptable to the Administrative Agent (acting in consultation
with the Insurance Consultant).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Such policy shall include: (i) an automatic
reinstatement of limits following each loss (except for the perils of earthquake and flood), (ii) a replacement cost endorsement
with no deduction for depreciation and (iii) unless provided under the all risk policy, boiler and machinery coverage (including
consequence of design, workmanship or material defect) on a &ldquo;comprehensive&rdquo; basis including breakdown and repair on
a replacement cost basis with limits not less than the full replacement cost of the insured objects. In the event all risk property
cover and the boiler and machinery cover is not written in the same policy, each policy shall contain a joint loss agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All such policies may have deductibles of
not greater than two hundred fifty thousand Dollars ($250,000) and two percent (2%) of values at risk, five percent (5%) for California
Earthquake for natural hazard perils (such as flood and earthquake).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business
Interruption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Schedule 7.01(h)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Borrowers shall also maintain or caused to
be maintained, with respect to each Plant, business interruption insurance on all &ldquo;all risk&rdquo; basis (as such term is
used in common practice of the insurance industry on the date of the Agreement), including machinery breakage, in an amount necessary
to satisfy policy coinsurance conditions, but with limits not less than the equivalent of twelve (12) months projected scheduled
Debtor Service, continuing expenses and an amount equivalent to the principal payments necessary for the Borrowers to reach the
Target Balance Amount at the end of the twelve (12)-month period as indicated in the Agreement or in other amounts reasonably acceptable
to the Administrative Agent (acting in consultation with the Insurance Consultant). The deductible or waiting period shall not
exceed thirty (30) days. Borrowers shall also maintain or cause to be maintained contingent business interruption as respects the
suppliers and vendors in an amount of not less than six (6) months projected scheduled Debt Service, continuing expenses and replacement
ethanol extra expense in amounts acceptable to the Lenders, where the exposure exists.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Umbrella
or Excess.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Umbrella or excess liability insurance of
not less than twenty million Dollars ($20,000,000) per occurrence and annual aggregate during operations. Such coverages shall
be on a per occurrence or claims made basis and over and above coverage provided by the policies described in <U>Sections 2.1(a)</U>,
<U>(b)</U> and, with respect to employer&rsquo;s liability, <U>(c)</U> of this <U>Schedule 7.01(h)</U>, whose limits shall apply
toward the twenty million Dollars ($20,000,000) limit set forth in this <U>Section 2.1(f)</U>. If the policy or policies provided
under this <U>Section 2.1(f)</U> contain(s) aggregate limits applying to other operations other than the Project, and such limits
are diminished below fifteen million Dollars ($15,000,000) by any incident, occurrence, claim, settlement or judgment against such
insurance that has caused the insurer to establish a reserve, Borrowers, within five (5) Business Days after obtaining knowledge
of such event shall inform the Administrative Agent, and within thirty (30) Business Days after the occurrence of such event shall
purchase an additional umbrella/excess liability insurance policy satisfying the requirements of this <U>Section 2.1(f)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aircraft
Liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Aircraft liability, (to the extent exposure
exists) in an amount not less than ten million Dollars ($10,000,000) for all owned, non-owned and hired aircraft, fixed wing or
rotary, used in connection with the operation of the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pollution
Legal Liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Including Onsite Cleanup and sudden and accidental
pollution legal liability insurance on a named perils basis with a limit commensurate (in the reasonable opinion of the Insurance
Consultant) with industry practice for like projects, sufficient to meet contractual requirements but not less than three million
Dollars ($3,000,000). Such coverage can be <FONT STYLE="color: black">included in the commercial general liability and umbrella
or excess liability covers or provided separately. Claims made coverage forms and deductibles of up to two hundred fifty thousand
Dollars ($250,000) are acceptable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>LEASEHOLD
INTEREST INSURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Schedule 7.01(h)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Unless otherwise covered under the operational
Property All Risk Insurance described above or otherwise maintained by Pacific Ethanol, until the Discharge Date, each Borrower
shall also insure, or cause to be insured its leasehold interests in the Leased Premises and provide Property Damage, Business
Interruption/Extra Expense and Liability insurance in amounts reasonably satisfactory to the Administrative Agent (acting in consultation
with the Insurance Consultant).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>DIRECTORS
AND OFFICERS INSURANCE (to the extent exposure exists)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Until the Discharge Date, the Borrowers shall
maintain, or cause to be maintained, Directors and Officers Insurance (including Employment Practices Liability) with limits in
accordance with industry practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>GENERAL
CONDITIONS APPLYING TO ALL INSURANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrowers shall promptly notify the Administrative Agent of any loss in excess of two hundred fifty thousand Dollars ($250,000)
covered by any insurance maintained pursuant to <U>Sections 2.1(e)</U> and (0 of this <U>Schedule 7.01(h)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
policies of insurance required to be maintained pursuant to <U>Sections 2.1(d) </U>and <U>(e)</U> of this <U>Schedule 7.01(h),</U>
shall provide that the proceeds of such policies shall be payable solely to the Collateral Agent pursuant to a standard first mortgage
endorsement substantially equivalent to the Lenders Loss Payable Endorsement 438BFU or New York Standard Mortgage Endorsement without
contribution. All policies (where allowed by law) shall insure the interests of the Senior Secured Parties regardless of any breach
or violation by any Borrower of warranties, declarations or conditions contained in such policies, any action or inaction of any
Borrower or any other Person, or any foreclosure relating to any Plant or any change in ownership of all or any portion of any
Plant (the foregoing may be accomplished by the use of the Lender Loss Payable Endorsement 438BFU required above).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
loss under any insurance required to be carried under <U>Sections 2.1(d)</U> and <U>(e)</U> of this <U>Schedule 7.01(h)</U>, shall
be adjusted with the insurance companies, including the filing in a timely manner of appropriate proceedings, by the Borrowers,
together with the Administrative Agent. In addition the Borrowers may, in their reasonable judgment, consent to the settlement
of any loss; provided that in the event that the amount of any such loss exceeds two hundred fifty thousand Dollars ($250,000)
the terms of such settlement are concurred with by the Administrative Agent (acting in consultation with the Insurance Consultant).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
policies of insurance required to be maintained pursuant to this <U>Schedule 7.01(h)</U> shall be endorsed so that if at any time
any such policy should be cancelled, such cancellation shall not be effective for thirty (30) days following delivery of written
notice thereof to the Administrative Agent, except for cancellation due to non-payment of premium, which shall not be for effective
for ten (10) days following delivery of written notice thereof to the Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Schedule 7.01(h)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the initial Funding Date and annually thereafter, the Borrowers shall furnish the Administrative Agent with a report of an independent
insurance broker, signed by an officer of such broker, stating that all premiums then due have been paid and that, in the opinion
of such broker, the insurance then carried or to be renewed is in accordance with the terms of this <U>Schedule 7.01(h)</U>. In
addition the Borrowers will advise the Administrative Agent in writing promptly of any default in the payment of any premium and
of any other act or omission on the part of any Borrower that may invalidate or render unenforceable, in whole or in part, any
insurance being maintained by any Borrower pursuant to this <U>Schedule 7.01(h)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;CLAIMS
MADE&rdquo; POLICIES FOR CERTAIN TYPES OF INSURANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any liability insurance required under the provisions of this <U>Schedule 7.01(h)</U> is allowed to be written on a &ldquo;claims
made&rdquo; basis, then such insurance shall include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
retroactive date (as such term is specified in each of such policies) shall be no later than the date on which construction is
commenced or the Commercial Operations Date for the relevant Plant (as applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
time any policy written on a &ldquo;claims made&rdquo; basis is not renewed or the retroactive date of such policy is to be changed,
the Borrowers shall obtain or cause to be obtained for each such policy or policies the broadest extended reporting period coverage,
or &ldquo;tail&rdquo;, reasonably available in the commercial insurance market for each such policy or policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>UNAVAILABILITY
OF INSURANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If any insurance (including the limits or
deductibles thereof) hereby required to be maintained is not reasonably available and commercially feasible in the commercial insurance
market, the Administrative Agent (acting in consultation with the Insurance Consultant) shall not unreasonably withhold their agreement
to waive such requirement to the extent the maintenance thereof is not so available; <U>provided</U>, <U>however</U>, that the
Borrowers shall first request any such waiver in writing to the Administrative Agent, which request shall be accompanied by a written
report prepared by an insurance broker of nationally recognized standing, certifying that such insurance required is not reasonably
available and commercially feasible (and, in any case where the required amount is not so available, certifying as to the maximum
amount which is so available) and explaining in detail the basis for such conclusions. If after reviewing such evidence with the
Insurance Consultant, the Administrative Agent concurs with such report, the Borrowers shall not be required to maintain such insurance
until such time as such insurance is again available on commercially reasonable terms. At any time after the granting of any such
waiver, but not more often than once a year, the Administrative Agent or the Lenders may request, and the Borrowers shall furnish
to the Administrative Agent within fifteen (15) days after such request, supplemental reports reasonably acceptable to the Administrative
Agent from such independent insurance broker or the Insurance Consultant updating their prior reports and reaffirming such conclusion.
It is understood that the failure of the Borrowers to timely furnish <FONT STYLE="color: black">any such supplemental report shall
be conclusive evidence that such waiver is no longer effective because such condition no longer exists, but that such failure is
not the only way to establish such non-existence. For the purposes of this Section 8.1, insurance will be considered &ldquo;not
reasonably available and commercially feasible&rdquo; when it is obtainable only at excessive costs that are not justified in terms
of the risk to be insured and is generally not being carried by or applicable to projects or operations similar to the relevant
Plant because of such excessive costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Schedule 7.01(h)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>EROSION
OF LIMIT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In the event that the insurance program evidenced
for the benefit of any Plant is being provided through an insurance policy that also insures other assets owned by the Borrowers
and the limits or sub limits are eroded or exhausted due to a loss at another Plant or location the Borrowers will immediately
cause limits to be reinstated (where applicable) or replaced for the benefit of such Plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Schedule 7.01(h)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule 7.02(a)<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>BONDS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: #4F81BD 1pt solid; border-left: #4F81BD 1pt solid; border-bottom: #4F81BD 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Bond No.</TD>
    <TD STYLE="width: 18%; border-top: #4F81BD 1pt solid; border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Principal</TD>
    <TD STYLE="width: 33%; border-top: #4F81BD 1pt solid; border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Description</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Amount</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Effective</TD>
    <TD STYLE="width: 13%; border-top: #4F81BD 1pt solid; border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Expiration</TD></TR>
<TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0427965</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ethanol Columbia, LLC</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">US DEPT OF TREASURY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alcohol Fuel Producer Bond</P></TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$200,000.00</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">06/01/2009</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">06/01/2013</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5616288</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ethanol Stockton&nbsp; LLC</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">US DEPT OF TREASURY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alcohol Fuel Producer Bond</P></TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$200,000.00</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">06/10/2009</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">06/10/2013</TD></TR>
<TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0427939</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ethanol Madera LLC</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">US DEPT OF TREASURY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alcohol Fuel Producer Bond</P></TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$200,000.00</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/01/2009</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/01/2013</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0427981</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ethanol Magic Valley, LLC</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">US DEPT OF TREASURY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alcohol Fuel Producer Bond</P></TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$200,000.00</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/02/2009</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/02/2012</TD></TR>
<TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0590288</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Pacific Ethanol Columbia, LLC</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OREGON DEPT. OF ENERGY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Site Certificate Bond</P></TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$863,200.00</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">06/25/2012</TD>
    <TD STYLE="border-right: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">06/25/2013</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Schedule 7.02(a)</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule 11.12<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>NOTICE INFORMATION</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BORROWERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white"><B>PACIFIC ETHANOL HOLDING
CO. LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Sacramento, CA 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Attn: Bryon T. McGregor,
CFO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916)
403-2710</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;bmcgregor@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Attn: Christopher W. Wright,
GC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916)
403-2130</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cwright@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white"><B>PACIFIC ETHANOL MADERA
LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Sacramento, CA 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Attn: Bryon T. McGregor,
CFO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916)
403-2710</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;bmcgregor@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Attn: Christopher W. Wright,
GC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916)
403-2130</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cwright@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white"><B>PACIFIC ETHANOL COLUMBIA,
LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Sacramento, CA 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Attn: Bryon T. McGregor,
CFO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916)
403-2710</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;bmcgregor@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Attn: Christopher W. Wright,
GC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916)
403-2130</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cwright@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: white">Schedule 11.12</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white"><B>PACIFIC ETHANOL STOCKTON
LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">400 Capitol Mall,
Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Sacramento, CA 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Attn: Bryon T. McGregor,
CFO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916)
403-2710</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;bmcgregor@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Attn: Christopher W. Wright,
GC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916)
403-2130</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cwright@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white"><B>PACIFIC ETHANOL MAGIC
VALLEY, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Sacramento, CA 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Attn: Bryon T. McGregor,
CFO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916)
403-2710</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;bmcgregor@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Attn: Christopher W. Wright,
GC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916)
403-2130</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cwright@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;BORROWERS&rsquo; AGENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; background-color: white"><B>PACIFIC ETHANOL HOLDING
CO. LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Sacramento, CA 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Attn: Bryon T. McGregor,
CFO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916)
403-2710</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;bmcgregor@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Attn: Christopher W. Wright,
GC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916)
403-2130</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cwright@pacificethanol.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: white">Schedule 11.12</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMINISTRATIVE
AGENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white"><B>WELLS FARGO BANK,
N.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white"><U>Prior to November
5, 2012</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">45 Broadway, 14th
Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">New York, New York
10006</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">Attention: Michael
Pinzon, CMES-Pacific Ethanol</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">Telephone: (212)&nbsp;515-5264</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">Facsimile: (212)&nbsp;515-1576</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">E-mail Address: michael.d.pinzon@wellsfargo.com
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hui.chen@wellsfargo.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white"><U>On and after November
5, 2012</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">150 East 42nd Street,
40th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">New York, New York&nbsp;10017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">Attention: Michael
Pinzon, CMES-Pacific Ethanol</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">Telephone:&nbsp;917-260-1537</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">Facsimile:&nbsp;&nbsp;917-260-1594</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">E-mail Address: michael.d.pinzon@wellsfargo.com
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hui.chen@wellsfargo.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COLLATERAL
AGENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white"><B>WELLS FARGO BANK,
N.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white"><U>Prior to November
5, 2012</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">45 Broadway, 14th
Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">New York, New York
10006</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">Attention: Michael
Pinzon, CMES-Pacific Ethanol</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">Telephone: (212)&nbsp;515-5264</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">Facsimile: (212)&nbsp;515-1576</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">E-mail Address: michael.d.pinzon@wellsfargo.com
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hui.chen@wellsfargo.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white"><U>On and after November
5, 2012</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">150 East 42nd Street,
40th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">New York, New York&nbsp;10017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">Attention: Michael
Pinzon, CMES-Pacific Ethanol</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">Telephone:&nbsp;917-260-1537</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">Facsimile:&nbsp;&nbsp;917-260-1594</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">E-mail Address: michael.d.pinzon@wellsfargo.com
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hui.chen@wellsfargo.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.4pt 0pt 36.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: white">Schedule 11.12</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCOUNTS
BANK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; background-color: white"><B>AMARILLO NATIONAL BANK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 132.5pt 0pt 37.2pt; background-color: white">Amarillo National
Bank</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 132.5pt 0pt 37.2pt; background-color: white">P.O. Box 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 132.5pt 0pt 37.2pt; background-color: white">Amarillo, Texas 79105</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 132.5pt 0pt 37.2pt; background-color: white">Attn: Craig L. Sanders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 132.5pt 0pt 37.2pt; background-color: white">Telephone&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806-378-8244</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 132.5pt 0pt 37.2pt; background-color: white">Fa<FONT STYLE="color: black">csimile&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806-345-1663
</FONT></P>


























<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">Schedule 11.12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit A</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>2011 CEPIP Projections</U>&rdquo;
means the &ldquo;2011 CEPIP Projections&rdquo; as defined in the Amended Credit Agreement as in effect on the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Accounts</U>&rdquo; means all
&ldquo;accounts&rdquo; as that term is defined in Section&nbsp;9-102 of the UCC, now or hereafter owned by any Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Accounts Bank</U>&rdquo; means
Amarillo National Bank, not in its individual capacity, but solely as depositary bank, bank and securities intermediary hereunder,
and each other Person that may, from time to time, be appointed as successor Accounts Bank pursuant to <U>Section&nbsp;10.06 (<I>Resignation
or Removal of Agent</I></U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Accounts Property</U>&rdquo;
means any funds, instruments, securities, financial assets or other assets from time to time held in any of the Project Accounts
or credited thereto or otherwise in possession or control of the Accounts Bank pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Additional Project Document</U>&rdquo;
means each contract, agreement, letter agreement or other instrument to which any Borrower becomes a party after June 25, 2010,
other than any document (a) under which any Borrower (or, in the case of an agreement to which two or more Borrowers are party,
such Borrowers on an aggregate basis) would not reasonably be expected to have obligations or liabilities in the aggregate in excess
of two million Dollars ($2,000,000), or be entitled to receive revenues in the aggregate in excess of three million Dollars ($3,000,000),
in either case in value in any twelve (12) month period, (b) with respect to the purchase or lease to finance the purchase or lease
of enhancements to the Borrowers' production facilities consisting of bolt-on product yield enhancement equipment or processing
and separation equipment for corn oil and corn syrup to the extent permitted under <U>Section 7.02(a)(vi)</U> and <U>Section 7.02(b)(xi)</U>,
and (c) a termination of which would not reasonably be expected to result in a Material Adverse Effect; provided, that for the
purposes of this definition, purchase orders under existing Project Documents relating to the sale of Products or the purchase
of corn shall not constitute Additional Project Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Administrative Agent</U>&rdquo;
means Wells Fargo, in its capacity as administrative agent for the Lenders hereunder, and includes each other Person that may,
from time to time, be appointed as successor Administrative Agent pursuant to <U>Section&nbsp;10.06 (<I>Resignation or Removal
of Agent</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Affiliate</U>&rdquo; of any Person
means any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person. A
Person shall be deemed to be &ldquo;controlled by&rdquo; any other Person if such other Person (a) possesses, directly or indirectly,
power to direct or cause the direction of the management and policies of such Person whether by contract or otherwise or (b) owns
at least ten percent (10%) of the Equity Interests in such Person; provided that clause (b) shall not be taken into account solely
for purposes of determining whether a Person is an Affiliate of a Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Affiliated Project Documents</U>&rdquo;
means those Project Documents listed in <U>Schedule&nbsp;5.11</U> and identified as Affiliate agreements, the DG Offtake Agreement
between Stockton and Pacific Ag Products (and the related Consent), the Ethanol Offtake Agreement between Stockton and Kinergy
(and the related Consent) and the Grain Supply Agreement between Stockton and Pacific Ag Products (and the related Consent).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Agents</U>&rdquo; means, collectively,
the Administrative Agent, the Collateral Agent and the Accounts Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Aggregate Commitment</U>&rdquo;
means ten million Dollars ($10,000,000), as the same may be reduced in accordance with <U>Section&nbsp;2.05 (<I>Termination or
Reduction of Commitments</I>)</U> or increased in accordance with <U>Section 3.14 (<I>Commitment Increase</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Agreement</U>&rdquo; has the
meaning set forth in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Amended Credit Agreement</U>&rdquo;
has the meaning set forth in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Ancillary Documents</U>&rdquo;
means, with respect to each Additional Project Document, the following, each of which shall be in form and substance reasonably
satisfactory to the Administrative Agent and, in the case of items (i), (ii) and (iv), the Collateral Agent:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>each security instrument and agreement necessary or desirable to grant to the Collateral Agent a first priority perfected Lien
(subject only to Permitted Liens) in such Additional Project Document and all property interests received by any Borrower in connection
therewith;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>all recorded UCC financing statements and other filings required to perfect such Lien;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>if reasonably requested by the Administrative Agent, opinions of counsel for the Borrowers addressing such matters relating
to such document, each applicable Security Document and Lien as the Administrative Agent may reasonably request;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>if reasonably requested by the Administrative Agent, the Borrowers shall use their best efforts to obtain a Consent with respect
to such Additional Project Document from each Project Party thereto, and shall use their best efforts to obtain an opinion of counsel
to such Project Party addressing matters relating to such Additional Project Document and such Consent as the Administrative Agent
may reasonably request; provided, that if such Consent cannot be obtained, the relevant Additional Project Document shall be freely
assignable by the applicable Borrower(s) to the Collateral Agent and to a transferee in foreclosure, in each such case without
any consent or approval of such Project Party; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD>if reasonably requested by the Administrative Agent, certified evidence of the authorization of such Additional Project Document
by each Borrower that is a party thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Applicable Margin</U>&rdquo;
means five and one-half percent (5.5%) per annum; provided that for any Loans for which interest is paid as Capitalized Interest
in accordance with <U>Section 3.02 (<I>Interest Payment Dates</I></U>), the Applicable Margin shall be deemed to have been eight
percent (8%) per annum for the period for which interest is so paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Approved Fund</U>&rdquo; means,
with respect to any Lender that is a fund that invests in commercial loans, any other fund that invests in commercial loans and
is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Asset Management Agreement</U>&rdquo;
means the Second Amended and Restated Asset Management Agreement dated as of June 30, 2011 among Pacific Ethanol and the Borrowers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Associated Member</U>&rdquo;
means a member under the PE Newco LLC Agreement that is an Affiliate of a Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Auditors</U>&rdquo; means those
nationally recognized independent auditors selected by the Borrowers and approved by the Administrative Agent, acting reasonably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Authorized Officer</U>&rdquo;
means (i) with respect to any Person that is a corporation, the president, any vice president, the treasurer or the chief financial
officer of such Person, (ii) with respect to any Person that is a partnership, an Authorized Officer of a general partner of such
Person, (iii) with respect to any Person that is a limited liability company, any manager, the president, any vice president, the
treasurer, the chief financial officer or the chief operating officer of such Person, or an Authorized Officer of the managing
member of such Person, or (iv) with respect to any Person, such other representative of such Person that is approved by the Administrative
Agent in writing who, in each such case, has been named as an Authorized Officer on a certificate of incumbency of such Person
delivered to the Administrative Agent and the Accounts Bank on or after the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Bankruptcy Code</U>&rdquo; means
Title 11 of the United States Code entitled &ldquo;Bankruptcy&rdquo; or any successor statute, and all rules promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Base Rate</U>&rdquo; means, for
any day, a fluctuating rate per annum equal to the highest of (i) the Federal Funds Effective Rate plus one-half of one percent
(0.50%), (ii) the rate of interest in effect for such day as publicly announced from time to time by Wells Fargo as its &ldquo;prime
rate&rdquo; and (iii) one month LIBOR plus one percent (1%). The &ldquo;prime rate&rdquo; is a rate set by Wells Fargo based upon
various factors including Wells Fargo&rsquo;s costs and desired return, general economic conditions and other factors, and is used
as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate
announced by Wells Fargo shall take effect at the opening of business on the day specified in the public announcement of such change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Base Rate Loan</U>&rdquo; means
any Loan bearing interest at a rate determined by reference to the Base Rate and the provisions of <U>Article II (<I>Commitments
and Funding</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Blocked Account Agreement</U>&rdquo;
means an agreement, in a form reasonably satisfactory to the Administrative Agent, the Collateral Agent and the Existing Collateral
Agent, with respect to a Local Account among the Borrower in whose name such Local Account has been opened, the bank with whom
such Local Account was opened, the Collateral Agent and the Existing Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman</U>&rdquo; has the meaning
set forth in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman CHS GSA</U>&rdquo; means
the Grain Supply Agreement dated as of February 24, 2012 between CHS, Inc., a Minnesota cooperative corporation, and Boardman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman Deed of Trust</U>&rdquo;
means the Leasehold Trust Deed, Security Agreement, Financing Agreement, Fixture Filing and Assignment of Leases, Rents and Security
Deposits, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent, dated on or about the Closing
Date, made by Boardman to Stewart Title Guaranty Company, as trustee, for the benefit of the Collateral Agent, as beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman Insurance and Condemnation
Proceeds Account</U>&rdquo; has the meaning provided in <U>Section&nbsp;8.01(f) (<I>Establishment of Project Accounts</I>)</U>
of the Amended Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman Lease</U>&rdquo; means
the lease dated April 20, 2006 between the Port of Morrow and Boardman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman LLC Agreement</U>&rdquo;
means the Second Amended and Restated Limited Liability Company Operating Agreement of Boardman dated as of June 29, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman Plant</U>&rdquo; means
the ethanol production facility located at Boardman, Oregon, with a capacity of approximately thirty-five (35) million gallons-per-year
of denatured ethanol, including the Site on which such facility is located, and all buildings, structures, improvements, easements
and other property related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman Pledge Agreement</U>&rdquo;
means the Pledge and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the Closing Date, among Pacific Holding, Boardman and the Collateral Agent, pursuant to which Pacific Holding
pledges one hundred percent (100%) of the Equity Interests in Boardman to the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman Security Agreement</U>&rdquo;
means the Assignment and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the Closing Date, made by Boardman in favor of the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Boardman Subordination Agreement</U>&rdquo;
means that certain Subordination Agreement, dated as of the Closing Date, by and among Boardman, the Collateral Agent and the Existing
Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Borrower LLC Agreements</U>&rdquo;
means, collectively, the Pacific Holding LLC Agreement, the Madera LLC Agreement, the Boardman LLC Agreement, the Stockton LLC
Agreement and the Burley LLC Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Borrowers</U>&rdquo; has the
meaning set forth in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Borrowers&rsquo; Agent</U>&rdquo;
means Pacific Holding, in its capacity as agent for the Borrowers in accordance with <U>Section&nbsp;11.05 (<I>Borrowers&rsquo;
Agent</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Budget</U>&rdquo; has the meaning
set forth in <U>Section 7.01 (k) <I>(Affirmative Covenants- Budget)</I></U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Budget Period</U>&rdquo; means
the period covered by any Budget.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Burley</U>&rdquo; has the meaning
set forth in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Burley Deed of Trust</U>&rdquo;
means the Deed of Trust, Security Agreement, Financing Statement, Fixture Filing and Assignment of Leases, Rents and Security Deposits,
in form and substance reasonably satisfactory to the Lenders and the Collateral Agent, dated on or about the Closing Date, made
by Burley to Fidelity National Title Company, as trustee, for the benefit of the Collateral Agent, as beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Burley Heiskell GSA</U>&rdquo;
means the Grain Storage Agreement dated as of December 11, 2009 between Heiskell and Burley, as amended by that certain Amendment
No. 1 to Grain Storage Agreement dated December 10, 2010 and that certain Amendment No. 2 to Grain Storage Agreement dated November
17, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Burley Insurance and Condemnation
Proceeds Account</U>&rdquo; has the meaning provided in <U>Section&nbsp;8.01(h) (<I>Establishment of Project Accounts</I>)</U>
of the Amended Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Burley LLC Agreement</U>&rdquo;
means the Amended and Restated Limited Liability Company Operating Agreement of Burley dated as of June 29, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Burley Plant</U>&rdquo; means
the ethanol production facility located at Burley, Idaho, with a capacity of approximately fifty (50) million gallons-per-year
of denatured ethanol, including the Site on which such facility is located, and all buildings, structures, improvements, easements
and other property related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Burley Pledge Agreement</U>&rdquo;
means the Pledge and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the Closing Date, among Pacific Holding, Burley and the Collateral Agent, pursuant to which Pacific Holding pledges
one hundred percent (100%) of the Equity Interests in Burley to the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Burley Security Agreement</U>&rdquo;
means the Assignment and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the Closing Date, made by Burley in favor of the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Burley Subordination Agreement</U>&rdquo;
means that certain Subordination Agreement, dated as of the Closing Date, by and among Burley, the Collateral Agent and the Existing
Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Business Day</U>&rdquo; means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>any day that is neither a Saturday or Sunday nor a day on which commercial banks are authorized or required to be closed in
Sacramento, California, New York, New York or Minneapolis, Minnesota; and</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>relative to the making, continuing, prepaying or repaying of any Eurodollar Loans, any day on which dealings in Dollars are
carried on in the London interbank market.</TD></TR></TABLE><P STYLE="margin: 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 1in">&nbsp;&ldquo;<U>Business Interruption
Insurance Proceeds</U>&rdquo; means all proceeds of any insurance policies required pursuant to this Agreement or otherwise obtained
with respect to any Borrower, any Plant or the Project relating to business interruption or delayed start-up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Capitalized Interest</U>&rdquo;
has the meaning provided in <U>Section 3.02 (<I>Interest Payment Dates)</I></U><I>. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Capitalized Lease Liabilities</U>&rdquo;
of any Person means all monetary obligations of such Person under any leasing or similar arrangement that, in accordance with GAAP,
would be classified as capitalized leases on a balance sheet of such Person or otherwise disclosed as such in a note to such balance
sheet and, for purposes of the Financing Documents, the amount of such obligations shall be the capitalized amount thereof, determined
in accordance with GAAP. For the avoidance of doubt, &ldquo;Capitalized Lease Liabilities&rdquo; shall not include obligations
or liabilities of any Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use)
real or personal property, or a combination thereof, which obligations would be required to be classified and accounted for as
an operating lease under GAAP as existing on the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Cash Collateral Agreement</U>&rdquo;
means the Cash Collateral Escrow Agreement, dated as of June 13, 2012, by and among Pacific Holding, International Fidelity Insurance
Company and Allegheny Casualty Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Cash Equivalents</U>&rdquo; means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>readily marketable direct obligations of the government of the United States or any agency or instrumentality thereof, or obligations
unconditionally guaranteed by the full faith and credit of the government of the United States, in each case maturing within one
(1) year from the date of acquisition thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>securities issued by any state of the United States of America or any political subdivision of any such state or any public
instrumentality thereof having maturities of not more than one (1) year from the date of acquisition thereof and, at the time of
acquisition, having a rating of AA- or higher from S&amp;P or Aa3 or higher from Moody&rsquo;s (or, if at any time neither S&amp;P
nor Moody&rsquo;s shall be rating such obligations, an equivalent rating from another nationally recognized rating service); and</TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>investments in certificates of deposit, banker&rsquo;s acceptances and time deposits maturing within two hundred and seventy
(270) days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued
or offered by, the Administrative Agent or any domestic office of any commercial bank organized under the laws of the United States
of America, any State thereof, any country that is a member of the Organisation for Economic Co-Operation and Development or any
political subdivision thereof, that has a combined capital and surplus and undivided profits of not less than five hundred million
Dollars ($500,000,000).</TD></TR></TABLE><P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Cash Flow</U>&rdquo; means, for
any period, the sum (without duplication) of the following: (i) all cash paid to the Borrowers during such period in connection
with the Ethanol Offtake Agreements, DG Offtake Agreements and any other sales of Products, (ii) all interest and investment earnings
paid to the Borrowers or the Project Accounts during such period on amounts on deposit in the Project Accounts, (iii) all cash
paid to the Borrowers during such period as Business Interruption Insurance Proceeds or liability insurance proceeds (but only
to the extent that such liability insurance proceeds represent reimbursement of third party claims already paid by the Borrowers)
and (iv) all other cash paid to the Borrowers during such period; provided, that Cash Flow shall not include any proceeds of the
Loans or any other Indebtedness incurred by any Borrower; Insurance Proceeds; Condemnation Proceeds; any amounts paid pursuant
to the Sponsor Support Agreement; proceeds from any disposition of assets of any Plant or any Borrower (other than Products); tax
refunds; amounts received, whether by way of a capital contribution or otherwise, from any holders of Equity Interests of any Borrower
(other than payments made under the Affiliated Project Documents when due and payable in accordance with the terms thereof and
the terms of the Financing Documents); and any other extraordinary or non-cash income or receipt of any Borrower under GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Casualty Event</U>&rdquo; means
an event that causes any Plant, or any material portion thereof, to be damaged, destroyed or rendered unfit for normal use for
any reason whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>CERCLA</U>&rdquo; means the Comprehensive
Environmental Response, Compensation and Liability Act (42 U.S.C. &sect; 9604, et seq.), as amended, and rules, regulations, standards
guidelines and publications issued thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Change of Control</U>&rdquo;
means any transaction or series of related transactions (including any merger or consolidation) consummated without the prior written
consent of the Required Lenders the result of which is that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Holding fails to maintain,
directly, legally or beneficially, one hundred percent (100%) of the Equity Interests of any of Madera, Boardman, Stockton or Burley;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Pledgor fails to maintain,
directly, legally or beneficially, one hundred percent (100%) of the Equity Interests of Pacific Holding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any &ldquo;person&rdquo; or &ldquo;group&rdquo;
(as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit
plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or
administrator of any such plan) becomes the &ldquo;beneficial owner&rdquo; (as defined in Rules 13d-3 and 13d-5 under the Securities
Exchange Act of 1934, except that a person or group shall be deemed to have &ldquo;beneficial ownership&rdquo; of all securities
that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of
time (such right, an &ldquo;option right&rdquo;)), directly or indirectly, of 66&#8532;% or more of the Equity Interests of Pledgor
entitled to vote for members of the board of managers or equivalent governing body of Pledgor on a fully-diluted basis (and taking
into account all such securities that such &ldquo;person&rdquo; or &ldquo;group&rdquo; has the right to acquire pursuant to any
option right); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any &ldquo;person&rdquo; or &ldquo;group&rdquo;
(as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit
plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or
administrator of any such plan) not a member of Pledgor on the date of the Original Credit Agreement becomes the &ldquo;beneficial
owner&rdquo; (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall
be deemed to have &ldquo;beneficial ownership&rdquo; of all securities that such person or group has the right to acquire, whether
such right is exercisable immediately or only after the passage of time (such right, an &ldquo;option right&rdquo;)), directly
or indirectly, of 50% or more of the Equity Interests of Pledgor entitled to vote for members of the board of managers or equivalent
governing body of Pledgor on a fully-diluted basis (and taking into account all such securities that such &ldquo;person&rdquo;
or &ldquo;group&rdquo; has the right to acquire pursuant to any option right).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Closing Date Consent</U>&rdquo;
means a Consent, in form and substance reasonably satisfactory to the Lenders, with respect to each Project Document set forth
on Part A of <U>Schedule 6.01(a)(ix)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Closing Date</U>&rdquo; means
the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Code</U>&rdquo; means the Internal
Revenue Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Cold Shutdown</U>&rdquo; means,
in respect of a Plant, the maintenance of such Plant in a state in which the Plant facilities are not producing ethanol, ethanol
work in process has been completed, and wherein (i) Plant systems and equipment preservation are being managed in accordance with
manufacturer recommendations and (ii) Plant facilities operate with a reduced headcount. &ldquo;Cold Shutdown&rdquo; contemplates
minimized usage of a Plant&rsquo;s utility systems but does not contemplate any cessation of compliance monitoring with respect
to Necessary Project Approvals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Collateral</U>&rdquo; means all
assets of the Loan Parties and Equity Interests in the Borrowers, whether now owned or hereinafter acquired, upon which a Lien
is purported to be created by any Security Document then in effect or contemplated to be in effect.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Collateral Agent</U>&rdquo; means
Wells Fargo, in its capacity as collateral agent for the Senior Secured Parties under the Financing Documents, and includes each
other Person that may, from time to time be appointed as successor Collateral Agent pursuant to <U>Section&nbsp;10.06 (<I>Resignation
or Removal of Agent</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Commitment</U>&rdquo; means,
with respect to each Lender, the commitment of such Lender to make Loans, as set forth opposite the name of such Lender in <U>Schedule&nbsp;1.01(a)</U>,
as the same may be reduced in accordance with <U>Section&nbsp;2.05 (<I>Termination or Reduction of Commitments</I>)</U> or increased
in accordance with <U>Section 3.14 (<I>Commitment Increase</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Commitment Availability</U>&rdquo;
of any Lender, means the amount by which (x) the Commitment of such Lender exceeds (y) the outstanding principal balance of Funded
Loans of such Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Commitment Availability Percentage</U>&rdquo;
means, as to any Lender at any time, the percentage that such Lender&rsquo;s Commitment Availability then constitutes of the aggregate
amount of Commitment Availability of all Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Commitment Fee</U>&rdquo; has
the meaning provided in <U>Section&nbsp;3.11(a) (<I>Fees</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Commitment Increase</U>&rdquo;
has the meaning provided in <U>Section 3.14 (<I>Commitment Increase</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Commitment Percentage</U>&rdquo;
means, as to any Lender at any time, the percentage that such Lender&rsquo;s Commitment then constitutes of the Aggregate Commitment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Commodity Hedging Arrangements</U>&rdquo;
means any arrangement to hedge the price of corn purchases, ethanol sales, Distillers Grains sales or natural gas purchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Commodity Hedging Policy</U>&rdquo;
means the &ldquo;Commodity Hedging Policy&rdquo; of the Borrowers as defined in the Amended Credit Agreement as in effect on the
date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Condemnation Proceeds</U>&rdquo;
means any amounts and proceeds of any kind (including instruments) payable in respect of any Event of Taking.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Consents</U>&rdquo; means each
Consent and Agreement entered into among a Project Party, the Borrowers, and the Collateral Agent, each in form and substance reasonably
satisfactory to the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Consultants</U>&rdquo; means
the Financial Advisor, the Independent Engineer, the Insurance Consultant and any other consultants appointed by or on behalf of
the Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Contest</U>&rdquo; means, with
respect to any matter or claim involving any Person, that such Person is contesting such matter or claim in good faith and by appropriate
proceedings timely instituted; provided, that the following conditions are satisfied: (a) such Person has posted a bond or other
security (which may include funds reserved in an appropriate Project Account) reasonably acceptable to the Administrative Agent;
(b) during the period of such contest, the enforcement of any contested item is effectively stayed; (c) none of such Person or
any of its officers, directors or employees, or any Senior Secured Party or its respective officers, directors or employees, is
or could reasonably be expected to become subject to any criminal liability or sanction in connection with such contested items;
and (d) such contest and any resultant failure to pay or discharge the claimed or assessed amount does not, and would not reasonably
be expected to (i) result in a Material Adverse Effect or (ii) involve a material risk of the sale, forfeiture or loss of, or the
creation, existence or imposition of any Lien (other than a Permitted Lien) on, any of the Collateral.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Contingent Liabilities</U>&rdquo;
means any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise becomes or is contingently
liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or otherwise
to invest in, a debtor, or otherwise to assure a creditor against loss) the indebtedness, obligation or any other liability of
any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends
or other distributions upon the shares of any other Person. The amount of any Person&rsquo;s obligation under any contingent liabilities
shall (subject to any limitation set forth therein) be deemed for purposes of this Agreement to be the outstanding principal amount
of the debt, obligation or other liability guaranteed thereby; provided, that if the maximum amount of the debt, obligation or
other liability guaranteed thereby has not been established, the amount of such contingent liability shall be the maximum reasonably
anticipated amount of the debt, obligation or other liability; provided, further, that any agreement to limit the maximum amount
of such Person&rsquo;s obligation under such contingent liability shall not, of and by itself, be deemed to establish the maximum
reasonably anticipated amount of such debt, obligation or other liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Contractual Obligation</U>&rdquo;
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking
to which such Person is a party or by which it or any of its property is bound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Corn Supplier</U>&rdquo; means
Pacific Ag Products or any other counterparty to a Grain Supply Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>DDG</U>&rdquo; means dried distillers
grains (if any) produced by the Borrowers at the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Debtor Relief Laws</U>&rdquo;
means the Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable
jurisdictions from time to time in effect and affecting the rights of creditors generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Debt Service Reserve Release
Certificate</U>&rdquo; means a certificate in substantially the form of <U>Exhibit&nbsp;8.06</U> of the Amended Credit Agreement,
duly executed by an Authorized Officer of the Borrowers&rsquo; Agent, directing the transfer of funds from the Debt Service Reserve
Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Debt Service Reserve Account</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;8.01(d) (<I>Establishment of Project Accounts</I>)</U> of the Amended Credit Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Default</U>&rdquo; means any
condition, occurrence or event that, after notice or passage of time or both, would be an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Default Excess</U>&rdquo; means,
with respect to any Defaulting Lender, the excess, if any, of such Defaulting Lender&rsquo;s pro rata share of the aggregate outstanding
principal amount of all Loans (calculated as if all Defaulting Lenders (including such Defaulting Lender) had funded all of their
respective Defaulted Loans) over the aggregate outstanding principal amount of all Loans of such Defaulting Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Default Period</U>&rdquo; means,
with respect to any Defaulting Lender, the period commencing on the date of the applicable Funding Default and ending on the earliest
of the following dates: (i) the date on which all Commitments are cancelled or terminated and/or the Obligations are declared or
become immediately due and payable, (ii) the date on which (a) the Default Excess with respect to such Defaulting Lender shall
have been reduced to zero (whether by the funding by such Defaulting Lender of any Defaulted Loans of such Defaulting Lender or
by the non pro rata application of any voluntary or mandatory prepayments of the Loans pursuant to the terms hereof) and (b) such
Defaulting Lender shall have delivered to the Borrowers and the Administrative Agent a written reaffirmation of its intention to
honor its obligations hereunder with respect to its Commitments, and (iii) the date on which the Borrowers and the Required Lenders
waive all Funding Defaults of such Defaulting Lender in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Default Rate</U>&rdquo; has the
meaning set forth in <U>Section&nbsp;3.04(a) (<I>Default Interest Rate</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Defaulted Loan</U>&rdquo; has
the meaning provided in <U>Section 2.06 (<I>Defaulting Lenders</I></U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Defaulting Lender</U>&rdquo;
has the meaning provided in <U>Section 2.06 (<I>Defaulting Lenders</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>DG Offtake Agreements</U>&rdquo;
means any agreement relating to the sale of Distillers Grains by any Borrower with a scheduled term in excess of one year and with
payments thereunder expected to be in excess of three million Dollars ($3,000,000) and each agreement between any Borrower and
Pacific Ag Products relating to the sale or marketing of Distillers Grains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Discharge Date</U>&rdquo; means
the date on which (a) all outstanding Commitments have been terminated and (b) all amounts payable in respect of the Obligations
have been irrevocably paid in full in cash (other than obligations under the Financing Documents that by their terms survive and
with respect to which no claim has been made by the Senior Secured Parties).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Distillers Grains</U>&rdquo;
means DDG, WDG, and any other form of distillers grain products (including syrup) marketed by any Borrower from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Dollar</U>&rdquo; and the sign
&ldquo;<U>$</U>&rdquo; mean lawful money of the United States.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Domestic Office</U>&rdquo; means,
relative to any Lender, the office of such Lender designated on <U>Schedule&nbsp;1.01(a)</U> or designated in the Lender Assignment
Agreement pursuant to which such Lender became a Lender hereunder or such other office of a Lender (or any successor or assign
of such Lender) within the United States as may be designated from time to time by written notice from such Lender, as the case
may be, to the Borrowers&rsquo; Agent and the Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Eligible Assignee</U>&rdquo;
means (a) any Lender, (b) any Existing Lender, (c) an Affiliate of any Lender or any Existing Lender, (d) an Approved Fund, (e)
a QIB that is not an Affiliate of any Loan Party and (f) any other Person (other than a natural person) approved by (i) the Administrative
Agent and (ii) so long as no Default or Event of Default has occurred and is continuing, the Borrower&rsquo;s Agent (each such
approval not to be unreasonably withheld or delayed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Environmental Affiliate</U>&rdquo;
means any Person, only to the extent of, and only with respect to matters or actions of such Person for which, any Borrower could
reasonably be expected to have liability as a result of such Borrower retaining, assuming, accepting or otherwise being subject
to liability for Environmental Claims relating to such Person, whether the source of such Borrower&rsquo;s obligation is by contract
or operation of Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Environmental Approvals</U>&rdquo;
means any Governmental Approvals required under applicable Environmental Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Environmental Claim</U>&rdquo;
means any written notice, claim, demand or similar written communication by any Person alleging potential liability or requiring
or demanding remedial or responsive measures (including potential liability for investigatory costs, cleanup, remediation and mitigation
costs, governmental response costs, natural resources damages, property damages, personal injuries, fines or penalties) in each
such case (x) either (i) with respect to environmental contamination-related liabilities or obligations with respect to which any
of the Borrowers could reasonably be expected to be responsible that are, or could reasonably be expected to be, in excess of two
hundred thousand Dollars ($200,000) in the aggregate, or (ii) that has or could reasonably be expected to result in a Material
Adverse Effect and (y) arising out of, based on or resulting from (i) the presence, release or threatened release into the environment,
of any Materials of Environmental Concern at any location, whether or not owned by such Person; (ii) circumstances forming the
basis of any violation, or alleged violation, of any Environmental Laws or Environmental Approvals; or (iii) exposure to Materials
of Environmental Concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Environmental Laws</U>&rdquo;
means all Laws applicable to the Project relating to pollution or protection of human health, safety or the environment (including
ambient air, surface water, ground water, land surface or subsurface strata), including Laws relating to emissions, discharges,
releases or threatened releases of Materials of Environmental Concern, or otherwise applicable to the Project relating to the manufacture,
processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Equity Interests</U>&rdquo; means,
with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all
of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other
ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock
of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from
such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination, in each such case including all voting rights and economic
rights related thereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>ERISA</U>&rdquo; means the Employee
Retirement Income Security Act of 1974, as amended, and any successor statute of similar import, together with the regulations
thereunder, in each case as in effect from time to time. References to sections of ERISA also refer to any successor sections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>ERISA Affiliate</U>&rdquo; means
any Person, trade or business that, together with any Borrower, is or was treated as a single employer under Section&nbsp;414 of
the Code or Section&nbsp;4001 of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>ERISA Plan</U>&rdquo; means any
Plan that is not a Multiemployer Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Ethanol Offtake Agreements</U>&rdquo;
means any agreement relating to the sale of ethanol by any Borrower with a scheduled term in excess of one year and with payments
thereunder expected to be in excess of three million Dollars ($3,000,000), and each agreement between any Borrower and Kinergy
relating to the sale or marketing of ethanol.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Eurodollar Loan</U>&rdquo; means
any Loan bearing interest at a rate determined by reference to the Eurodollar Rate and the provisions of <U>Article II (<I>Commitments
and Funding</I>)</U> and <U>Article III (<I>Repayments, Prepayments, Interest and Fees</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Eurodollar Office</U>&rdquo;
means, relative to any Lender, the office of such Lender designated as such on <U>Schedule&nbsp;1.01(a)</U> or designated in the
Lender Assignment Agreement pursuant to which such Lender became a Lender hereunder or such other office of a Lender as designated
from time to time by notice from such Lender to the Borrowers&rsquo; Agent and the Administrative Agent pursuant to <U>Section&nbsp;4.04
(<I>Obligation to Mitigate</I>)</U> that shall be making or maintaining Eurodollar Loans of such Lender hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Eurodollar Rate</U>&rdquo; means,
for any Interest Period with respect to any Eurodollar Loan, an interest rate per annum equal to the rate per annum obtained by
dividing (x) LIBOR for such Interest Period and such Eurodollar Loan, by (y) a percentage equal to (i) 100% minus (ii) the Eurodollar
Reserve Percentage for such Interest Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Eurodollar Reserve Percentage</U>&rdquo;
means, for any day during any Interest Period, the reserve percentage (expressed as a decimal, carried out to five decimal places)
in effect on such day, whether or not applicable to any Lender, under regulations issued from time to time by the F.R.S. Board
for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with
respect to eurocurrency funding (currently referred to as &ldquo;Eurocurrency Liabilities&rdquo;). The Eurodollar Rate for each
outstanding Eurodollar Loan shall be adjusted automatically as of the effective date of any change in the Eurodollar Reserve Percentage.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Event of Abandonment</U>&rdquo;
means with respect to any Plant any of the following shall have occurred: (i) the abandonment by the applicable Borrower of the
operation or maintenance of such Plant for a period of more than ten (10) consecutive days (other than as a result of force majeure,
an Event of Taking or a Casualty Event), (ii) the suspension of all or substantially all of any Borrower&rsquo;s activities with
respect to such Plant, other than as the result of a force majeure, Event of Taking or Casualty Event, for a period of more than
ten (10) consecutive days, or (iii) any written acknowledgement by any Borrower of a final decision to take any of the foregoing
actions; provided that neither Cold Shutdown nor Hot Idle shall constitute an Event of Abandonment under any of clauses (i), (ii)
or (iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Event of Default</U>&rdquo; means
any one of the events specified in <U>Section&nbsp;9.01 (<I>Events of Default</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Event of Taking</U>&rdquo; means
any taking, exercise of rights of eminent domain, public improvement, inverse condemnation, condemnation or similar action of or
proceeding by any Governmental Authority relating to any material part of any Plant, the Project, any Equity Interests of any Borrower,
or any other assets thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Event of Total Loss</U>&rdquo;
means the occurrence of a Casualty Event affecting all or substantially all of any Plant, the Project or the assets of any Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Excluded Taxes</U>&rdquo; means,
with respect to any Agent or any Lender or any other recipient of any payment to be made by or on account of any Obligation of
the Borrowers hereunder, (a) income or franchise Taxes imposed on (or measured by) its net income levied as a result of a present
or former connection between such Agent, such Lender or such other recipient and the jurisdiction of the Governmental Authority
imposing such Tax or any political subdivision or taxing Authority thereof or therein (other than such Agent&rsquo;s, such Lender&rsquo;s
or such other recipient&rsquo;s having executed, delivered or performed its obligations or recovered a payment under, or enforced,
this Agreement or any other Financing Document), (b) any branch profits Tax imposed by the United States, or any similar Tax imposed
by any other jurisdiction described in clause (a) above, or (c) any United States withholding Tax to the extent that is imposed
on amounts payable to such Agent or such Lender at the time such Agent or such Lender becomes a party to this Agreement or such
other Financing Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Exercise of Remedies</U>&rdquo;
means with respect to any Indebtedness the exercise of any remedy (judicially or non-judicially) in respect of such Indebtedness
including an acceleration of such Indebtedness (with or without the taking of any action), the commencement of any action, suit
or proceeding in respect of such Indebtedness or the application of any collateral to such Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Existing Accounts Bank</U>&rdquo;
means the &ldquo;Accounts Bank&rdquo; as defined in the Amended Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Existing Administrative Agent</U>&rdquo;
means the &ldquo;Administrative Agent&rdquo; as defined in the Amended Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Existing Agents</U>&rdquo; means
the Existing Accounts Bank, the Existing Administrative Agent and the Existing Collateral Agent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Existing Collateral Agent</U>&rdquo;
means the &ldquo;Collateral Agent&rdquo; as defined in the Amended Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Existing Credit Agreement</U>&rdquo;
has the meaning set forth in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Existing Credit Agreement Amendment</U>&rdquo;
has the meaning set forth in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Existing Discharge Date</U>&rdquo;
means the &ldquo;Discharge Date&rdquo; as defined in the Amended Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Existing Financing Documents</U>&rdquo;
means the &ldquo;Financing Documents&rdquo; as defined in the Amended Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Existing Lenders</U>&rdquo; means
the &ldquo;Lenders&rdquo; as defined in the Amended Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Existing Pledgor Consent</U>&rdquo;
means the Written Consent in Lieu of Special Meeting of New PE Holdco LLC, dated as of September 14, 2012, among certain of the
equity holders of the Pledgor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Existing Security Documents</U>&rdquo;
means the &ldquo;Security Documents&rdquo; as defined in the Amended Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Existing Senior Secured Parties</U>&rdquo;
means the &ldquo;Senior Secured Parties&rdquo; as defined in the Amended Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Existing Transaction Documents</U>&rdquo;
means the &ldquo;Transaction Documents&rdquo; as defined in the Amended Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Extraordinary Proceeds Account</U>&rdquo;
has the meaning provided in <U>Section&nbsp;8.01(i) (<I>Establishment of Project Accounts</I>)</U> of the Amended Credit Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>F.R.S. Board</U>&rdquo; means
the Board of Governors of the Federal Reserve System or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Federal Funds Effective Rate</U>&rdquo;
means, for any day, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) equal to the weighted average
of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers
on such day, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not
so published for any day that is a Business Day, the average of the quotations for such day for such transactions received by the
Administrative Agent from three federal funds brokers of recognized standing selected by the Required Lenders.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Fee Letters</U>&rdquo; means
(i)&nbsp;the Fee Letter among the Administrative Agent, the Collateral Agent and the Borrowers, dated on or about the Closing Date
and (ii)&nbsp;the Fee Letter among the Accounts Bank and the Borrowers, dated as of on or about the Closing Date, setting forth
certain fees that will, from time to time, become due and payable to the Agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Fees</U>&rdquo; means, collectively,
each of the fees payable by the Borrowers for the account of any Lender or Agent pursuant to <U>Section&nbsp;3.11 (<I>Fees</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Financial Asset</U>&rdquo; has
the meaning provided in <U>Section&nbsp;8.09(b) (<I>Representations, Warranties and Covenants of Accounts Bank</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Financing Documents</U>&rdquo;
means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>this Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>the Notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>the Security Documents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>the Interest Rate Protection Agreements, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD>the Fee Letters;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD>each Blocked Account Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD>the Sponsor Support Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD>the other financing and security agreements, documents and instruments delivered in connection with this Agreement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD>each other document designated as a Financing Document by the Borrowers&rsquo; Agent and the Administrative Agent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Fiscal Quarter</U>&rdquo; means
any quarter of a Fiscal Year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Fiscal Year</U>&rdquo; means
any period of twelve (12) consecutive calendar months ending on December 31.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Floor Price</U>&rdquo; means
the average of the OPIS daily mean quoted price for Chicago pipeline/ethanol plus .01 U.S. dollars per gallon effective the bill
of lading (BOL) date, the publication immediately prior to the BOL date and the publication day immediately following the BOL date
plus a location differential equal to the average of the OPIS daily mean quoted price for Los Angeles pipeline/ethanol minus Chicago
pipeline/ethanol for the period of January 2010 &mdash; December 2010 plus a quality differential of .045 U.S. dollars per gallon.
If the BOL date is a Sunday, then the first publication day prior to and the two (2) publication days immediately following the
BOL date shall apply. If the BOL date is a Saturday or holiday, then the two (2) publication days prior to and the one (1) publication
day immediately following the BOL date shall apply.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Funded Loan</U>&rdquo; means
the outstanding principal balance of any Loan that has been Funded by a Lender pursuant to <U>Section 2.01 (Loans)</U>, excluding,
for the avoidance of doubt, any Capitalized Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Funding</U>&rdquo; means the
incurrence of each Loan on a single date (including the Closing Date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Funding Date</U>&rdquo; means,
with respect to each Funding, the date on which funds are disbursed by the Administrative Agent, on behalf of the Lenders, to the
Borrowers in accordance with <U>Section&nbsp;2.03 (<I>Funding of Loans</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Funding Default</U>&rdquo; has
the meaning specified in <U>Section 2.06 (<I>Defaulting Lenders)</I></U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Funding Notice</U>&rdquo; means
each request for Funding in the form of <U>Exhibit&nbsp;2.02</U> delivered in accordance with <U>Section&nbsp;2.02 (<I>Notice of
Fundings</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>GAAP</U>&rdquo; means generally
accepted accounting principles in effect from time to time in the United States, applied on a consistent basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Governmental Approval</U>&rdquo;
means any authorization, consent, approval, license, lease, ruling, permit, certification, exemption, filing for registration by
or with any Governmental Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Governmental Authority</U>&rdquo;
means any nation, state, sovereign, or government, any federal, regional, state, local or political subdivision and any entity
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Grain Supply Agreements</U>&rdquo;
means any agreement relating to the purchase or supply of grain to any Borrower with a scheduled term in excess of one year and
with payments thereunder expected to be in excess of two million Dollars ($2,000,000) and each agreement between any Borrower and
Pacific Ag Products relating to the purchase or supply of grain to such Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Granting Lender</U>&rdquo; has
the meaning provided in <U>Section&nbsp;11.03(h) (<I>Assignments</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Guarantee</U>&rdquo; means, as
to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing
any Indebtedness or other obligation payable or performable by another Person (the &ldquo;primary obligor&rdquo;) in any manner,
whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance
or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities
or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance
of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition
or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness
or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness
or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole
or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether
or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of
such Indebtedness to obtain any such Lien).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Heiskell</U>&rdquo; means J.D.
Heiskell Holdings, LLC, a California limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Heiskell GSA</U>&rdquo; means
the Grain Storage Agreement dated as of December 11, 2009 between Heiskell and Burley.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Hot Idle</U>&rdquo; in respect
of a Plant, means the maintenance of such Plant in a state in which the Plant facilities are not producing ethanol with the exception
of completing work-in- process inventory, and a range of operations from a state wherein (i) Plant systems including fermentation
tanks are maintained with an amount of work-in-process Product to a state in which such systems have been emptied and cleaned and
the required process water and chemicals have been removed from the Plant facilities and (ii) Plant facilities operate with either
a full complement of head count, or, subject to prior written notice and consultation with the Administrative Agent (in the case
of any reduction in headcount that is not the result of a termination for cause or a voluntary resignation by any person working
at such Plant) a reduced headcount. &ldquo;Hot Idle&rdquo; does not include or contemplate a shutdown of such plant&rsquo;s utility
systems or any cessation of compliance monitoring with respect to Necessary Project Approvals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Increase Effective Date</U>&rdquo;
has the meaning set forth in <U>Section 3.14(d) (<I>Commitment Increase</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Indebtedness</U>&rdquo; means,
as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities
in accordance with GAAP:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all obligations of such Person for
or in respect of moneys borrowed or raised, whether or not for cash by whatever means (including acceptances, deposits, discounting,
letters of credit, factoring, and any other form of financing which is recognized in accordance with GAAP in such Person&rsquo;s
financial statements as being in the nature of a borrowing or is treated as &ldquo;off-balance sheet&rdquo; financing);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all obligations of such Person evidenced
by bonds, debentures, notes, loan agreements or other similar instruments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all obligations of such Person for
the deferred purchase price of property or services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all obligations of such Person under
conditional sale or other title retention agreements relating to property or assets acquired by such Person (even though the rights
and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property
or are otherwise limited in recourse);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the maximum amount of all direct
or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers&rsquo; acceptances,
bank guaranties, surety bonds and similar instruments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all Capitalized Lease Liabilities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net obligations of such Person under
any Swap Contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all obligations of such Person to
purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interests in such Person or any other
Person or any warrants, rights or options to acquire such Equity Interests, valued, in the case of redeemable preferred interests,
at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all Guarantees of such Person in
respect of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">For all purposes hereof, the Indebtedness of any Person shall
include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse
to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination
Value thereof as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Indemnified Taxes</U>&rdquo;
means Taxes other than Excluded Taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Indemnitee</U>&rdquo; has the
meaning provided in <U>Section&nbsp;11.09 (<I>Indemnification by the Borrowers</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Independent Engineer</U>&rdquo;
means Harris Group Inc., or any replacement independent engineer appointed by the Required Lenders and, so long as no Default or
Event of Default has occurred and is continuing, reasonably acceptable to the Borrower&rsquo;s Agent (which acceptance shall not
be unreasonably withheld or delayed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Information</U>&rdquo; has the
meaning provided in <U>Section&nbsp;11.18 (<I>Treatment of Certain Information; Confidentiality</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Initial Annual Forecast</U>&rdquo;
means the initial forecast of the projected requirements for Operation and Maintenance Expenses and Maintenance Capital Expenses
on a monthly basis for each Plant prepared by the Borrowers and attached hereto as <U>Schedule 6.01(m)B</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Initial Budget</U>&rdquo; means
the initial budget reflecting projected cash flows, operating disbursements, payroll disbursements, non-operating disbursements
and cash balances of the Borrowers, prepared by the Borrowers and attached hereto as <U>Schedule 6.01(m)A</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Insolvency Proceeding</U>&rdquo;
means, with respect to any Person:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>any case commenced by or against such Person under the Bankruptcy Code or any similar federal or state law for the relief of
debtors, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities
of such Person, any receivership or assignment for the benefit of creditors relating to such Person or any similar case or proceeding
relative to such Person or its creditors, as such, in each case whether or not voluntary;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to such Person , in each
case whether or not voluntary and whether or not involving bankruptcy or insolvency; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>any other proceeding of any type or nature in which substantially all claims of creditors of such Person are determined and
any payment or distribution is or may be made on account of such claims.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Insurance and Condemnation Proceeds
Accounts</U>&rdquo; means, collectively, the Madera Insurance and Condemnation Proceeds Account, the Boardman Insurance and Condemnation
Proceeds Account, the Stockton Insurance and Condemnation Proceeds Account and the Burley Insurance and Condemnation Proceeds Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Insurance and Condemnation Proceeds
Request Certificate</U>&rdquo; means a certificate, in substantially the form of <U>Exhibit&nbsp;8.07</U> to the Amended Credit
Agreement, executed by an Authorized Officer of the Borrowers&rsquo; Agent and setting forth proposed instructions for the transfer
or withdrawal of Insurance Proceeds or Condemnation Proceeds, as the case may be, from an Insurance and Condemnation Proceeds Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Insurance Consultant</U>&rdquo;
means any insurance consultant appointed by the Required Lenders and, so long as no Default or Event of Default has occurred and
is continuing, reasonably acceptable to the Borrower&rsquo;s Agent (which acceptance shall not be unreasonably withheld or delayed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Insurance Proceeds</U>&rdquo;
means all proceeds of any insurance policies required pursuant to this Agreement or otherwise obtained with respect to any Borrower,
any Plant or the Project that are paid or payable to or for the account of any Borrower, or the Collateral Agent as loss payee,
or additional insured (other than Business Interruption Insurance Proceeds and proceeds of insurance policies relating to third
party liability).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Intercreditor Agreement</U>&rdquo;
means the Intercreditor Agreement, dated as of the Closing Date, among the Collateral Agent, the Existing Collateral Agent, the
Administrative Agent and the Existing Administrative Agent, as acknowledged and, as to certain provisions thereof, agreed by the
Borrowers and the Borrowers&rsquo; Agent, in substantially the form attached hereto as Exhibit B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Interest Payment Date</U>&rdquo;
means, with respect to any Loan without duplication, the last day of each Interest Period applicable to each Funding of which such
Loan is a part.</P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Interest Period</U>&rdquo; means,
with respect to any Eurodollar Loan, the period beginning on (and including) the date on which such Eurodollar Loan is made pursuant
to <U>Section&nbsp;2.03 (<I>Funding of Loans</I>)</U> or the date on which each successive interest period for each such Eurodollar
Loan is determined pursuant to <U>Section&nbsp;3.03 (<I>Interest Rates</I>)</U> and ending on (and including) the day that numerically
corresponds to such date one (1) month thereafter; provided, that (i) if such Interest Period would otherwise end on a day that
is not a Business Day, such Interest Period shall end on the next following Business Day (unless such next following Business Day
is in a different a calendar month, in which case such Interest Period shall end on the next preceding Business Day), (ii) any
Interest Period that begins on the last Business Day of a month (or on a day for which there is no numerically corresponding day
in the month at the end of such Interest Period) shall end on the last Business Day of the month at the end of such Interest Period,
(iii) no Interest Period shall end after any Monthly Date unless the aggregate outstanding principal amount of Eurodollar Loans
having Interest Periods which end on or prior to such Monthly Date shall be at least equal to the aggregate principal amount of
Eurodollar Loans due and payable on or prior to such Monthly Date, and (iv) no Interest Period may end later than the Maturity
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Interest Period Notice</U>&rdquo;
means a notice in substantially the form attached hereto as <U>Exhibit&nbsp;3.03</U>, executed by an Authorized Officer of the
Borrowers&rsquo; Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Interest Rate Protection Agreement</U>&rdquo;
means each interest rate swap, collar, put, or cap, or other interest rate protection arrangement, with a Qualified Counterparty,
in each such case that is reasonably satisfactory to the Administrative Agent and is entered into in accordance with <U>Section&nbsp;7.02(u)
(<I>Negative Covenants - Interest Rate Protection Agreement</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Interest Rate Protection Provider</U>&rdquo;
means a Qualified Counterparty that is party to an Interest Rate Protection Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Kirby Equipment</U>&rdquo; means
the equipment leased by Pacific Ag Products pursuant to the Lease Agreement dated as of September 19, 2008 between Pacific Ag Products
and Kirby Manufacturing Inc. (&ldquo;<U>KMI</U>&rdquo;) as assigned by KMI to Agricredit Acceptance LLC on September 30, 2008.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Kinergy</U>&rdquo; means Kinergy
Marketing, LLC, an Oregon limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Law</U>&rdquo; means, with respect
to any Governmental Authority, any constitutional provision, law, statute, rule, regulation, ordinance, treaty, order, decree,
judgment, decision, common law, holding, injunction, Governmental Approval or requirement of such Governmental Authority. Unless
the context clearly requires otherwise, the term &ldquo;<U>Law</U>&rdquo; shall include each of the foregoing (and each provision
thereof) as in effect at the time in question, including any amendments, supplements, replacements, or other modifications thereto
or thereof, and whether or not in effect as of the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Leased Premises</U>&rdquo; means,
with respect to the Boardman Plant, the Premises, as defined in the Boardman Lease and, with respect to the Stockton Plant, the
Premises, as defined in the Stockton Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Leases</U>&rdquo; means, collectively,
the Boardman Lease and the Stockton Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Lender Assignment Agreement</U>&rdquo;
means a Lender Assignment Agreement, substantially in the form of <U>Exhibit&nbsp;11.03</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Lenders</U>&rdquo; means the
persons identified as &ldquo;Lenders&rdquo; and listed on the signature pages of this Agreement and each other Person that acquires
the rights and obligations of a Lender hereunder pursuant to <U>Section&nbsp;11.03 (<I>Assignments</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>LIBOR</U>&rdquo; means, for any
Interest Period:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)&#9;the rate per annum equal to the
rate determined by the Administrative Agent to be the offered rate that appears on the page of the Telerate screen (or any successor
thereto) that displays an average British Bankers Association Interest Settlement Rate for deposits in Dollars (for delivery on
the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m.
(London time) two (2) Business Days prior to the first day of such Interest Period; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)&#9;if the rate referenced in the preceding
clause (a) does not appear on such page or service or such page or service is not available, the rate per annum equal to the rate
determined by the Administrative Agent to be the offered rate on such other page or other service that displays an average British
Bankers Association Interest Settlement Rate for deposits in Dollars (for delivery on the first day of such Interest Period) with
a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two (2) Business Days prior
to the first day of such Interest Period; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)&#9;if the rates referenced in the preceding
clauses (a) and (b) are not available, the last available rate for LIBOR pursuant to this definition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">Notwithstanding the foregoing, in no event
shall LIBOR be less than a rate per annum equal to four percent (4%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Lien</U>&rdquo; means any security
interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, bailment, conditional sales or title retention
agreement, lien (statutory or otherwise), charge against or interest in property, in each case of any kind, to secure payment of
a debt or performance of an obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Liquidity Agreement</U>&rdquo;
dated as of June 7, 2012 among the Pacific Holdings, Burly, Boardman, Stockton, Kinergy and Pacific Ag Products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Loan</U>&rdquo; has the meaning
provided in <U>Section&nbsp;2.01 (<I>Loans</I>)</U>; provided that &ldquo;Loans&rdquo; shall include any Capitalized Interest added
to the principal amount of any Loans in accordance with <U>Section 3.02 (<I>Interest Payment Dates</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Loan Parties</U>&rdquo; means,
collectively, each Borrower and the Pledgor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Local Account</U>&rdquo; means
any local bank account (other than the Project Accounts) in the name of any Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Madera</U>&rdquo; has the meaning
set forth in the Preamble.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Madera Deed of Trust</U>&rdquo;
means the Deed of Trust, Security Agreement, Financing Statement, Fixture Filing and Assignment of Leases, Rents and Security Deposits,
in form and substance reasonably satisfactory to the Lenders and the Collateral Agent, dated on or about the Closing Date, made
by Madera to Stewart Title Guaranty Company, as trustee, for the benefit of the Collateral Agent, as beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Madera Insurance and Condemnation
Proceeds Account</U>&rdquo; has the meaning provided in <U>Section&nbsp;8.01(e) (<I>Establishment of Project Accounts</I>)</U>
of the Amended Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Madera LLC Agreement</U>&rdquo;
means the Fourth Amended and Restated Limited Liability Company Operating Agreement of Madera dated as of June 29, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Madera Plant</U>&rdquo; means
the ethanol production facility located at Madera, California, with a capacity of approximately forty (40) million gallons-per-year
of denatured ethanol, including the Site on which such facility is located, and all buildings, structures, improvements, easements
and other property related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Madera Pledge Agreement</U>&rdquo;
means the Pledge and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the Closing Date, among Pacific Holding, Madera and the Collateral Agent, pursuant to which Pacific Holding pledges
one hundred percent (100%) of the Equity Interests in Madera to the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Madera Security Agreement</U>&rdquo;
means the Assignment and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the Closing Date, made by Madera in favor of the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Madera Subordination Agreement</U>&rdquo;
means that certain Subordination Agreement, dated as of the Closing Date, by and among Madera, the Collateral Agent and the Existing
Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Maintenance Capital Expense Account</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;8.01(c) (<I>Establishment of Project Accounts</I>)</U> of the Amended Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Maintenance Capital Expenses</U>&rdquo;
means all expenditures by the Borrowers for regularly scheduled (or reasonably anticipated) major maintenance of the Project, Prudent
Ethanol Operating Practice and vendor and supplier requirements constituting major maintenance (including teardowns, overhauls,
capital improvements, replacements and/or refurbishments of major components of the Project).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Major Project Party</U>&rdquo;
means Pacific Ethanol (until the termination of the Asset Management Agreement), each Offtaker, each Corn Supplier, the landlord
under each Lease, Heiskell, the guarantor under any Project Document Guarantee guarantying the obligations of any other Major Project
Party and any other Project Party designated as a Major Project Party by the Administrative Agent and the Borrowers&rsquo; Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Mandatory Prepayment</U>&rdquo;
means a prepayment in accordance with <U>Section&nbsp;3.08 (<I>Mandatory Prepayment</I>)</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Material Adverse Effect</U>&rdquo;
means any event, development or circumstance that has had or could reasonably be expected to have a material adverse effect in
respect of any Plant or the Project on (i) the business, assets, property, condition (financial or otherwise) or operations (as
applicable) of any Borrower, (ii) the ability of any Borrower or any other Loan Party or any Project Party to perform its material
obligations under any Transaction Document to which it is a party, (iii) creation, perfection or priority of the Liens granted,
or purported to be granted, in favor, or for the benefit, of the Collateral Agent or (iv) the rights or remedies of any Senior
Secured Party under any Financing Document; provided that clauses (i) or (ii) of this definition shall not be a Material Adverse
Effect with respect to any Borrower if such event, development or circumstance results from the Cold Shutdown of a Plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Materials of Environmental Concern</U>&rdquo;
means chemicals, pollutants, contaminants, wastes, toxic substances and hazardous substances, any toxic mold, radon gas or other
naturally occurring toxic or hazardous substance or organism and any material that is regulated in any way, or for which liability
is imposed, pursuant to an Environmental Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Maturity Date</U>&rdquo; means
June&nbsp;25, 2013 or such later date on or prior to June 25, 2016, as may be agreed to in any Maturity Date Extension.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Maturity Date Extension</U>&rdquo;
has the meaning given to such term in <U>Section 11.01(c) (<I>Amendments, Etc.</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Maximum Rate</U>&rdquo; has the
meaning provided in <U>Section&nbsp;11.10 (<I>Interest Rate Limitation</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Monthly Date</U>&rdquo; means
the last Business Day of each calendar month; provided, that for Loans made on the Closing Date the first Monthly Date shall be
deemed to be November 30, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Monthly Period</U>&rdquo; means
each one (1) month period beginning on (and including) the day immediately following a Monthly Date and ending on (and including)
the next Monthly Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Moody&rsquo;s</U>&rdquo; means
Moody&rsquo;s Investors Service Inc., and any successor thereto that is a nationally recognized rating agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Mortgaged Property</U>&rdquo;
means all real property right, title and interest of each Borrower that is subject to the relevant Mortgage in favor of the Collateral
Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Mortgages</U>&rdquo; means, together,
the Madera Deed of Trust, the Boardman Deed of Trust, the Stockton Deed of Trust and the Burley Deed of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Multiemployer Plan</U>&rdquo;
means a Plan that is a &ldquo;multiemployer plan&rdquo; as defined in Section&nbsp;4001(a)(3) of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Necessary Project Approvals</U>&rdquo;
means (i) all material Governmental Approvals that are required under applicable Law to be obtained by any Borrower in connection
with the ownership and operation of a Plant at its full nameplate capacity as contemplated by the Transaction Documents and (ii)
the Governmental Approvals described in <U>Section&nbsp;5.03(a) (<I>Governmental Approvals</I>)</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Necessary Project Contracts</U>&rdquo;
means all material contracts, agreements, technology licenses, instruments, letters, understandings, or other documentation that
are required to be obtained by any Borrower in connection with the operation of the applicable Plant as contemplated by the Transaction
Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Non-Appealable</U>&rdquo; means,
with respect to any specified time period allowing an appeal of any ruling under any constitutional provision, Law, statute, rule,
regulation, ordinance, treaty, order, decree, judgment, decision, certificate, holding or injunction that such specified time period
has elapsed without an appeal having been brought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Non-Consenting Lender</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;11.01 (<I>Amendments, Etc.</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Non-U.S. Lender</U>&rdquo; has
the meaning set forth in <U>Section&nbsp;4.07(e) (<I>Taxes - Foreign Lenders</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Non-Voting Lender</U>&rdquo;
means any Lender who (a) is a Defaulting Lender, (b) is a Loan Party, a Project Party or any Affiliate or Subsidiary thereof or
(c) has sold a participation in the Loan held by it to any such Person (to the extent of such participation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Notes</U>&rdquo; means the promissory
notes of the Borrowers evidencing the Loans, including any promissory notes issued by any Borrower in connection with assignments
of any Loan of a Lender, in each case substantially in the form of <U>Exhibit&nbsp;2.04</U>, as they may be amended, restated,
supplemented or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Notice of Suspension</U>&rdquo;
has the meaning provided in <U>Section&nbsp;8.18 (<I>Notices of Suspension of Accounts</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Obligations</U>&rdquo; means
and includes all loans, advances, debts, liabilities, Indebtedness and obligations, howsoever arising, owed to the Agents, the
Lenders or any other Senior Secured Party of every kind and description (whether or not evidenced by any note or instrument and
whether or not for the payment of money), direct or indirect (including those acquired by assumption), absolute or contingent,
due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or
against any Borrower of any Insolvency Proceeding naming such Borrower as the debtor in such proceeding, regardless of whether
such interest and fees are allowed claims in such proceeding, pursuant to the terms of this Agreement or any of the other Financing
Documents, including all principal, interest, fees, charges, expenses, attorneys&rsquo; fees, costs and expenses, accountants&rsquo;
fees and Consultants&rsquo; fees payable by the Borrowers hereunder or thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Offtaker</U>&rdquo; means each
counterparty to each DG Offtake Agreement and each Ethanol Offtake Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Operating Account</U>&rdquo;
has the meaning provided in <U>Section&nbsp;8.01(b) (<I>Establishment of Project Accounts</I>)</U> of the Amended Credit Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Operating Account Withdrawal
Certificate</U>&rdquo; means a certificate in substantially the form of <U>Exhibit&nbsp;8.04</U> to the Amended Credit Agreement,
duly executed by an Authorized Officer of the Borrowers&rsquo; Agent, directing the transfer or withdrawal of funds from the Operating
Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Operating Statement</U>&rdquo;
means an operating statement with respect to each Plant, in substantially the form of <U>Exhibit&nbsp;7.03(1</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Operation and Maintenance Expenses</U>&rdquo;
means the sum without duplication of all (i) reasonable and necessary expenses of administering, managing and operating, and generating
Products for sale from, the Project and maintaining it in good repair and operating condition, (ii) costs associated with the supply
and transportation of all corn, natural gas, electricity and other supplies and raw materials to the Project and distribution and
sale of Products from the Project that any Borrower is obligated to pay, (iii) all reasonable and necessary insurance costs, (iv)
property, sales and franchise taxes to the extent that any Borrower is liable to pay such taxes to the taxing authority (other
than taxes imposed on or measured by income or receipts) to which the Project, may be subject (or payment in lieu of such taxes
to which the Project may be subject), (v) reasonable and necessary costs and fees incurred in connection with obtaining and maintaining
in effect Necessary Project Approvals, (vi) reasonable and arm&rsquo;s-length legal, accounting and other professional fees attendant
to any of the foregoing items and, (vii) the reasonable costs of administration and enforcement of the Transaction Documents. In
no event shall Maintenance Capital Expenses be considered Operation and Maintenance Expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Organic Documents</U>&rdquo;
means, with respect to any Person that is a corporation, its certificate of incorporation, its by-laws and all shareholder agreements,
voting trusts and similar arrangements applicable to any of its authorized shares of capital stock and, with respect to any Person
that is a limited liability company, its certificate of formation or articles of organization and its limited liability agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Original Credit Agreement</U>&rdquo;
means the Credit Agreement, dated as of June 25, 2010, by and among the Borrowers, the Borrowers&rsquo; Agent, each of the Lenders
from time to time party thereto, WestLB, as administrative agent for the lenders thereunder, collateral agent for the senior secured
parties thereunder and issuing bank thereunder, and the Accounts Bank, as accounts bank thereunder, prior to its amendment and
restatement (and subsequent amendment) as the Existing Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Pacific Ag Products</U>&rdquo;
means Pacific Ag. Products, LLC, a California limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Pacific Ethanol</U>&rdquo; means
Pacific Ethanol, Inc., a Delaware corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Pacific Ethanol Guarantees</U>&rdquo;
means each guaranty to be made by Pacific Ethanol, guaranteeing the performance and payment of the obligations of Kinergy or Pacific
Ag Products, as the case may be, under each of the Ethanol Offtake Agreements, DG Offtake Agreements, and Grain Supply Agreements
to which Kinergy or Pacific Ag Products are party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Pacific Holding</U>&rdquo; has
the meaning set forth in the Preamble.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Pacific Holding LLC Agreement</U>&rdquo;
means the Second Amended and Restated Limited Liability Company Agreement of Pacific Holding dated as of June 29, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Pacific Holding Pledge Agreement</U>&rdquo;
means the Pledge and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the Closing Date, among Pacific Holding, Pledgor and the Collateral Agent, pursuant to which Pledgor pledges
one hundred percent (100%) of the Equity Interests in Pacific Holding to the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Pacific Holding Security Agreement</U>&rdquo;
means the Assignment and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the Closing Date, made by Pacific Holding in favor of the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Participant</U>&rdquo; has the
meaning provided in <U>Section&nbsp;11.03(d) (<I>Assignments</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Patriot Act</U>&rdquo; means
United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism (USA PATRIOT ACT) of 2001, and the rules and regulations promulgated thereunder from time to time in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>PBGC</U>&rdquo; means the Pension
Benefit Guaranty Corporation and any entity succeeding to any or all of its functions under ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>PE Newco LLC Agreement</U>&rdquo;
means the Limited Liability Company Agreement of New PE Holdco LLC dated as of June 29, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Permitted Commodity Hedge</U>&rdquo;
means any non-speculative Swap Contract in respect of certain commodities entered into in accordance with the Commodity Hedging
Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Permitted Indebtedness</U>&rdquo;
means Indebtedness identified in <U>Section&nbsp;7.02(a) (<I>Negative Covenants - Restrictions on Indebtedness of the Borrowers</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Permitted Liens</U>&rdquo; means
Liens identified in <U>Section&nbsp;7.02(b) (<I>Negative Covenants - Liens</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Permitted Tax Distribution</U>&rdquo;
means, with respect to any distributee that is required to pay tax as a result of its direct or indirect ownership of the Borrowers,
an amount equal to (a) the Effective Tax Rate multiplied by (b) such distributee&rsquo;s estimated share of the taxable income
of Pacific Holding and the other Borrowers (after netting or otherwise taking account of a distributee&rsquo;s shares of the income,
loss, deduction and credit associated with the distributee&rsquo;s interest in the Borrowers) that the distributee is reasonably
expected to have to report for income tax purposes for the month distributed to the extent necessary to fund a distributee&rsquo;s
timely payment to a Governmental Authority of tax liability (including estimated payments thereof) and subject to correction as
described below. &ldquo;<U>Effective Tax Rate</U>&rdquo; means the highest combined federal and state tax rate on corporations,
applicable to any distributee, after giving effect to the maximum amount of state income tax deductible for federal income tax
purposes. Permitted Tax Distributions as estimated for purposes of a Monthly Date shall be subject to later correction to reflect
amounts as actually reported on an income tax return by a distributee for federal and state income tax purposes. Thus, on any Monthly
Date, the Permitted Tax Distribution means the amount calculated as the product of (a) and (b), above, adjusted by the difference,
if any, between the Permitted Tax Distribution for the preceding Monthly Date as estimated for such date and the Permitted Tax
Distribution for that preceding Monthly Date as finally determined.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Permitted Variance</U>&rdquo;
means, for each Budget Period, the product of (x)&nbsp;the aggregate amount of the Budget for such Budget Period and (y)&nbsp;10%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Person</U>&rdquo; means any natural
person, corporation, partnership, limited liability company, firm, association, trust, government, governmental agency or any other
entity, whether acting in an individual, fiduciary or other capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Plan</U>&rdquo; means an employee
pension benefit plan (as defined in Section&nbsp;3(3) of ERISA) subject to Title IV of ERISA or Section&nbsp;412 of the Code that
is sponsored or maintained by any Borrower or any ERISA Affiliate, or in respect of which any Borrower or any ERISA Affiliate has
any obligation to contribute or liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Plants</U>&rdquo; means, collectively,
the Madera Plant, the Boardman Plant, the Stockton Plant and the Burley Plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Pledge Agreements</U>&rdquo;
means, collectively, the Madera Pledge Agreement, the Boardman Pledge Agreement, the Stockton Pledge Agreement, the Burley Pledge
Agreement and the Pacific Holding Pledge Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Pledgor</U>&rdquo; means New
PE Holdco LLC, a Delaware limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Process Agent</U>&rdquo; means
any Person appointed as agent by any Borrower or any Project Party, as required under the Financing Documents, to receive on behalf
of itself and its property services of copies of summons and complaint or any other process which may be served in connection with
any action or proceeding before any court arising out of or relating to this Agreement or any other Financing Document to which
it is a party, including CT Corporation System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Products</U>&rdquo; means ethanol,
Distillers Grains, carbon dioxide, and any other co product or by-product produced in connection with the production of ethanol
at the Plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Project</U>&rdquo; means each
Plant and all auxiliary and other facilities constructed or to be constructed by or on behalf of the applicable Borrowers pursuant
to the Project Documents relating to each such Plant or otherwise, together with all fixtures and improvements thereto and each
Site and all other real property, easements and rights-of-way held by or on behalf of the applicable Borrowers and all rights to
use easements and rights-of-way of others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Project Accounts</U>&rdquo; means
the Revenue Account, the Operating Account, the Maintenance Capital Expense Account, the Debt Service Reserve Account, the Insurance
and Condemnation Proceeds Accounts and the Extraordinary Proceeds Account, including any sub-account within such accounts.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Project Document Guarantees</U>&rdquo;
means each guarantee (by an Affiliate or otherwise) of the performance of any Project Party&rsquo;s obligations under a Project
Document, including the Pacific Ethanol Guarantees and any other such guarantee required as a condition to approval of any Project
Document in accordance with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Project Documents</U>&rdquo;
means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD>the Asset Management Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD>the Leases;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD>the Grain Supply Agreements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD><TD>the Ethanol Offtake Agreements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD>the DG Offtake Agreements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)</FONT></TD><TD>the Burley Heiskell GSA;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vii)</FONT></TD><TD>the Stockton Heiskell GSA;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(viii)</FONT></TD><TD>the Boardman CHS GSA;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ix)</FONT></TD><TD>the Borrower LLC Agreements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(x)</FONT></TD><TD>the Project Document Guarantees;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xi)</FONT></TD><TD>the Liquidity Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xii)</FONT></TD><TD>any other documents designated as a Project Document by the Borrowers&rsquo; Agent and the Administrative Agent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xiii)</FONT></TD><TD>each Additional Project Document; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xiv)</FONT></TD><TD>any replacement agreement for any of such agreements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Project Document Termination
Payments</U>&rdquo; means all payments that are required to be paid to or for the account of any Borrower as a result of the termination
of any Project Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Project Party</U>&rdquo; means
each Person (other than the Borrowers) who is a party to a Project Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Prudent Ethanol Operating Practice</U>&rdquo;
means those reasonable practices, methods and acts that (i) are commonly used in the regions where the Plants are located to manage,
operate and maintain ethanol production, distribution, equipment and associated facilities of the size and type that comprise the
Project safely, reliably, and efficiently and in compliance with applicable Laws, manufacturers&rsquo; warranties and manufacturers&rsquo;
and licensor&rsquo;s recommendations and guidelines, and (ii) in the exercise of reasonable judgment, skill, diligence, foresight
and care are expected of an ethanol plant operator, in order to efficiently accomplish the desired result consistent with safety
standards, applicable Laws, manufacturers&rsquo; warranties, manufacturers&rsquo; recommendations and, in the case of the Project,
the Project Documents. Prudent Ethanol Operating Practice does not necessarily mean one particular practice, method, equipment
specifications or standard in all cases, but is instead intended to encompass a broad range of acceptable practices, methods, equipment
specifications and standards.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>QIB</U>&rdquo; means a Qualified
Institutional Buyer as such term is defined in Rule 144A promulgated pursuant to <FONT STYLE="color: black">the Securities Act
of 1933.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Qualified Counterparty</U>&rdquo;
means any of the following: (i) any Person who is a Lender, the Administrative Agent, or the Collateral Agent on the date the relevant
Interest Rate Protection Agreement is entered into or (ii) any Affiliate of any Person listed in clause (i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>RCRA</U>&rdquo; means the Resource
Conservation and Recovery Act (42 U.S.C. &sect; 6901 et seq.), as amended, and all rules, regulations, standards, guidelines, and
publications issued thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Register</U>&rdquo; has the meaning
set forth in <U>Section&nbsp;11.03(c) (<I>Assignments</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Related Parties</U>&rdquo; means,
with respect to any Person, such Person&rsquo;s Affiliates and the partners, directors, officers, employees, agents and advisors
of such Person and of such Person&rsquo;s Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Removal</U>,&rdquo; &ldquo;<U>Remedial</U>&rdquo;
and &ldquo;<U>Response</U>&rdquo; actions shall include the types of activities covered by CERCLA, RCRA, and other comparable Environmental
Laws, and whether the activities are those which might be taken by a Governmental Authority or those which a Governmental Authority
or any other Person might seek to require of waste generators, handlers, distributors, processors, users, storers, treaters, owners,
operators, transporters, recyclers, reusers, disposers, or other Persons under &ldquo;removal,&rdquo; &ldquo;remedial,&rdquo; or
other &ldquo;response&rdquo; actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Reportable Event</U>&rdquo; means
a &ldquo;reportable event&rdquo; within the meaning of Section&nbsp;4043(c) of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Required Cash Sweep</U>&rdquo;
means each mandatory prepayment of the Loans made pursuant to <U>Section&nbsp;3.08(a)(v) (<I>Mandatory Prepayment</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Required Existing Lenders</U>&rdquo;
means the &ldquo;Required Lenders&rdquo; as defined in the Amended Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Required Lenders</U>&rdquo; means
Lenders (excluding all Non-Voting Lenders) holding in excess of fifty percent (50.00%) of the outstanding principal amount of the
Loans and the undisbursed amount of the Aggregate Commitment (excluding the principal amounts of any Loans made by, and any Commitments
of, any Non-Voting Lenders)<FONT STYLE="color: black">. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Restoration or Replacement Plan</U>&rdquo;
means a plan and time schedule, reasonably satisfactory to the Required Lenders and the Independent Engineer, for the application
of Insurance Proceeds or Condemnation Proceeds arising from any Casualty Event or Event of Taking, as the case may be, and any
other funds available to the Borrowers with which to restore or replace any Plant (or any portion thereof) affected by such Casualty
Event or Event of Taking, as the case may be.</P>

<!-- Field: Page; Sequence: 221; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Restricted Payments</U>&rdquo;
means any (a) dividend or other distribution (whether in cash, securities or other property), or any payment (whether in cash,
securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
defeasance, acquisition, cancellation or termination of any Equity Interests of any Borrower, or on account of any return of capital
to any holder of any such Equity Interest in, or any other Affiliate of, any Borrower, or any option, warrant or other right to
acquire any such dividend or other distribution or payment and (b) any payment of any management, consultancy, administrative,
services, or other similar payments to any Person who owns, directly or indirectly, any Equity Interest in any Borrower, or any
Affiliate of any such Person (provided that (i) payments made under the Affiliated Project Documents when due and payable in accordance
with the terms thereof and the terms of the Financing Documents, (ii) any Permitted Tax Distributions, and (iii) payments of operating
expenses of the Pledgor set forth in the then- current Budget shall in each case not constitute Restricted Payments).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Revenue Account</U>&rdquo; has
the meaning set forth in <U>Section&nbsp;8.01(a) (<I>Establishment of Project Accounts</I>)</U> of the Amended Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Revenue Account Withdrawal Certificate</U>&rdquo;
means a certificate in substantially the form of <U>Exhibit&nbsp;8.03</U> of the Amended Credit Agreement, duly executed by an
Authorized Officer of the Borrowers&rsquo; Agent, directing the transfer or withdrawal of funds from the Revenue Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>S&amp;P</U>&rdquo; means Standard
&amp; Poor&rsquo;s Ratings Services, a division of The McGraw Hill Companies, Inc., and any successor thereto that is a nationally
recognized rating agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Security</U>&rdquo; means the
security created in favor of the Collateral Agent pursuant to the Security Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Security Agreements</U>&rdquo;
means, collectively, the Madera Security Agreement, the Boardman Security Agreement, the Stockton Security Agreement, the Burley
Security Agreement and the Pacific Holding Security Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Security Documents</U>&rdquo;
means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>each Mortgage and each Subordination Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>this Agreement (to the extent that it relates to the Project Accounts);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>the Intercreditor Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>the Consents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD>the Pledge Agreements;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD>the Security Agreements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD>any other document designated as a Security Document by the Borrowers&rsquo; Agent and the Administrative Agent; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD>any fixture filings, financing statements, notices, authorization letters, or other certificates filed, recorded or delivered
in connection with the foregoing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Senior Secured Parties</U>&rdquo;
means the Lenders, the Agents, any Interest Rate Protection Provider, and each of their respective successors, transferees and
assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Shortfall</U>&rdquo; has the
meaning provided in <U>Section 3.14(c) (<I>Commitment Increase</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Site</U>&rdquo; means, with respect
to each Plant, those certain parcels described on <U>Schedule&nbsp;5.13(a)</U> with respect to such Plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Site Specific Bond</U>&rdquo;
means Site Certificate Bond, Bond No. 0590288, in the amount of $863,200 issued by Fidelity Insurance Company in favor of the State
of Oregon, acting by and through the Energy Facility Sitting Council, as the amount of such bond may be increased from time to
time as permitted by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Solvent</U>&rdquo; means, with
respect to any Person, that as of the date of determination both (i) (A) the then fair saleable value of the property of such Person
is (y) greater than the total amount of liabilities (including Contingent Liabilities but excluding amounts payable under intercompany
loans or promissory notes) of such Person and (z) not less than the amount that will be required to pay the probable liabilities
on such Person&rsquo;s then existing debts as they become absolute and matured considering all financing alternatives and potential
asset sales reasonably available to such Person; (B) such Person&rsquo;s capital is not unreasonably small in relation to its business
or any contemplated or undertaken transaction; and (C) such Person does not intend to incur, or reasonably believe that it will
incur, debts beyond its ability to pay such debts as they become due; and (ii) such Person is &ldquo;solvent&rdquo; within the
meaning given that term and similar terms under applicable Laws relating to fraudulent transfers and conveyances. For purposes
of this definition, the amount of any Contingent Liability at any time shall be computed as the amount that, in light of all of
the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or
matured liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Sponsor Support Agreement</U>&rdquo;
means the Amended and Restated Sponsor Support Agreement, dated as of October 22, 2008, among Pacific Holding, Pacific Ethanol
and the Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>SPV</U>&rdquo; has the meaning
provided in <U>Section&nbsp;11.03(h) (<I>Assignments</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>SSA Assignment and Assumption
Agreement</U>&rdquo; means the Assignment and Assumption Agreement, dated as of June 25, 2010, among Pacific Holding, Pacific Ethanol,
WestLB as administrative agent under the Borrowers&rsquo; prepetition Credit Agreement dated as of February 27, 2007 and as administrative
agent under the Original Credit Agreement, regarding the Sponsor Support Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton</U>&rdquo; has the meaning
set forth in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton Deed of Trust</U>&rdquo;
means the Deed of Trust, Security Agreement, Financing Statement, Fixture Filing and Assignment of Leases, Rents and Security Deposits,
in form and substance reasonably satisfactory to the Lenders and the Collateral Agent, dated on or about the Closing Date, made
by Stockton to Stewart Title Guaranty Company, as trustee, for the benefit of the Collateral Agent, as beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton Heiskell GSA</U>&rdquo;
means the Grain Storage Agreement dated as of December 10, 2010 between Heiskell and Stockton, as amended by that certain Amendment
No. 1 to Grain Storage Agreement dated November 17, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton Insurance and Condemnation
Proceeds Account</U>&rdquo; has the meaning provided in <U>Section&nbsp;8.01(g) (<I>Establishment of Project Accounts</I>)</U>
of the Amended Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton Lease</U>&rdquo; means
the lease between the Stockton Port District and Stockton.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton LLC Agreement</U>&rdquo;
means the Third Amended and Restated Limited Liability Company Operating Agreement of Stockton dated as of June 29, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton Plant</U>&rdquo; means
the ethanol production facility located at Stockton, California, with a capacity of approximately fifty (50) million gallons-per-year
of denatured ethanol, including the Site on which such facility is located, and all buildings, structures, improvements, easements
and other property related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton Pledge Agreement</U>&rdquo;
means the Pledge and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the Closing Date, among Pacific Holding, Stockton and the Collateral Agent, pursuant to which Pacific Holding
pledges one hundred percent (100%) of the Equity Interests in Stockton to the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton Revenue Event</U>&rdquo;
means the occurrence of both (i) the failure of Kinergy to have in full force and effect contracts to sell at least sixty percent
(60%) of the ethanol production capacity of the Stockton Plant at prices equal to or greater than the Floor Price and (ii) after
January 1, 2011, any event reasonably likely to result in Stockton failing to receive in cash at least ninety percent (90%) of
the revenue from the proposed California Ethanol Producer Incentive Program (&ldquo;<U>CEPIP</U>&rdquo;) set forth in the 2011
CEPIP Projections except receipt by Stockton of revenue from other sources sufficient to disqualify Stockton from CEPIP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton Security Agreement</U>&rdquo;
means the Assignment and Security Agreement, in form and substance reasonably satisfactory to the Lenders and the Collateral Agent,
dated on or about the Closing Date, made by Stockton in favor of the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Stockton Subordination Agreement</U>&rdquo;
means that certain Subordination Agreement, dated as of the Closing Date, by and among Stockton, the Collateral Agent and the Existing
Collateral Agent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Subordination Agreements</U>&rdquo;
means, collectively, the Madera Subordination Agreement, the Boardman Subordination Agreement, the Stockton Subordination Agreement
and the Burley Subordination Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Subsidiary</U>&rdquo; of any
Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority
of the shares of securities or other Equity Interests having ordinary voting power for the election of directors or other governing
body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially
owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both,
by such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Swap Contract</U>&rdquo; means
(a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps,
commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps
or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange
transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions,
currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options
to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, (b)
any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed
by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign
Exchange Master Agreement, or any other master agreement, including any such obligations or liabilities under any such master agreement
and (c) for the avoidance of doubt, includes any Interest Rate Protection Agreements and excludes any contract for the physical
sale or purchase of any commodity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Swap Termination Value</U>&rdquo;
means, in respect of any one or more Swap Contracts (including any Interest Rate Protection Agreements), after taking into account
the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date
such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s),
and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such
Swap Contracts, in accordance with the terms of the applicable Swap Contract, or, if no provision is made therein, as determined
based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts
(which may include a Lender or any Affiliate of a Lender).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Syndication Agent</U>&rdquo;
means Credit Suisse Loan Funding LLC solely in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Tax</U>&rdquo; or &ldquo;<U>Taxes</U>&rdquo;
means any present or future taxes (including income, gross receipts, license, payroll, employment, excise, severance, stamp, documentary,
occupation, premium, windfall profits, environmental, capital stock, franchise, profits, withholding, social security (or similar),
unemployment, disability, real property, personal property, sales, use, transfer, registration, value-added, ad valorem, alternative
or add-on minimum, estimated, or other tax of any kind whatsoever), levies, imposts, duties, fees or charges (including any interest,
penalty, or addition thereof) imposed by any government or any governmental agency or instrumentality or any international or multinational
agency or commission.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Tax Return</U>&rdquo; means all
returns, declarations, reports, claims for refund and information returns and statements of any Person required to be filed with
respect to, or in respect of, any Taxes, including any schedule or attachment thereto and any amendment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Termination Event</U>&rdquo;
means (i) a Reportable Event with respect to any ERISA Plan, (ii) the initiation of any action by any Borrower, any ERISA Affiliate
or any ERISA Plan fiduciary to terminate an ERISA Plan (other than a standard termination under Section&nbsp;4041(b) of ERISA)
or the treatment of an amendment to an ERISA Plan as a termination under Section&nbsp;4041(e) of ERISA, (iii) the institution of
proceedings by the PBGC under Section&nbsp;4042 of ERISA to terminate an ERISA Plan or to appoint a trustee to administer any ERISA
Plan, (iv) the withdrawal of any Borrower or any ERISA Affiliate from a Multiemployer Plan during a plan year in which such Borrower
or such ERISA Affiliate was a &ldquo;substantial employer&rdquo; as defined in Section&nbsp;4001(a)(2) of ERISA or the cessation
of operations which results in the termination of employment of twenty percent (20%) of Multiemployer Plan participants who are
employees of any Borrower or any ERISA Affiliate, (v) the partial or complete withdrawal of any Borrower or any ERISA Affiliate
from a Multiemployer Plan, or (vi) any Borrower or any ERISA Affiliate is in default (as defined in Section&nbsp;4219(c)(5) of
ERISA) with respect to payments to a Multiemployer Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Title Insurance Company</U>&rdquo;
means Stewart Title Guaranty Company or such other title insurance company or companies reasonably satisfactory to the Required
Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Title Insurance Policy</U>&rdquo;
has the meaning provided in <U>Section&nbsp;6.01(n) (<I>Conditions to Closing - Title Insurance</I>)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Transaction Documents</U>&rdquo;
means, collectively, the Financing Documents and the Project Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Unfunded Benefit Liabilities</U>&rdquo;
means, with respect to any ERISA Plan at any time, the amount (if any) by which (i) the present value of all accrued benefits calculated
on an accumulated benefit obligation basis and based upon the actuarial assumptions used for accounting purposes (<U>i</U>.<U>e</U>.,
those determined in accordance with FASB statement No. 35 and used in preparing the ERISA Plan&rsquo;s financial statements) exceeds
(ii) the fair market value of all ERISA Plan assets allocable to such benefits, determined as of the then most recent actuarial
valuation report for such ERISA Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Uniform Commercial Code</U>&rdquo;
or &ldquo;<U>UCC</U>&rdquo; means the Uniform Commercial Code as in effect from time to time in the State of New York; provided,
in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of the security interest
in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the
term &ldquo;<U>UCC</U>&rdquo; shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of provisions
relating to such perfection or priority and for purposes of definitions related to such provisions.</P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>United States</U>&rdquo; or &ldquo;<U>U.S.</U>&rdquo;
means the United States of America, its fifty States and the District of Columbia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>United States Person</U>&rdquo;
means a &ldquo;United States person&rdquo; as defined in Section&nbsp;7701(a)(30) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>WDG</U>&rdquo; means wet distillers
grains produced by the Borrowers at the Plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>Wells Fargo</U>&rdquo; means
Wells Fargo Bank, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&ldquo;<U>WestLB</U>&rdquo; means WestLB
AG, New York Branch.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">Exhibit A-36</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0">EXHIBIT B</P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><U>to Credit Agreement</U></P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B><U>Intercreditor Agreement</U></B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">Filed as Exhibit 10.8 to Pacific Ethanol, Inc.&rsquo;s
Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, filed with the Securities Exchange Commission on
November 14, 2012.</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<!-- Field: Page; Sequence: 228; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0">EXHIBIT C</P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><U>to Credit Agreement</U></P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B><U>Amended Credit Agreement</U></B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">Filed as Exhibit 10.6 to Pacific Ethanol, Inc.&rsquo;s
Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, filed with the Securities Exchange Commission on
November 14, 2012.</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<!-- Field: Page; Sequence: 229; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT 2.02<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[FORM OF]<BR>
<U>FUNDING NOTICE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Funding Notice (this &ldquo;<U>Funding
Notice</U>&rdquo;), dated as of <B>[</B>________<B>]</B>, 20<B>[</B>__<B>]</B>, is delivered to WELLS FARGO BANK, N.A., as administrative
agent (the &ldquo;<U>Administrative Agent</U>&rdquo;), pursuant to Section 2.02 of the Credit Agreement, dated as of October 29,
2012 (as amended, restated, supplemented or otherwise modified from time to time, the &ldquo;<U>Credit Agreement</U>&rdquo;) among
Pacific Ethanol Holding Co. LLC, a Delaware limited liability company (&ldquo;<U>Pacific Holding</U>&rdquo;), Pacific Ethanol Madera
LLC, a Delaware limited liability company (&ldquo;<U>Madera</U>&rdquo;), Pacific Ethanol Columbia, LLC, a Delaware limited liability
company (&ldquo;<U>Boardman</U>&rdquo;), Pacific Ethanol Stockton LLC, a Delaware limited liability company (&ldquo;<U>Stockton</U>&rdquo;),
and Pacific Ethanol Magic Valley, LLC, a Delaware limited liability company (&ldquo;<U>Burley</U>&rdquo; and, together with Pacific
Holding, Madera, Boardman and Stockton, each <FONT STYLE="color: black">a &ldquo;<U>Borrower</U>&rdquo; and collectively the &ldquo;<U>Borrowers</U>&rdquo;),
as borrowers</FONT>, Pacific Holding, as Borrowers&rsquo; Agent, each of the Lenders from time to time party thereto, Wells Fargo
Bank, N.A., as Administrative Agent and Collateral Agent, and Amarillo National Bank, as accounts bank. This Funding Notice sets
forth certain undertakings of the Borrowers with respect to the transactions contemplated by the Credit Agreement. Capitalized
terms used herein but not otherwise defined herein shall have the respective meanings set forth in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, the Borrowers wish to propose a Funding
of Loans under the Credit Agreement in accordance with Section 2.02 of the Credit Agreement and on the terms and conditions set
forth therein and herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, to induce the Lenders to extend credit
under the Credit Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Borrowers hereby agree as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
1. </FONT><U>Funding Request</U>. The Borrowers hereby irrevocably propose a Funding (the &ldquo;<U>Proposed Funding</U>&rdquo;)
of Loans in the amounts set forth below: <B>[Note: each Funding Notice should only include those provisions applicable to the requested
Funding.]</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)
</FONT><B>[</B>_____<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]</B></FONT> Dollars ($<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[</B></FONT>_____<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]</B></FONT>)
requested to be funded as <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[</B></FONT>Eurodollar Loans<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>][</B></FONT>and
<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[</B></FONT>_____<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]</B></FONT>
Dollars ($<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[</B></FONT>______<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]</B></FONT>)
requested to be funded as<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>][</B></FONT>Base Rate Loans<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]
</B></FONT>for application in accordance with the Budget;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)
</FONT><B>[</B>_____<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]</B></FONT> Dollars ($<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[</B></FONT>_____<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]</B></FONT>)
requested to be funded as <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[</B></FONT>Eurodollar Loans<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>][</B></FONT>and
<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[</B></FONT>_____<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]
</B></FONT>Dollars ($<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[</B></FONT>______<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]</B></FONT>)
requested to be funded as<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>][</B></FONT>Base Rate Loans<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]
</B></FONT>for application in accordance with the Initial Budget. <SUP>1</SUP></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 6pt">__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><SUP>1</SUP> Only on
Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
2.02-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Funding Date proposed for the Proposed Funding is </FONT><B>[</B>_______<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]</B></FONT>,
20<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[_</B></FONT>_<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]
</B></FONT>(the &ldquo;<U>Proposed Funding Date</U>&rdquo;). The Borrowers hereby certify that this Funding Notice is being delivered
to the Administrative Agent not later than 12:00 Noon New York City time five (5) Business Days prior to the Proposed Funding
Date, and that the Proposed Funding Date is a Business Day. <SUP>2</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Borrowers hereby request that on the
Proposed Funding Date the Administrative Agent deliver by wire transfer, in immediately available funds, the proceeds of such
Proposed Funding, which are subject to the limits set forth in Section 2.01(a) and Section 2.01(b) of the Credit Agreement, to
the Revenue Account. <SUP>3</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2. </FONT><U>Certifications</U>. The Borrowers certify that as of the Proposed Funding Date:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)
</FONT>each of the conditions to the Proposed Funding set forth in Article VI of the Credit Agreement have been satisfied;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)
</FONT>the Borrowers are in compliance with all applicable conditions set forth in Article VI of the Credit Agreement, on and as
of the Proposed Funding Date, before and after giving effect to such Proposed Funding and to the application of the proceeds therefrom;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)
</FONT>each of the representations and warranties made by each of the Borrowers and the Pledgor in the Financing Documents is true
and correct in all material respects (except with respect to representations and warranties that expressly refer to an earlier
date), before and after giving effect to the Proposed Funding and to the application of the proceeds therefrom;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)
</FONT>no Default or Event of Default has occurred and is continuing or would occur as a result of the Proposed Funding;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)
</FONT>since April 16, 2010, no Material Adverse Effect has occurred and is continuing;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)
</FONT>after giving effect to the Loans requested hereunder, the aggregate principal amount of the Funded Loans will not exceed
the Aggregate Commitment;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vii)
</FONT><FONT STYLE="color: black">each Borrower has all Necessary Project Approvals required under the Credit Agreement as of
the </FONT>date of this Funding Notice<FONT STYLE="color: black">, and the same are (i) in full force and effect and (ii) final
and Non-Appealable, except as a result of the Cold Shutdown of the Madera Plant;</FONT> <SUP>4</SUP> and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(viii)
</FONT>all and each of the statements contained in this Funding Notice are true and correct.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3. </FONT><U>Governing Law</U>. This Funding Notice, and the rights and obligations of the parties hereunder shall be governed
by, and construed and interpreted in accordance with, the laws of the State of New York.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 6pt">__________</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> 5 Business Day requirement waived for the Closing
Date funding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> Or if otherwise agreed to by the Administrative
Agent, specify account wire instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> List any other Plants that are in Cold Shutdown
as approved in accordance with the Credit Agreement.</P>


<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
2.02-2</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Page; Sequence: 231; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4. </FONT><U>Execution in Counterparts</U>. This Funding Notice may be executed by the parties hereto in counterparts (and by different
parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall
constitute a single document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The undersigned are executing this Funding
Notice not in their individual capacities but in their respective capacities as Authorized Officers of the Borrowers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[</B></FONT>The
remainder of this page is intentionally blank. The next page is the signature page.<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit <FONT STYLE="font-family: Times New Roman, Times, Serif">2.02-3&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IN
WITNESS WHEREOF</B></FONT>, the undersigned have caused this Funding Notice to be duly executed and delivered as of the day and
year first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">PACIFIC ETHANOL HOLDING CO. LLC </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:&nbsp;&nbsp;______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Title: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">PACIFIC ETHANOL MADERA LLC </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:&nbsp;&nbsp;______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Title: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">PACIFIC ETHANOL COLUMBIA, LLC </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:&nbsp;&nbsp;______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Title: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">PACIFIC ETHANOL STOCKTON LLC </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:&nbsp;&nbsp;______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Title: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">PACIFIC ETHANOL MAGIC VALLEY, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:&nbsp;&nbsp;______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Title:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">Exhibit 2.02-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0pt"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT 2.04</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>to Credit Agreement</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[FORM OF NOTE]<BR>
<BR>
<BR>
</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">$[__________]</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">[__________________]</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">[__________], [____]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">FOR VALUE RECEIVED, PACIFIC ETHANOL HOLDING
CO. LLC, PACIFIC ETHANOL MADERA LLC, PACIFIC ETHANOL COLUMBIA, LLC, PACIFIC ETHANOL STOCKTON LLC, AND PACIFIC ETHANOL MAGIC VALLEY,
LLC (collectively, the &ldquo;<U>Borrowers</U>&rdquo;), HEREBY JOINTLY AND SEVERALLY PROMISE TO PAY to the order of [__________________],
a [_________________] (the &ldquo;<U>Lender</U>&rdquo;), at its offices located at [__________________], the principal sum of [__________]
Dollars ($[__________]), plus the accrued and unpaid amount of any Capitalized Interest, or, if less, the aggregate unpaid principal
amount of the Loans made by the Lender to the Borrowers under the Credit Agreement, dated as of October 29, 2012 (as amended, restated,
supplemented or otherwise modified from time to time, the &ldquo;<U>Credit Agreement</U>&rdquo;) among the Borrowers, <FONT STYLE="color: black">as
borrowers</FONT>, Pacific Ethanol Holding Co. LLC, as Borrowers&rsquo; Agent, each of the Lenders from time to time party thereto,
Wells Fargo Bank, N.A., as Administrative Agent (in such capacity, the &ldquo;<U>Administrative Agent</U>&rdquo;) and Collateral
Agent, and Amarillo National Bank, as accounts bank. Capitalized terms used herein but not otherwise defined herein shall have
the respective meanings set forth in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Borrowers also jointly and severally promise
to pay (i) interest on the unpaid principal amount hereof from the date hereof until paid in full at the rates and at the times
provided in the Credit Agreement and (ii) fees at such times and at such rates and amounts as specified in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Principal, interest and fees are payable in
lawful money of the United States of America and in immediately available funds, at the times and in the amounts provided in the
Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Note is entitled to the benefits and
is subject to the terms and conditions of the Credit Agreement, and is entitled to the benefits of the security provided under
the Security Documents. As provided in the Credit Agreement, this Note is subject to mandatory prepayment and voluntary prepayment,
in whole or in part. The Borrowers jointly and severally agree to make prepayment of principal on the dates and in the amounts
specified in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Credit Agreement, among other things,
contains provisions for acceleration of the maturity hereof upon the happening of certain stated events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
2.04-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Lender is hereby authorized, at its option,
either (i) to endorse on the schedule attached hereto (or on a continuation of such schedule attached to this Note and made a part
hereof) an appropriate notation evidencing the date and amount of the Loans evidenced hereby and the date and amount of each principal
payment in respect thereof, or (ii) to record such Loans and such payments in its books and records. Such schedule or such books
and records, as the case may be, shall constitute prima facie evidence of the accuracy of the information contained therein, but
in no event shall any failure by the Lender to endorse or record pursuant to clauses (i) and (ii) be deemed to relieve any Borrower
from any of its obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">To the extent provided under the Credit Agreement
and to the maximum extent permitted by Law, each Borrower hereby waives presentment, demand, protest or notice of any kind in connection
with this Note. All amounts payable under this Note are payable without relief from valuation and appraisement Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Borrowers jointly and severally agree
to pay all costs and expenses, including without limitation attorneys&rsquo; fees, incurred in connection with the interpretation
or enforcement of this Note, in accordance with and to the extent provided by the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA, WITHOUT REFERENCE TO CONFLICTS OF LAWS (OTHER
THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">FOR PURPOSES OF SECTIONS&nbsp;1272, 1273
AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS NOTE IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT ON THE ISSUE
DATE OF THIS NOTE. THE ISSUER AGREES TO PROVIDE PROMPTLY TO EACH HOLDER OF THIS NOTE, UPON WRITTEN REQUEST (1) THE ISSUE PRICE,
(2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT AND (3) THE YIELD TO MATURITY OF THIS NOTE. ANY SUCH WRITTEN REQUEST SHOULD BE SENT
TO [&#9679;] AT THE FOLLOWING ADDRESS: [&#9679;]. <SUP>1</SUP></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 6pt">__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><SUP>1</SUP> Please
include name, address and telephone number of a representative of the issuer who will be able to provide this information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
2.04-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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    <DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>PACIFIC ETHANOL HOLDING CO. LLC,</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>PACIFIC ETHANOL MADERA LLC,</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>PACIFIC ETHANOL COLUMBIA, LLC,</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>PACIFIC ETHANOL STOCKTON LLC,</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>PACIFIC ETHANOL MAGIC VALLEY, LLC,</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Title:</TD></TR>
</TABLE>

<P>&nbsp;</P>

<P STYLE="text-align: center">Exhibit 2.04-3</P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule to<BR>
<U>Note</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>LOANS, MATURITIES AND PAYMENTS OF
PRINCIPAL</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><U>Date</U></TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Amount of <U><BR>
Loan</U></TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Maturity <BR>
<U>of Loan</U></TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Amount
    of Principal <U>Paid or Prepaid</U></TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Unpaid Principal <U><BR>
Balance</U></TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Notation<BR>
 <U>Made By</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">Exhibit 2.04-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT&nbsp;3.03<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[FORM OF]<BR>
<U>INTEREST PERIOD NOTICE</U></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Bank, N.A.,<BR>
as Administrative Agent for the Lenders<BR>
45 Broadway, 14th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10006<BR>
Attention: Michael Pinzon, CMES-Pacific Ethanol<BR>
Facsimile: (212)&nbsp;515-1576<BR>
Email: michael.d.pinzon@wellsfargo.com and hui.chen@wellsfargo.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>PACIFIC ETHANOL HOLDING CO. LLC, PACIFIC ETHANOL MADERA LLC, PACIFIC ETHANOL COLUMBIA, LLC, PACIFIC ETHANOL STOCKTON LLC, AND
PACIFIC ETHANOL MAGIC VALLEY, LLC</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned, PACIFIC ETHANOL HOLDING
CO. LLC, PACIFIC ETHANOL MADERA LLC, PACIFIC ETHANOL COLUMBIA, LLC, PACIFIC ETHANOL STOCKTON LLC, and PACIFIC ETHANOL MAGIC VALLEY,
LLC (collectively, the &ldquo;<U>Borrowers</U>&rdquo;), refer to the Credit Agreement, dated as of October 29, 2012 (as amended,
restated, supplemented or otherwise modified from time to time, the &ldquo;<U>Credit Agreement</U>&rdquo;) among the Borrowers<FONT STYLE="color: black">,
as borrowers</FONT>, Pacific Holding, as Borrowers&rsquo; Agent, each of the Lenders from time to time party thereto, Wells Fargo
Bank, N.A., as Administrative Agent (in such capacity, the &ldquo;<U>Administrative Agent</U>&rdquo;) and Collateral Agent, and
Amarillo National Bank, as accounts bank. Capitalized terms used herein but not otherwise defined herein shall have the respective
meanings set forth in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Borrowers hereby deliver to the Administrative
Agent this irrevocable notice pursuant to Section 3.03 of the Credit Agreement and irrevocably request the continuation or conversion
set forth below for the immediately succeeding Interest Period or Monthly Period, as applicable, for the Loans identified herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Borrowers hereby elect [to continue
[each] Eurodollar Loan as (or convert [each] Base Rate Loan to) a Eurodollar Loan,] <B>[and/or]</B> [to convert [each] Eurodollar
Loan to a Base Rate Loan at the end of the current Interest Period], in each case as set forth on <U>Schedule&nbsp;1</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Borrowers hereby certify that after
giving effect to the immediately succeeding Interest Periods or Monthly Periods, as applicable, set forth on <U>Schedule&nbsp;1</U>,
there will be no more than eight (8)&nbsp;separate Eurodollar Loans outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection herewith, the Borrowers hereby
further certify that no Event of Default has occurred and is continuing. This Interest Period Notice is being delivered on or before
12:00&nbsp;noon, New York City time at least four (4)&nbsp;Business Days prior to the end of each Interest Period or Monthly Period,
as applicable, set forth on <U>Schedule&nbsp;1</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[</B></FONT>The
remainder of this page is intentionally blank. The next page is the signature page.<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
3.03-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned have
caused this Interest Period Notice to be duly executed by an Authorized Officer as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">PACIFIC ETHANOL HOLDING CO. LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 22pt">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">PACIFIC ETHANOL MADERA LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">PACIFIC ETHANOL COLUMBIA, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">PACIFIC ETHANOL STOCKTON LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>&nbsp;</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">PACIFIC ETHANOL MAGIC VALLEY, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD></TR>
</TABLE>

<P>&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
3.03-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule<B>&nbsp;</B>1<BR>
<U>to Interest Period Notice</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LOAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(specify loan type, including whether loan
        is Base Rate Loan or Eurodollar Loan)</P></TD>
    <TD STYLE="width: 21%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><B>PRINCIPAL <BR>
AMOUNT</B></TD>
    <TD STYLE="width: 29%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><B>CURRENT<BR>
 INTEREST<BR>
 PERIOD OR <BR>
MONTHLY <BR>
PERIOD ENDS ON</B></TD>
    <TD STYLE="width: 26%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LOAN TYPE FOR<BR>
 IMMEDIATELY<BR>
 SUCCEEDING
        <BR>
INTEREST <BR>
PERIOD</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">Exhibit 3.03-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT 4.07</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>to Credit Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF NON-U.S. LENDER STATEMENT
</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Reference is made to the Credit Agreement
(as amended, modified or otherwise supplemented from time to time in accordance with its terms, the &ldquo;<U>Credit Agreement</U>&rdquo;),
dated as of October 29, 2012, by and among Pacific Ethanol Holding Co. LLC, a Delaware limited liability company (&ldquo;<U>Pacific
Holding</U>&rdquo;), Pacific Ethanol Madera LLC, a Delaware limited liability company (&ldquo;<U>Madera</U>&rdquo;), Pacific Ethanol
Columbia, LLC, a Delaware limited liability company (&ldquo;<U>Boardman</U>&rdquo;), Pacific Ethanol Stockton LLC, a Delaware limited
liability company (&ldquo;<U>Stockton</U>&rdquo;), and Pacific Ethanol Magic Valley, LLC, a Delaware limited liability company
(&ldquo;<U>Burley</U>&rdquo; and, together with Pacific Holding, Madera, Boardman and Stockton, each <FONT STYLE="color: black">a
&ldquo;<U>Borrower</U>&rdquo; and collectively the &ldquo;<U>Borrowers</U>&rdquo;), as borrowers</FONT>, Pacific Holding, as Borrowers&rsquo;
Agent, each of the Lenders from time to time party thereto, Wells Fargo Bank, N.A., as Administrative Agent (in such capacity,
the &ldquo;<U>Administrative Agent</U>&rdquo;) and Collateral Agent, and Amarillo National Bank, as accounts bank. Capitalized
terms used herein but not otherwise defined herein shall have the respective meanings set forth in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The undersigned Non-U.S. Lender hereby certifies
as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.
</FONT>The Non-U.S. Lender is the beneficial owner of any and all interests in the Obligations that it holds.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.
</FONT>The Non-U.S. Lender is not a &ldquo;United States person&rdquo; as defined in Code Section 7701(a)(30). Code Section 7701(a)(30)
defines a United States person as a citizen or resident of the United States; a domestic partnership; a domestic corporation; an
estate (other than a foreign estate); and a trust if a court within the United States is able to exercise primary supervision over
the administration of the trust and one or more United States persons have the authority to control all substantial decisions of
the trust.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.
</FONT>The Non-U.S. Lender is not a &ldquo;bank&rdquo; described in Section 881(c)(3)(A) of the Code.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.
</FONT>The Non-U.S. Lender is not a &ldquo;10-percent shareholder&rdquo; of the Borrowers within the meaning of Code Section&nbsp;871(h)(3)(B).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.
</FONT>The Non-U.S. Lender is not a &ldquo;controlled foreign corporation&rdquo; receiving interest from a related person within
the meaning of Code Section&nbsp;881(c)(3)(C).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.
</FONT>The Non-U.S. Lender undertakes to notify the Borrowers and Administrative Agent promptly upon the obsolescence or invalidity
of this Non-U.S. Lender Statement if, following the execution date hereof, any statement herein ceases to be true at any time while
the Non-U.S. Lender is entitled to payments of interest by the Borrowers under the Financing Documents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
4.07-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The undersigned Non-U.S. Lender acknowledges
that this Non-U.S. Lender Statement is executed and delivered in order to substantiate its entitlement to an exemption from U.S.
withholding tax under the Code. Further, the undersigned individual certifies that it has the requisite authority to execute and
deliver this document for the Non-U.S. Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt">[NAME OF NON-U.S. LENDER]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">By: ____________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">Print Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">Date:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">Exhibit 4.07-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: right; margin-bottom: 0pt"><B><U>Exhibit 6.01(k)
to Credit Agreement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: right; margin-bottom: 0pt"><B><U>&nbsp;</U></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>INSURANCE CERTIFICATE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.25in; text-align: right"><B>[INSERT AON TITLE AND ADDRESS]</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">[__________ __], 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Bank, N.A., as</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Administrative Agent for the Lenders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">45 Broadway, 14th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10006</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Michael Pinzon, CMES-Pacific Ethanol</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: (212) 515-5264</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: (212) 515-1576</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: michael.d.pinzon@wellsfargo.com and hui.chen@wellsfargo.com<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>PACIFIC ETHANOL HOLDING CO. LLC, PACIFIC ETHANOL MADERA LLC, PACIFIC ETHANOL COLUMBIA, LLC, PACIFIC ETHANOL STOCKTON, LLC,
AND PACIFIC ETHANOL MAGIC VALLEY, LLC</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The undersigned is the insurance broker (in
such capacity, the &ldquo;<U>Insurance Broker</U>&rdquo;) of PACIFIC ETHANOL HOLDING CO. LLC (&ldquo;<U>Pacific Holding</U>&rdquo;),
a Delaware limited liability company, PACIFIC ETHANOL MADERA LLC (&ldquo;<U>Madera</U>&rdquo;), a Delaware limited liability company,
PACIFIC ETHANOL COLUMBIA, LLC (&ldquo;<U>Boardman</U>&rdquo;), a Delaware limited liability company, PACIFIC ETHANOL STOCKTON,
LLC (&ldquo;<U>Stockton</U>&rdquo;), a Delaware limited liability company, and PACIFIC ETHANOL MAGIC VALLEY, LLC (&ldquo;<U>Burley</U>&rdquo;),
a Delaware limited liability company (together, the &ldquo;<U>Borrowers</U>&rdquo;) and is delivering this certificate in connection
with that certain Credit Agreement, dated as of October 29, 2012 (as amended, restated, supplemented or otherwise modified from
time to time, the &ldquo;<U>Credit Agreement</U>&rdquo;) among the Borrowers<FONT STYLE="color: black">, as borrowers</FONT>, Pacific
Holding, as Borrowers&rsquo; Agent, each of the Lenders from time to time party thereto, Wells Fargo Bank, N.A., as Administrative
Agent (in such capacity, the &ldquo;<U>Administrative Agent</U>&rdquo;) and Collateral Agent, and Amarillo National Bank, as accounts
bank. Capitalized terms used herein but not defined herein shall have the respective meanings assigned to such terms in the Credit
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Insurance Broker acknowledges that pursuant
to the Credit Agreement, the Lenders will be providing financing to the Borrowers for the Projects and in so doing will be relying
on this certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Insurance Broker hereby further certifies
to the Administrative Agent that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
6.01(k)-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>each Borrower has provided satisfactory evidenced of all insurance coverage required pursuant to and in accordance with Section
7.01(k) of the Credit Agreement, all such insurance policies are in full force and effect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>each such insurance policy is placed with insurance carriers with an AM Best, A-&ldquo;X&rdquo; or equivalent credit rating
or are otherwise acceptable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">The Insurance Broker confirms that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>each such insurance policy has been endorsed with the Administrative Agent and the Senior Secured Parties as Additional Insured
and Loss Payee (where applicable);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>each such insurance policy permits a waiver of subrogation for the benefit of the Senior Secured Parties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>each such insurance policy is primary (without contribution from any other policies the Senior Secured Parties may hold);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>each property insurance policy (where legally allowed) contains non-vitiation language to ensure such insurance policy will
remain in full force and effect for the benefit of the Senior Secured Parties; each such insurance policy permits a waiver of subrogation
for the benefit of the Senior Secured Parties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>each property insurance policy contains a non-invalidation endorsement that provides the ability (but not the obligation) for
the Senior Secured Parties to pay premium and continue coverage in the event that any Borrower fails to make premium payments;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>each such insurance policy provides a minimum of 30-days&rsquo; written notice of cancellation to Administrative Agent, except
for cancellation based on non-payment of premium which provides for 10 days&rsquo; prior written notice.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is our opinion that on the basis of the binders, certificates
and information evidenced to us by the Borrowers and their insurance carriers, the insurance evidenced is in compliance with the
requirements of the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the Insurance Broker&rsquo;s and insurance carrier&rsquo;s
certificates confirming the matters set forth above is attached hereto as <U>Exhibit A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The remainder of this page is intentionally blank. The next
page is the signature page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 6.01(k)-2</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">IN WITNESS WHEREOF, the undersigned has caused
this Insurance Broker&rsquo;s Certificate to be duly executed by an authorized officer as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-left: 5.4pt">[AON]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By: ________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Name: ______________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title: _______________________</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
6.01(k)-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt">EXHIBIT A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"><U>to Insurance Broker&rsquo;s
Certificate</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>INSURANCE BROKER&rsquo;S
AND INSURANCE CARRIER&rsquo;S CERTIFICATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">[Attached]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 246; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><U>EXHIBIT 7.01(t)A</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ESTOPPEL CERTIFICATE</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">To:</TD><TD>Wells Fargo Bank, N.A.<BR>
45 Broadway, 14th Floor<BR>
New York, New York 10006<BR>
Attn: Michael Pinzon, CMES-Pacific Ethanol</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Re: Stockton Port District Lease</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">The undersigned landlord (the
&ldquo;<B>Landlord</B>&rdquo;) hereby certifies to you as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">1.</FONT></TD><TD STYLE="text-align: justify">Landlord is the current owner of the Premises as defined in that certain Lease by and between Landlord
and Pacific Ethanol Stockton LLC, a Delaware limited liability company (the &ldquo;<B>Tenant</B>&rdquo;), dated February 5, 2007,
as modified by that certain First Addendum to Lease, dated August 1, 2008, between Landlord and Tenant (collectively, the &ldquo;<B>Lease</B>&rdquo;).
The Lease has not been cancelled, further modified, assigned, extended or amended, and there are no other agreements, written or
oral, affecting or relating to the Tenant&rsquo;s lease of the Premises.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.</FONT></TD><TD STYLE="text-align: justify">Attached hereto as Exhibit &ldquo;A&rdquo; is a true and correct copy of the &ldquo;Premises Legal
Description,&rdquo; attached as EXHIBIT &ldquo;B&rdquo; to the Lease pursuant to Section 2.4.5.3 therein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">3.</FONT></TD><TD STYLE="text-align: justify">The Lease is in full force and effect and, to the Landlord&rsquo;s knowledge, is free from any
uncured default and from any event which could become a default under the Lease. As of the date hereof, the Landlord has no outstanding
claims against the Tenant or offsets or defenses against rent, and there are no outstanding disputes with the Tenant. The Rent
and other charges required to be paid under the Lease have been paid, including any and all advance payments, up through [___________]
[__], [____].</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">4.</FONT></TD><TD STYLE="text-align: justify">For so long as any obligation is outstanding under that certain Credit Agreement, dated as of October
29, 2012, between Wells Fargo Bank, N.A. (&ldquo;<B>Wells Fargo</B>&rdquo;), as the administrative agent, Tenant and each of the
other persons party thereto from time to time (the &ldquo;<B>Credit Agreement</B>&rdquo;), Wells Fargo shall have the right to
receive notices pursuant to Section 14.2.2 of the Lease. Wells Fargo hereby furnishes to Landlord the address to which such notices
shall be delivered (or at such other address as may be provided in writing from time to time by Wells Fargo or its successors and
assigns):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: -1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 105pt; text-align: center">To Wells Fargo:</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Wells Fargo Bank, N.A.<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">45 Broadway, 14th Floor<BR>
New York, New York 10006</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Attention: &#9;Michael Pinzon, CMES-Pacific Ethanol</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Telephone:&#9;(212)&nbsp;515-5264</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Facsimile:&#9;(212)&nbsp;515-1576</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">E-mail:&#9;&#9;michael.d.pinzon@wellsfargo.com and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hui.chen@wellsfargo.com</P>

</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 181.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
7.01(t)A-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 181.5pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 181.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 181.5pt; text-indent: -1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">                                                                                                                                                                                                                                                                                                                                                                                 <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify"> As of November 5, 2012:

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">150 East 42nd Street, 40th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">New York, New York 10017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Attention: &#9;Michael Pinzon, CMES-Pacific Ethanol</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Telephone: &#9;(917) 260-1537</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Facsimile: &#9;(917) 260-1594</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 105pt; text-align: center">With a Copy to:</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Sidley Austin LLP<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">555 West Fifth Street, Suite 4000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Los Angeles, CA 90013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Attn: Brian Flavell</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Telephone:&#9;213-896-6603</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Facsimile:&#9;213-896-6600</P>


</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.5pt; text-indent: 0.5pt">For so long as any obligation
is outstanding under the Credit Agreement, no default notice delivered to Tenant shall be effective with respect to the Premises
unless and until such default notice is also delivered to Wells Fargo pursuant to this <U>Section 4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.5pt; text-indent: 0.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.5pt">5.</TD><TD STYLE="text-align: justify">For so long as any obligation is outstanding under the Credit Agreement, Wells Fargo shall have the opportunity to cure defaults
of Tenant pursuant to Sections 14.2.3 and 14.2.4 of the Lease.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.5pt">6.</TD><TD>For so long as any obligation is outstanding under the Credit Agreement, upon termination of the Lease, Wells Fargo shall have
the right to a direct lease with Landlord, subject to the conditions described in Section 14.7 of the Lease.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 38.5pt">7.</TD><TD STYLE="text-align: justify">The Port Delivery Date under the Lease was February 7, 2007.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned has executed this Estoppel
Certificate with the knowledge and understanding that Wells Fargo Bank, N.A., as Mortgagee under the Lease, will be relying upon
this Estoppel Certificate and that the undersigned will be bound by this Estoppel Certificate. The statements contained herein
may be relied upon by Wells Fargo Bank, N.A. and its respective successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dated this __ day of _____________, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">STOCKTON PORT DISTRICT</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.3in; text-indent: -0.3in">By: <U>&#9; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: <U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Title: <U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
7.01(t)A-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 248 -->
    <DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Premises Legal Description</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ALL THAT REAL PROPERTY SITUATE IN THE STATE
OF CALIFORNIA, COUNTY OF SAN JOAQUIN, CITY OF STOCKTON DESCRIBED AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A PARCEL OF LAND BEING A PORTION OF SECTION
8, TOWNSHIP 1 NORTH, RANGE 6 EAST, MOUNT DIABLO BASE AND MERIDIAN, MORE PARTICULARLY DESCRIBED AS FOLLOW:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">COMMENCING AT GPS OCCUPIED POINT 306 AS
SHOWN ON THAT CERTAIN MAP FILED FOR RECORD ON AUGUST 30, 1994 IN BOOK 33 OF SURVEYS AT PAGE 20, SAN JOAQUIN COUNTY RECORDS, SAID
POINT HAVING COORDINATES OF NORTHING 2167315.376 AND EASTING 6320382.066; THENCE SOUTH 11&ordm;23&rsquo;12&rdquo; WEST 609.05 FEET
TO THE TRUE POINT OF BEGINNING; THENCE SOUTH 02&ordm;49&rsquo;08&rdquo; EAST 809.96 FEET; THENCE SOUTH 87&ordm;07&rsquo;38&rdquo;
WEST 1303.28 FEET; THENCE ALONG A NON TANGENT CURVE TO THE RIGHT HAVING A RADIUS OF 491.67 FEET, A CENTRAL ANGLE OF 86&ordm;39&rsquo;29&rdquo;,
A CHORD BEARING AND A DISTANCE OF NORTH 42&ordm;45&rsquo;42&rdquo; WEST 674.76 FEET AND AN ARC LENGTH OF 743.64 FEET; THENCE NORTH
47&ordm;00&rsquo;55&rdquo; EAST 455.58 FEET; THENCE NORTH 87&ordm;10&rsquo;52&rdquo; EAST 1388.34 FEET TO THE TRUE POINT OF BEGINNING,
CONTAINING 30.00 ACRES, MORE OR LESS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Exhibit
7.01(t)A-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 249 -->
    <DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Letterhead of Pacific Ethanol
Stockton LLC]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">___________, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">Port of Stockton<BR> General Offices<BR> 2201 West Washington St., 95203<BR> P.O. Box 2089<BR> Stockton, CA 95201-2089<BR> Attn: Port Director</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">With a copy to;<BR> Neumiller &amp; Beardslee<BR> P.O. Box 20 (95201-3020)<BR> 509 W. Weber Ave.<BR> Stockton, CA 95203<BR> Attn: Thomas J. Shephard, Sr.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Re: Notice of Wells Fargo as Mortgagee</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is made to
that certain Lease by and between the Stockton Port District (&ldquo;<U>Landlord</U>&rdquo;) and Pacific Ethanol Stockton LLC (&ldquo;<U>Tenant</U>&rdquo;),
dated as of February 5, 2007 (as amended, amended and restated, supplemented or otherwise modified from time to time, the &ldquo;<U>Stockton
Port District Lease</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Wells Fargo Bank, N.A.
(&ldquo;<U>Wells Fargo</U>&rdquo;) is the administrative agent under that certain Credit Agreement (the &ldquo;<U>Credit Agreement</U>&rdquo;),
dated as of October 29, 2012, by and among Tenant, Wells Fargo and each of the other persons party thereto from time to time.
The Tenant&rsquo;s obligations under the Credit Agreement have been secured by that certain Leasehold Deed of Trust, Security Agreement,
Financing Statement, Fixture Filing and Assignment of Leases, Rents and Security Deposits (the &ldquo;<U>Deed of Trust</U>&rdquo;),
dated as of October 29, 2012 by and among Tenant, as grantor, Fidelity National Title Company, as trustee, and Wells Fargo, as
beneficiary, in which Tenant granted a security interest over substantially all of its assets (including its interest in the Stockton
Port District Lease) in favor of Wells Fargo, as administrative agent for the lenders under the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby notify you,
pursuant to Section 14.1 of the Stockton Port District Lease that (a) the Deed of Trust is a &ldquo;Mortgage&rdquo; (as defined
in the Stockton Port District Lease), (b) attached hereto as <U>Exhibit A</U> is a true and correct copy of the Deed of Trust,
as in effect on the date hereof, and (c) Wells Fargo&rsquo;s notice address as a &ldquo;Mortgagee&rdquo; (as defined in the Stockton
Port District Lease) shall be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Wells Fargo Bank, N.A.<BR>
45 Broadway, 14th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">New York, New York 10006<BR>
Attn: ______________<BR>
Fax: ______________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 55%; padding-right: 5.4pt">
        <P STYLE="padding-right: 5.4pt; font-size: 10pt">Sincerely,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in"></P>

<P STYLE="padding-right: 5.4pt; font-size: 10pt">Pacific Ethanol Stockton LLC</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt"><BR>
By: <U>&#9; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
7.01(t)A-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ACKNOWLEDGEMENT</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please acknowledge your receipt of this
notice by executing the signature block below and delivering the executed copy of this letter to Tenant in the self addressed,
stamped envelope provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt">Stockton Port District</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.3in; text-indent: -0.3in">By: <U>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Richard Aschieris<BR>
Title: Port Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
7.01(t)A-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBIT A</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Deed of Trust</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Please see attached.]</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
7.01(t)A-6</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in; text-align: right"><U>EXHIBIT 7.01(t)B</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ESTOPPEL CERTIFICATE</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">To:</TD><TD>Wells Fargo Bank, N.A.<BR>
45 Broadway, 14th Floor<BR>
New York, New York 10006<BR>
Attn: Michael Pinzon, CMES-Pacific Ethanol</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Re: Port of Morrow Lease</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">The undersigned landlord (the
&ldquo;<B>Landlord</B>&rdquo;) hereby certifies to you as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">1.</FONT></TD><TD STYLE="text-align: justify">Landlord is the current owner of the Premises as defined in that certain Port of Morrow Lease dated
April 20, 2006, (the &ldquo;<B>Lease</B>&rdquo;) between Landlord and Pacific Ethanol Columbia, LLC, a Delaware limited liability
company, as tenant (the &ldquo;<B>Tenant</B>&rdquo;). The Lease has not been cancelled, modified, assigned, extended or amended,
and there are no other agreements, written or oral, affecting or relating to the Tenant&rsquo;s lease of the Premises.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.</FONT></TD><TD STYLE="text-align: justify">The Lease is in full force and effect and, to the Landlord&rsquo;s knowledge, is free from default
and from any event which could become a default under the Lease. As of the date hereof, the Landlord has no outstanding claims
against the Tenant or offsets or defenses against rent, and there are no outstanding disputes with the Tenant.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">3.</FONT></TD><TD STYLE="text-align: justify">For purposes of clarification, if an event of default under Section 19 of the Lease can not be
remedied within 30 days after written notice by the Landlord, the Lease may not be terminated by the Landlord pursuant to Section
20A if either the Mortgagee (as defined in the Lease) or the Tenant begins correction of any such default within such 30-day period
and such party thereafter proceeds with diligence and in good faith to remedy such default as soon as practicable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">4.</FONT></TD><TD STYLE="text-align: justify">In the event that either (i) the Lease is rejected, in whole or in part, by a trustee or debtor-in-possession
or otherwise in any bankruptcy or insolvency proceeding regarding the Tenant or any other person or entity or (ii) the Lease is
deemed to be in whole or in part a contract to extend &ldquo;financial accommodations&rdquo; within the meaning of Section 365
of the United States Bankruptcy Code, 11 U.S.C. &sect; 365, and the order regarding an event described in clause (i) or (ii) has
not been stayed, then, within forty-five days after an event described in clause (i) or (ii) has occurred, Mortgagee or its assignee
or designee may notify the Landlord in writing that it intends and is legally authorized to perform the obligations of the Tenant
under the Lease, and in such event the Landlord will execute and deliver to Mortgagee or such assignee or designee a new agreement
with regard to that portion of the Lease affected by an event described in clauses (i) or (ii) above, as the case may be, for the
transactions contemplated by the Lease (the &ldquo;<B>New Lease</B>&rdquo;) pursuant to which each of the Landlord and Mortgagee
or its assignee or designee shall perform its respective obligations, to the extent required under the Lease. Such New Lease shall
be for the balance of the then-remaining term under the Lease before giving effect to such event described in clauses (i) or (ii)
above, as the case may be, and shall contain the same conditions, agreements, terms, provisions and limitations as the Lease (except
for any requirements that have been fulfilled by the Tenant prior to such rejection). References in this paragraph to the &ldquo;Lease&rdquo;
shall be deemed also to refer to the New Lease.</TD></TR></TABLE>
<P STYLE="text-align: center">Exhibit 7.01(t)B-1</P>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.</FONT></TD><TD STYLE="text-align: justify">For so long as any obligation is outstanding under that certain Credit Agreement, dated as of October
29, 2012, between Wells Fargo Bank, N.A. (&ldquo;<B>Wells Fargo</B>&rdquo;), as the administrative agent, Tenant and each of the
other persons party thereto from time to time (the &ldquo;<B>Credit Agreement</B>&rdquo;), Wells Fargo shall have the right to
receive &ldquo;notices&rdquo; (as defined in the Lease) pursuant to Section 18(B)(ii) of the Lease. Wells Fargo hereby furnishes
to Landlord the address to which such notices shall be delivered (or at such other address as may be provided in writing from time
to time by Wells Fargo or its successors and assigns):</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 105pt; text-align: center">To Wells Fargo:</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Wells Fargo Bank, N.A.<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">45 Broadway, 14th Floor<BR>
New York, New York 10006</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Attention: &#9;Michael Pinzon, CMES-Pacific Ethanol</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Telephone:&#9;(212)&nbsp;515-5264</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Facsimile:&#9;(212)&nbsp;515-1576</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">E-mail: &#9;michael.d.pinzon@wellsfargo.com and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hui.chen@wellsfargo.com</P>

</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">As of November 5, 2012:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 181.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">150 East 42nd Street, 40th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">New York, New York 10017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Attention: &#9;Michael Pinzon, CMES-Pacific Ethanol</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Telephone: &#9;(917) 260-1537</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Facsimile: &#9;(917) 260-1594</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">With a Copy to:</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Sidley Austin
LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">555 West Fifth Street, Suite 4000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Los Angeles, CA 90013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Attn: Brian Flavell</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Telephone:&#9;213-896-6603</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Facsimile:&#9;213-896-6600</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 181.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 181.5pt; text-indent: -1.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 181.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.5pt; text-indent: 0.5pt">For so long as any obligation
is outstanding under the Credit Agreement, no default notice delivered to Tenant shall be effective with respect to the Premises
unless and until such default notice is also delivered to Wells Fargo pursuant to Section 18(B)(ii) of the Lease and this <U>Section
5</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.5pt; text-indent: 0.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.5pt">6.</TD><TD>For so long as any obligation is outstanding under the Credit Agreement, Wells Fargo shall have the opportunity to cure defaults
of Tenant pursuant to Section 18(B)(iii) of the Lease and <U>Section 3</U> above.</TD></TR></TABLE>
<P STYLE="text-align: center">Exhibit 7.01(t)B-2</P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned has executed this Estoppel
Certificate with the knowledge and understanding that Wells Fargo, as Mortgagee under the Lease, will be relying upon this Estoppel
Certificate and that the undersigned will be bound by this Estoppel Certificate. The statements contained herein may be relied
upon by Wells Fargo and its respective successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dated this __ day of ___________, 2012.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">PORT OF MORROW</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.3in; text-indent: -0.3in">By:&nbsp; ___________________________<BR> Name:&nbsp; _____________________<BR> Title:&nbsp;&nbsp;&nbsp; _____________________</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
7.01(t)(B)-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT 7.03(l)<BR>
<U>to Credit Agreement</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Form of Operating Statement</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See attached</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit
7.03(I)</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pacific Ethanol Holding Co, LLC</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Monthly Flash Report to Members for August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>General Overview:</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Wingdings; width: 24px">&Oslash;</TD>
    <TD STYLE="text-align: left">PEHC produced approximately 95.0 million gallons in FY 2012 versus the annual budget of 102.4 million gallons.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Wingdings">&Oslash;</TD>
    <TD STYLE="text-align: left">PEHC produced 11.5 million gallons in August versus budget of 13.7 million gallons, a reduction of 19.7%. The primary cause of the shortfall is due to economic curtailment.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Wingdings">&Oslash;</TD>
    <TD STYLE="text-align: left">FY 2012 EBITDA was approx. $(14.7M) versus budget of $1.9M.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Wingdings">&Oslash;</TD>
    <TD STYLE="text-align: left">August EBITDA was $(0.8M) versus budget of $3.4M.</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; font-style: italic; font-weight: bold">(in millions)</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center; font-weight: bold">FY 2012</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-weight: bold">EBITDA</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-weight: bold">Gallons</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD STYLE="width: 66%; padding-bottom: 1pt; padding-left: 5.4pt; text-align: left">Columbia</TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; text-align: left">$</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right">(5.0</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right">22.5</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt; text-align: left">Magic Valley</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">(2.6</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">37.4</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD STYLE="padding-bottom: 2pt; padding-left: 5.4pt; text-align: left">Stockton</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">(5.4</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: left">)</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">35.1</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2pt; padding-left: 5.4pt; text-align: left">Subtotal (Operating)</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">(13.0</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: left">)</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">95.0</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt; text-align: left">Madera</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">(0.5</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&ndash;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2pt; padding-left: 5.4pt; text-align: left">PEHC Corporate</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">(1.2</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: left">)</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&ndash;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: left">Total PEHC</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: left">$</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">(14.7</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">95.0</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Commodity Margin Summary:</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Average market commodity margins for 2012
for the industry (21cpg) remain low due to persistent ethanol supply demand imbalance and extenuated by higher corn prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Average - FY 2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Columbia</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Magic Valley</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stockton</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Madera</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Actual Avg.</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plan Avg.</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-decoration: underline; padding-left: 5.4pt">($/Gallon)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 22%; padding-bottom: 1pt; padding-left: 5.4pt">Ethanol</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">2.36</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">2.35</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">2.42</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">2.38</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">2.68</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">WDG</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.74</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.74</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.73</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.73</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.66</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Corn</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.78</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.74</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.80</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.77</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.76</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2pt; padding-left: 5.4pt">Natural Gas</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">(0.06</TD><TD STYLE="padding-bottom: 2pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">(0.05</TD><TD STYLE="padding-bottom: 2pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">(0.08</TD><TD STYLE="padding-bottom: 2pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left">&ndash;</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">(0.06</TD><TD STYLE="padding-bottom: 2pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">(0.09</TD><TD STYLE="padding-bottom: 2pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Commodity Margin</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.26</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.29</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.27</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.27</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.49</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Operations Summary:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 2.9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Production Data</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Aug-12</TD>
    <TD STYLE="padding-right: 2.9pt; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FY 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; padding-right: 2.9pt; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 2.9pt; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 2.9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Columbia</TD>
    <TD STYLE="width: 13%; padding-right: 2.9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Magic Valley</TD>
    <TD STYLE="width: 8%; padding-right: 2.9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stockton</TD>
    <TD STYLE="width: 2%; padding-right: 2.9pt; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 2.9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Columbia</TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Magic Valley</TD>
    <TD STYLE="width: 9%; padding-right: 2.9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stockton</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 2.9pt">Ethanol Gallons Produced</TD>
    <TD STYLE="padding-right: 2.9pt">mm</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">2.5</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">4.8</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">4.2</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">22.5</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">37.4</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">35.1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 2.9pt">Corn Bushels Used</TD>
    <TD STYLE="padding-right: 2.9pt">mm</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">0.8</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">1.7</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">1.5</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">8.1</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">13.4</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">12.6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 2.9pt">Denatured Ethanol Yield</TD>
    <TD STYLE="padding-right: 2.9pt">gal/bu</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">2.93</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">2.82</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">2.73</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">2.76</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">2.79</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">2.78</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 2.9pt">Co-Product Tons Produced</TD>
    <TD STYLE="padding-right: 2.9pt">mm</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">0.02</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">0.04</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">0.04</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">0.22</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">0.34</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">0.34</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 2.9pt">Co-Product Yield</TD>
    <TD STYLE="padding-right: 2.9pt">lbs/bu</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">49.3</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">47.0</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">53.2</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">54.2</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">50.7</TD>
    <TD STYLE="padding-right: 2.9pt; text-align: right">53.9</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PE Holdco Update/September 25, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pacific Ethanol Holding Co, LLC</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Monthly Flash Report to Members for August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-weight: normal">&Oslash;</FONT></TD><TD STYLE="padding-bottom: 6pt">Columbia</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="padding-bottom: 6pt">Production for the month was 2.5 million gallons versus a quarterly budget of 3.3 million gallons.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="padding-bottom: 6pt">A tentative settlement has been agreed to in principle, with necessary paperwork to be completed in the next couple of weeks
related to the application submitted to the Oregon Tax Court requesting a change in the assessment of the plant value from $80.3M
to $45.0M for the tax year 2011/12. This will result in a refund this year of approximately $25K and the 2012/13 year will be adjusted
to this new value as well.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-weight: normal">&Oslash;</FONT></TD><TD STYLE="padding-bottom: 6pt">Magic Valley</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="padding-bottom: 6pt">Production for the month was 4.8 million gallons versus a quarterly budget of 5.5 million gallons.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="padding-bottom: 6pt">There was one excess emission reports filed with the Idaho State Department of Environmental Quality. This report was the excess
formaldehyde emission report and it will no longer be required once DEQ reviews and approves the source testing results.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="padding-bottom: 6pt">The source test was completed on July 13th with preliminary results indicating Magic Valley demonstrated compliance with the
new air permit. Final results are pending laboratory analysis of gas samples.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="padding-bottom: 6pt">There was a second excess emission report resulting from the failure of a value on the RTO, which was a 57 minute event. This
report has been verbally reported and a formal report will follow. No fine will be assessed.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="padding-bottom: 6pt">A new &lsquo;Permit to Construct&rsquo; air permit was issued by the DEQ and source testing was conducted on August 13, 2012.
The results are under review. Once the DEQ converts the permit into an operating permit, the facility will be able to run at a
63MGY rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-weight: normal">&Oslash;</FONT></TD><TD>Stockton</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="padding-bottom: 6pt">Production for the month was 4.2 million gallons versus a quarterly budget of 5.0 million gallons.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="padding-bottom: 6pt">The plant continued with its blending of Milo with corn in response to the high corn prices. Blending approximately 32.5%
Milo during the month.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-weight: normal">&Oslash;</FONT></TD><TD STYLE="padding-bottom: 6pt">Madera</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD>Property Tax Updates:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="padding-bottom: 6pt">2009/10: The appeal for 2009/10 had an assessed value of $66.9M, we were requesting $28.8M, and the Assessor assessed a final
value of $31.8M. We booked an estimated refund of $381K in August. We expect to receive these funds in Q4, 2012.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="padding-bottom: 6pt">2010/11: Currently, the appeal for 2010/11 has an assessed value of $58.7M and the assessor has informally given a valuation
of $30.3M. We booked an estimated refund of $346K in August based on a conservative estimated valuation of $35M. A time waiver
is in place to continue this matter to July 11, 2013.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="padding-bottom: 6pt">The plant has been shut down since 2009 and is in good mechanical condition.</TD></TR></TABLE>

<P>&nbsp;</P>

<P></P>

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<P><B>PE Holdco Update/September 25, 2012</B>&nbsp;</P>

<P STYLE="text-align: center">Exhibit
7.03(I)</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pacific Ethanol Holding Co, LLC</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Monthly Flash Report to Members for August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Cash Flow Summary:</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD STYLE="padding-bottom: 6pt">During August, PEHC drew $2.0 million of the Exit Revolver bringing total outstanding to $38.4 million. As of September 21,
2012, no additional draws have occurred, but $1.0M has been request for the last week of September, bringing total outstanding
to $39.4 million with approximately $0.6 million of remaining availability as of the end of September based on the revised credit
agreement. The following table illustrates the Company&rsquo;s sources and uses of cash for the month and fiscal year periods ended
August 31, 2012:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sources (Uses) of Cash</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Aug-12</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FY 2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">(in millions)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 74%; text-align: left; padding-left: 5.4pt">Beginning Cash</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.30</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2.10</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">EBITDA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.80</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14.70</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Gain on disposal of equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.10</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Change in working capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.88</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.62</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5.4pt">CAPEX</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.09</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.89</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.50</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6.70</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Revolver Draw (Payment)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.00</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15.50</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Ending Cash</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.03</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.03</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD STYLE="padding-bottom: 6pt">Over the next 13 week forecast period ending December 21, 2012, PEHC is forecasted to borrow $5.5 million on the Exit Revolver,
increasing the outstanding balance to $43.9 million. PEHC is currently in discussions with its Lenders to address this following
cash forecast needs:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="14" STYLE="border-top: gray 1.5pt solid; border-right: gray 1.5pt solid; border-left: gray 1.5pt solid; padding-left: 2.9pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Pacific Ethanol Holding Co. LLC </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>As of September 25, 2012</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: gray 1.5pt solid; padding-bottom: 6pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-right: gray 1.5pt solid; padding-bottom: 6pt; padding-left: 2.9pt; font-weight: bold; text-align: center">13 Week Cash Flow Forecast ($mm)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; border-left: gray 1.5pt solid; padding-left: 2.9pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-left: 2.9pt; font-weight: bold; text-align: center">9/28/12</TD>
    <TD STYLE="width: 6%; padding-left: 2.9pt; font-weight: bold; text-align: center">10/5/12</TD>
    <TD STYLE="width: 6%; padding-left: 2.9pt; font-weight: bold; text-align: center">10/12/12</TD>
    <TD STYLE="width: 6%; padding-left: 2.9pt; font-weight: bold; text-align: center">10/19/12</TD>
    <TD STYLE="width: 6%; padding-left: 2.9pt; font-weight: bold; text-align: center">10/26/12</TD>
    <TD STYLE="width: 6%; padding-left: 2.9pt; font-weight: bold; text-align: center">11/2/12</TD>
    <TD STYLE="width: 6%; padding-left: 2.9pt; font-weight: bold; text-align: center">11/9/12</TD>
    <TD STYLE="width: 6%; padding-left: 2.9pt; font-weight: bold; text-align: center">11/16/12</TD>
    <TD STYLE="width: 6%; padding-left: 2.9pt; font-weight: bold; text-align: center">11/23/12</TD>
    <TD STYLE="width: 6%; padding-left: 2.9pt; font-weight: bold; text-align: center">11/30/12</TD>
    <TD STYLE="width: 6%; padding-left: 2.9pt; font-weight: bold; text-align: center">12/7/12</TD>
    <TD STYLE="width: 6%; padding-left: 2.9pt; font-weight: bold; text-align: center">12/14/12</TD>
    <TD STYLE="width: 6%; border-right: gray 1.5pt solid; padding-left: 2.9pt; font-weight: bold; text-align: center">12/21/12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: gray 1.5pt solid; padding-bottom: 6pt; padding-left: 2.9pt; font-weight: bold">Total Receipts</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp; 10.1</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.7</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.5</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.7</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.5</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.1</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.5</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.0</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.8</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.6</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.7</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.1</TD>
    <TD STYLE="border-right: gray 1.5pt solid; padding-bottom: 6pt; padding-left: 2.9pt; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp; 9.4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: gray 1.5pt solid; padding-bottom: 6pt; padding-left: 2.9pt; font-weight: bold">Total Disbursements</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp; (9.7)</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp; (9.3)</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.4)</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.7)</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.9)</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp; (9.5)</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp; (9.3)</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.1)</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.1)</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.9)</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp; (9.2)</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.6)</TD>
    <TD STYLE="border-right: gray 1.5pt solid; padding-bottom: 6pt; padding-left: 2.9pt; text-align: right">$&nbsp;&nbsp;&nbsp; (9.4)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: gray 1.5pt solid; padding-left: 2.9pt; font-weight: bold">Revolver Draw (Repay)</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.0</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.5</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.0</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.5</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.5</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-right: gray 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt; text-align: right">$&nbsp;&nbsp;&nbsp; -</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: gray 1.5pt solid; padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">Net Cash Flow</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.4</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">$&nbsp;&nbsp;&nbsp;&nbsp; (0.6)</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.9)</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0)</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.1</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">$&nbsp;&nbsp;&nbsp;&nbsp; (1.4)</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.2</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.1)</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.2</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.3)</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.0</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.5)</TD>
    <TD STYLE="border-right: gray 1.5pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: right">$&nbsp;&nbsp;&nbsp; 0.0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: gray 1.5pt solid; padding-left: 2.9pt; font-weight: bold">Beginning Cash</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.5</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.9</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.1</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp; (0.3)</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.1)</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.2)</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.1)</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp; (0.4)</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.6</TD>
    <TD STYLE="border-right: gray 1.5pt solid; padding-left: 2.9pt; text-align: right">$&nbsp;&nbsp;&nbsp; 0.0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: gray 1.5pt solid; padding-bottom: 6pt; padding-left: 2.9pt; font-weight: bold">Ending Cash</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.5</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.9</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.1</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp; (0.3)</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp; (0.1)</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.2)</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.1)</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.4)</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.6</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0</TD>
    <TD STYLE="border-right: gray 1.5pt solid; padding-bottom: 6pt; padding-left: 2.9pt; text-align: right">$&nbsp;&nbsp;&nbsp; 0.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: gray 1.5pt solid; padding-left: 2.9pt; font-weight: bold">Exit Revolver:</TD>
    <TD STYLE="padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-right: gray 1.5pt solid; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: gray 1.5pt solid; padding-left: 4.25pt; font-weight: bold">Beginning Balance</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp; 38.4</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp; 39.4</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39.4</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39.4</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39.4</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp; 40.9</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp; 40.9</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41.9</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41.9</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42.4</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp; 42.4</TD>
    <TD STYLE="padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43.9</TD>
    <TD STYLE="border-right: gray 1.5pt solid; padding-left: 2.9pt; text-align: right">$&nbsp;&nbsp;43.9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: gray 1.5pt solid; padding-left: 4.25pt; font-weight: bold">Draw (Repayments)</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.0</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.5</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.0</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.5</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.5</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-right: gray 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: gray 1.5pt solid; padding-left: 4.25pt; font-weight: bold">Ending Balance</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp; 39.4</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp; 39.4</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39.4</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39.4</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40.9</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp; 40.9</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp; 41.9</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41.9</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42.4</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42.4</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp; 43.9</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43.9</TD>
    <TD STYLE="border-right: gray 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-left: 2.9pt; text-align: right">$&nbsp;&nbsp;43.9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: gray 1.5pt solid; border-left: gray 1.5pt solid; padding-left: 2.9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-right: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-left: 2.9pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P><B>PE Holdco Update/ September 25, 2012&nbsp;</B></P>



<P STYLE="padding-bottom: 6pt; text-align: center">Exhibit 7.03(I)</P>

<!-- Field: Page; Sequence: 259 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pacific Ethanol Holding Co, LLC</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Monthly Flash Report to Members for August 2012</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-weight: normal">&Oslash;</FONT></TD><TD>Safety<BR>
</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; border-top: gray 1.5pt solid; border-right: gray 1.5pt solid; border-left: gray 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: gray 1.5pt solid; border-right: gray 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: gray 1.5pt solid; border-right: gray 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: gray 1.5pt solid; border-right: gray 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: gray 1.5pt solid; border-right: gray 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: gray 1.5pt solid; border-right: gray 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center">2011</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center">Q1</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center">Q2</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center">July/Aug</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center">YTD 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center">PEI - Madera</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">OSHA Recordable</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">OSHA LTA's</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">OSHA Citations</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">NOV's</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">Fines</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$&nbsp;&nbsp;&nbsp; 1,290</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">Reportable Spills</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">Compliance Letters</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center">PEI - Columbia</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">OSHA Recordable</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">3</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">OSHA LTA's</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">OSHA Citations</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">NOV's</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">Fines</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$&nbsp;&nbsp; 4,125</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$&nbsp;&nbsp; 4,125</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">Reportable Spills</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">Compliance Letters</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center">PEI - Magic Valley</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">OSHA Recordable</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">8</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">OSHA LTA's</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">OSHA Citations</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">13</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">NOV's</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">Fines</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$&nbsp; 20,415</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">Reportable Spills</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">Compliance Letters</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center">PEI - Stockton</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">OSHA Recordable</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">5</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">OSHA LTA's</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">OSHA Citations</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">7</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">NOV's</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">11</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">Fines</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$&nbsp; 58,905</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$ 12,314</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$&nbsp;&nbsp; 1,395</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$ 13,709</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">Reportable Spills</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">Compliance Letters</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: gray 1.5pt solid; border-bottom: gray 1.5pt solid; border-left: gray 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="border-right: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P><B>PE Holdco Update/ September 25, 2012&nbsp;</B></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol,
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Asset Management Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Appendix D</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Columbia, LLC<BR>
Monthly Operations Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Contents</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; border-top: windowtext 2.25pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; border-right: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: center">Page</TD>
    <TD STYLE="width: 23%; border-top: windowtext 2.25pt solid; border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: center">Title</TD>
    <TD STYLE="width: 66%; border-top: windowtext 2.25pt solid; border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: center">Report Description</TD></TR>
<TR STYLE="vertical-align: top; background-color: gray">
    <TD COLSPAN="3" STYLE="border-right: windowtext 2.25pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Actual vs. Budget</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Budget Review - Actual vs. Budget</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Production</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Ethanol and WDG Production and Delivery</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Corn</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Corn Deliveries and Use</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Availability</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Plant Availability</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Cash</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Cash receipts and disbursements including balances</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Major Maintenance</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Major Maintenance Activities</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Losses</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Material Casualty Losses</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Disputes</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Review of Disputes &amp; Claims</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Permits</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Permit and Compliance Activities</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Comparison</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Comparison of figures for the current month vs. last month</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prepared by:&#9;Lyndon Jones, Plant Manager</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reviewed by:&#9;Michael Kramer, Manager Representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">09/20/12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; width: 64%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pacific Ethanol Columbia, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal; font-style: normal">New
Summary Statement of Operations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal; font-style: normal">Budget
to Actual Current Month and Quarter</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal; font-style: normal">For
the Period from August 1, 2012 to August 31, 2012</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal; font-style: normal">(Amounts
are in USD)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal; font-style: normal">(Includes
G/L Budget Name: BUDGETQ312)&nbsp;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P> </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 18%">September 19, 2012 5:41 PM<BR>
Page 1<BR>
ljones</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">Current Period Actual</TD>
    <TD STYLE="width: 12%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">Current Period Budget</TD>
    <TD STYLE="width: 12%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">Current Period Variance</TD>
    <TD STYLE="width: 12%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">Quarter to Date Budget</TD>
    <TD STYLE="width: 12%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">Quarter to Date Actual</TD>
    <TD STYLE="width: 12%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">Quarter to Date Variance</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-indent: 4.5pt">Ethanol Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">6,322,515</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">8,518,761</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-2,196,246</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">13,032,826</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">16,967,067</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-3,934,241</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-indent: 4.5pt">WDG Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,591,905</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,917,484</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-325,579</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">3,003,809</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">3,872,312</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-868,503</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-indent: 4.5pt">Syrup Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">468,693</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">481,537</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-12,844</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">846,746</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">972,452</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-125,706</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-indent: 4.5pt">Grain Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">5,590</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">5,590</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">6,258</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">6,258</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-indent: 4.5pt">Freight Revenues</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">47,410</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">
&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">47,410</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">93,807</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">93,807</P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">Total Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">8,436,114</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">10,917,782</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-2,481,668</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">16,983,446</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">21,811,831</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-4,828,385</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Cost of Goods Sold</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Ethanol</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">7,979,280</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">9,554,732</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-1,575,452</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">15,673,164</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">19,242,313</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-3,569,149</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">WDG COGS</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,367</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,649</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-282</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">3,995</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">5,298</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-1,303</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Labor</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">189,943</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">200,691</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-10,748</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">389,887</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">401,382</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-11,495</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Freight</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">349,586</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">429,034</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-79,448</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">721,394</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">857,285</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-135,891</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Demurrage</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">96</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">96</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">289</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">289</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Supplies</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">13,857</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">28,800</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-14,943</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">43,798</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">57,600</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-13,802</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Repairs and Maint, Plant</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">68,152</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">59,500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">8,652</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">170,609</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">221,500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-50,891</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: -11pt">Equipment Rent and Lease Expense</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">10,384</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">11,672</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-1,288</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">17,723</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">23,344</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-5,621</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: -11pt">Insurance, Property Tax and Other</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">95,875</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">120,233</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-24,358</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">183,978</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">242,966</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-58,988</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Depreciation</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">208,782</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">206,601</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,181</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">417,520</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">412,931</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">4,589</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Rail Incentives</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-20,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-29,436</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">9,436</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-38,982</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-58,872</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">19,890</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Inventory Adjustments</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-220,541</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-220,541</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">96,105</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">96,105</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Intercompany</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">161,480</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">229,422</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">-67,942</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">341,019</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">458,477</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">-117,458</P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">Total Cost of Goods Sold</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt solid"><B>8,839,263</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt solid"><B>10,813,898</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt solid"><B>-1,974,635</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt solid"><B>18,020,497</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt solid"><B>21,864,224</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt solid"><B>-3,843,727</B></P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">Gross Profit (Loss)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-403,150</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">103,884</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-507,034</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-1,037,051</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-52,393</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-984,658</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt">Operating Expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: -11pt">Hiring and Training</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-1,000</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: -11pt">Taxes, Permits and Fees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-75</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-75</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">5,034</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">5,034</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: -11pt">Professional Fees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">13,666</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">6,500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">7,166</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">16,747</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">13,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">3,747</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: -11pt">Travel and Auto Expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">6,511</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">3,500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">3,011</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">12,517</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">7,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">5,517</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: -11pt">Office and Supplies</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">3,110</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">3,110</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">4,296</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">4,296</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: -11pt">Trade Member and Promotion</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">425</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">425</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: -11pt">Network, Telephone and Computer</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">330</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-170</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,723</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">723</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: -11pt">Depreciation and Amortization</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,596</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,140</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">456</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">3,191</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,280</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">911</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: -11pt">Donations and Contributions</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-1,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-2,000</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: -11pt">Intercompany</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">75,000</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">84,761</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">-9,761</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">150,000</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">169,522</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">-19,522</P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">Total operating expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">100,138</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">97,901</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">2,237</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">193,934</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">195,802</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-1,868</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">Net operating income (loss)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-503,288</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">5,983</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-509,271</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-1,230,985</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-248,195</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-982,790</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Other income (expense):</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: -11pt">Bank Fees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">-787</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">
&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">-787</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">-1,574</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">
&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">-1,574</P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">Total other income (expense)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid"><B>-787</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">
&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid"><B>-787</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid"><B>-1,574</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid">
&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.75pt solid"><B>-1,574</B></P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">Income (loss) before Holdco</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-504,075</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">5,983</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-510,058</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-1,232,559</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-248,195</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-984,364</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Income (loss) attributed to Holdco</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">Net Income (Loss)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><B>-504,075</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><B>5,983</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><B>-510,058</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><B>-1,232,559</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><B>-248,195</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><B>-984,364</B></P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 4.3pt; padding-bottom: 12pt; padding-left: 4.3pt; font-weight: bold">ADJUSTED EBITDA CALCULATION</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-bottom: 12pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-bottom: 12pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-bottom: 12pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-bottom: 12pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-bottom: 12pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Net
    Income (Loss)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 11pt; text-align: right"><P STYLE="vertical-align: top; padding-left: 4.3pt; text-align: right"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">-504,075</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right"><P STYLE="vertical-align: top; padding-left: 4.3pt; text-align: right"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">5,983</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right"><P STYLE="vertical-align: top; padding-left: 4.3pt; text-align: right"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">-510,058</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right"><P STYLE="vertical-align: top; padding-left: 4.3pt; text-align: right"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">-1,232,559</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right"><P STYLE="vertical-align: top; padding-left: 4.3pt; text-align: right"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">-248,195</FONT></P></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.3pt; text-align: right"><P STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">-984,364</FONT></P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Interest Income</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Interest Expense</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Interest Derivatives Gain (Loss)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Income Tax Expense</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Convertible Debt and Warrant Adjustments</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Depreciation and Amortization COGS</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">208,782</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">206,601</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,181</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">417,520</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">412,931</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">4,589</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Depreciation and Amortization SG&amp;A</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,596</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,140</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">456</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">3,191</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,280</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">911</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Amortization of Deferred Finance Fees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">EBITDA</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><B>-293,697</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><B>213,724</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><B>-507,421</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><B>-811,847</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><B>167,016</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><B>-978,863</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Columbia, LLC<BR>
Monthly Operations Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Actual vs. Budget </U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Key Variance Explanations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 34%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Area</TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Variance ($US)</TD>
    <TD STYLE="width: 50%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Explanation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Sales</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Ethanol Sales</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">($ 2,196,246)</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Volume less than budget by 30.0% and selling price greater than budget by 6.0%.</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">WDG Sales</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">($ 325,579)</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Volume less than budget by 32.6% and selling price greater than budget by 23.1%.</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Syrup Sales</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">($ 12,844)</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Volume less than budget by 17.9% and selling price less than budget by 18.6%.</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Freight Revenues</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 47,410&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Additional revenue for shipping further than contract distance</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Cost of Goods Sold</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Ethanol</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">($ 1,575,452)</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Corn cost 28.9% higher per unit than budget, but we used 23.9% less corn due to being curtailed. Lower than budgeted cost/unit for chemicals, enzymes and barge inspections (only 2 or the 4 barges were actually used). More truck traffic</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Labor</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">($ 10,478)</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Utilization of employee for other facilities</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Freight</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">($ 79,448)</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Only shipped 2 of the 4 scheduled barges in August and fewer truck shipments</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Supplies</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">($ 14,943)</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Lower utilization of plant and boiler chemicals due to curtailment</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Insurance, Property Tax &amp; Other</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">($ 24,358)</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Lower than budgeted property tax</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Inventory Adjustment</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">($ 220,541)</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Negative LCM adjustment on In Transit, Finished Goods &amp; WIP</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Intercompany</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">($ 67,942)</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Lower than budgeted fees for ethanol, co-products and corn marketing at lower production rates</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Columbia, LLC<BR>
Monthly Operations Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Production</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Denatured Ethanol Production:&#9;2,456,933 Gallons</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The PDX system was not operated in August.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Corn</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corn Inventory Status and Delivery Schedule:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Deliveries (Train &amp; Truck)&#9;43,079,020 lbs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Corn Used&#9;48,900,176 lbs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Whole Corn Shipped&#9;5,589,840 lbs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">** note &ndash; consignment corn agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Availability</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; border: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Total Hours</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Economic Curtailment (Hrs)</TD>
    <TD STYLE="width: 7%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Economic Curtailment %</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Equivalent Downtime Hrs</TD>
    <TD STYLE="width: 4%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">No Corn Supply (Hrs)</TD>
    <TD STYLE="width: 4%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">No Corn Supply %</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Forced Downtime (Hrs)</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Force Downtime %</TD>
    <TD STYLE="width: 7%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Scheduled Maintenance Downtime (Hrs)</TD>
    <TD STYLE="width: 7%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Scheduled Maintenance %</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Forced Reduced Rate (Hrs)</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Avg Rate Reduction %</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Reduced Rate Equivalent Downtime Hrs</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Reduced Rate Corn (Hrs)</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Reduced Rate Corn %</TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Total Downtime + Reduced Rate %</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">744</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">740.58</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">30.0%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">222.2</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0.0%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">3.42</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0.5%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0.0%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0.0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0.0%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">30.3%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Columbia, LLC<BR>
Monthly Operations Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Cash</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Pacific Ethanol Columbia, LLC</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Current Month</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Actua</B>l</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold">Operating and Revenue Accounts</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Beginning Cash Balance</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold">Cash Inflows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 84%; text-align: left; padding-left: 10pt">Revenue - Ethanol (Kinergy)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">6,938,355</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Revenue - WDG (PAP) and others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,965,795</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><B>Total Cash Inflows</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,904,150</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Disbursements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold">Operating Disbursements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Corn</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(8,180,012</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Natural Gas</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(149,680</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Electricity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(116,754</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Property Tax and other Taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Lease Payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Ethanol freight</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(195,104</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Co-product freight</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(252,358</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Grain procurement and handling w/ PAP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Plant Supplies &amp; Maintenance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(434,759</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other PEHC costs</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,328,666</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Total Operating Disbursements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold">Asset Management Agreement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Direct Reimbursement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 22pt">Payroll &amp; Benefits - Plants &amp; Plant Operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(281,221</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 22pt">Other Direct Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 22pt">Asset Management Fee</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(75,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total Asset Management Agreement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(356,221</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 5.75pt">Interest &amp; Fees-</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt; padding-bottom: 2.5pt">Total Disbursements</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(9,684,887</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.75pt">Net Cash Flow</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(780,737</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Columbia, LLC<BR>
Monthly Operations Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Major Maintenance</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No major maintenance was performed this month.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Losses</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No material casualty losses occurred this month.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Disputes</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No disputes were identified this month.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Permits</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our 5 year renewal was approved by Oregon DEQ for the Air Permit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; width: 64%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Pacific Ethanol Columbia, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-weight: normal; font-style: normal">New
Summary Statement of Operations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-weight: normal; font-style: normal">Current
Month vs Prior Month</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal; font-style: normal">For
the Period from August 1, 2012 to August 31, 2012</FONT></P> </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 18%">September 19, 2012 5:43 PM<BR>
Page 1<BR>
ljones</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 58%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">CURRENT MONTH</TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">PRIOR MONTH</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Sales</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Ethanol Sales</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6,322,515</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6,710,311</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">WDG Sales</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,591,905</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,411,904</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Syrup Sales</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">468,693</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">378,054</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Grain Sales</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,590</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">668</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Freight Revenues</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">47,410</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">46,396</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Total Sales</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">8,436,114</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">8,547,333</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Cost of Goods Sold</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Ethanol</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,979,280</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,693,884</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">WDG COGS</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,367</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,627</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Labor</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">189,943</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">199,944</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Freight</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">349,586</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">371,807</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Demurrage</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">96</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">193</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Supplies</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,857</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">29,941</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Repairs and Maint, Plant</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">68,152</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">102,456</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Equipment Rent and Lease Expense</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,384</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,338</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Insurance, Property Tax and Other</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">95,875</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">88,103</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Depreciation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">208,782</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">208,738</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Rail Incentives</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-20,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-18,982</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Inventory Adjustments</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-220,541</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">316,646</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Intercompany</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">161,480</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">179,539</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Total Cost of Goods Sold</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>8,839,263</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>9,181,234</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-indent: 9pt">Gross Profit (Loss)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">-403,150</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">-633,901</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Operating Expenses</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Taxes, Permits and Fees</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-75</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,109</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Professional Fees</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,666</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,081</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Travel and Auto Expenses</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6,511</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6,006</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Office and Supplies</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,110</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,187</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Trade Member and Promotion</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">425</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Network, Telephone and Computer</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">330</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,393</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Depreciation and Amortization</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,596</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,596</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Intercompany</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">75,000</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">75,000</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Total operating expenses</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">100,138</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">93,796</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Net operating income (loss)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">-503,288</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">-727,697</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Other income (expense):</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Bank Fees</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-787</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-787</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Total other income (expense)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>-787</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>-787</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; width: 64%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Pacific Ethanol Columbia, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-weight: normal; font-style: normal">New
Summary Statement of Operations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-weight: normal; font-style: normal">Current
Month vs Prior Month</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal; font-style: normal">For
the Period from August 1, 2012 to August 31, 2012</FONT></P> </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 18%">September 19, 2012 5:43 PM<BR>
Page 2<BR>
ljones</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: right; padding-left: 5.4pt"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">CURRENT MONTH</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><B>PRIOR MONTH</B></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 80%; font-weight: bold; text-align: left; padding-left: 5.4pt">Income (loss) before Holdco</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">-504,075</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">-728,484</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Income (loss) attributed to Holdco</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Net Income (Loss)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-504,075</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-728,484</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">ADJUSTED EBITDA CALCULATION</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Net Income (Loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-504,075</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-728,484</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Interest Income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Interest Expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Interest Derivatives Gain (Loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Income Tax Expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Convertible Debt and Warrant Adjustments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Depreciation and Amortization COGS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">208,782</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">208,738</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Depreciation and Amortization SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,596</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,596</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt; padding-bottom: 2.5pt">Amortization of Deferred Finance Fees</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 5.4pt">EBITDA</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-293,697</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-518,151</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol,
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Asset Management Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Appendix D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Magic Valley, LLC<BR>
Monthly Operations Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Contents</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; border-top: windowtext 2.25pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; border-right: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: center">Page</TD>
    <TD STYLE="width: 23%; border-top: windowtext 2.25pt solid; border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: center">Title</TD>
    <TD STYLE="width: 66%; border-top: windowtext 2.25pt solid; border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: center">Report Description</TD></TR>
<TR STYLE="vertical-align: top; background-color: gray">
    <TD COLSPAN="3" STYLE="border-right: windowtext 2.25pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Actual vs. Budget</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Budget Review - Actual vs. Budget</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Production</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Ethanol and WDG Production and Delivery</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Corn</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Corn Deliveries and Use</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Availability</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Plant Availability</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Cash</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Cash receipts and disbursements including balances</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Major Maintenance</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Major Maintenance Activities</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Losses</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Material Casualty Losses</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Disputes</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Review of Disputes &amp; Claims</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Permits</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Permit and Compliance Activities</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 2.25pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 2.25pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Comparison</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 2.25pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Comparison of figures for the current month vs. last month</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prepared by:&#9;Ken Wilson, Plant Manager</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reviewed by:&#9;Mike Kandris/Bryon McGregor, Manager Representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9/15/12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt; width: 18%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 64%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pacific Ethanol Magic Valley, LLC</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New Summary Statement of Operations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Budget to Actual Current Month and Quarter</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the Period from August 1, 2012 to August
        31, 2012</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amounts are in USD)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Includes G/L Budget Name: BUDGETQ312)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September 14, 2012&nbsp; 7:45 AM</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page 1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">kwilson</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: White">
    <TD COLSPAN="2"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>Current Period Actual&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>Current Period Budget</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>Current Period Variance</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>Quarter to Date Budget</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>Quarter to Date Actual</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>Quarter to Date<BR>
 Variance</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2">Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: 0pt">Ethanol Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">11,910,237</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">13,211,498</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-1,301,261</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">24,724,866</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">26,740,920</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-2,016,054</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: 0pt">WDG Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">3,324,247</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">2,828,951</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">495,296</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">6,068,984</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">5,819,313</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">249,671</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: 0pt">Syrup Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">938,214</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">675,097</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">263,117</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,822,132</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,390,426</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">431,706</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: 0pt">Grain Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">2,214</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">2,214</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">2,534</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">2,534</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 6pt; padding-right: 5.75pt; padding-left: 0pt; font-weight: bold">Total Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">16,174,912</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">16,715,546</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">-540,634</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">32,618,516</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">33,950,659</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">-1,332,143</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: -11pt">Cost of Goods Sold</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: 0pt">Ethanol</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">15,238,685</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">14,849,292</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">389,393</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">30,308,578</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">30,402,540</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-93,962</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: 0pt">Labor</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">176,550</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">203,705</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-27,155</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">362,501</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">407,410</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-44,909</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: 0pt">Freight</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">292,543</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">428,428</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-135,885</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">562,323</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">868,634</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-306,311</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: 0pt">Demurrage</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">4,905</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">3,322</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,583</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">7,595</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">6,735</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">860</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: 0pt">Supplies</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">57,472</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">68,088</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-10,616</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">121,215</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">136,812</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-15,597</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Repairs and Maint, Plant</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">99,363</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">75,500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">23,863</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">158,308</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">171,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-12,692</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Equipment Rent and Lease Expense</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">22,192</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">20,719</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,473</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">47,259</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">41,438</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">5,821</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Rail Car Rental</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">796</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">796</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Insurance, Property Tax and Other</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">113,032</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">115,158</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-2,126</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">232,141</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">230,316</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,825</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Depreciation</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">257,025</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">256,582</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">443</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">514,050</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">513,412</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">638</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Rail Incentives</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-42,993</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-46,167</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">3,174</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-84,378</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-93,926</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">9,548</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Inventory Adjustments</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">110,792</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">110,792</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">110,792</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">110,792</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Intercompany</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">315,610</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">359,818</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">-44,208</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">634,168</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">732,044</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">-97,876</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 6pt; padding-right: 5.75pt; padding-left: 11pt; font-weight: bold; text-indent: -11pt">Total Cost of Goods Sold</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>16,645,178</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>16,334,445</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>310,733</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>32,975,348</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>33,416,415</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>-441,067</B></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 6pt; padding-right: 5.75pt; padding-left: 22pt; font-weight: bold; text-indent: -11pt">Gross Profit (Loss)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">-470,265</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">381,101</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">-851,366</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">-356,832</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">534,244</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">-891,076</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: -11pt">Operating Expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Hiring and Training</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-1,000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Taxes, Permits and Fees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">2,500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">2,500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">2,500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">2,500</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Professional Fees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">3,254</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">11,714</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-8,460</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">48,798</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">23,643</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">25,155</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Travel and Auto Expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">151</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">3,500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-3,349</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,585</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">7,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-5,415</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Office and Supplies</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,268</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,268</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">2,799</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">2,799</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Trade Member and Promotion</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">64</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-936</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">118</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">2,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-1,882</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Network, Telephone and Computer</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">74</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-426</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">205</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-795</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Depreciation and Amortization</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">370</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">370</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">0</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">741</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">740</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Donations and Contributions</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-1,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">2,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-1,500</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Intercompany</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">75,000</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">84,761</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">-9,761</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">150,000</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">169,522</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">-19,522</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 6pt; padding-right: 5.75pt; padding-left: 11pt; font-weight: bold; text-indent: -11pt">Total operating expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">82,681</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">103,345</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">-20,664</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">207,245</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">206,905</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">340</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 6pt; padding-right: 5.75pt; padding-left: 11pt; text-indent: -11pt"><B>Net
    operating income (loss)</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>-552,947</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>277,756</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>-830,703</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>-564,078</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>327,339</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>-891,417</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Other income (expense):</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Bank Fees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-796</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-796</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-1,593</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-1,593</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Other Income (Expense)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">415</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">415</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">835</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">
&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">835</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 6pt; padding-right: 5.75pt; padding-left: 11pt; text-indent: -11pt"><B>Total
    other income (expense)</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>-381</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>&nbsp;&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>-381</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>-757</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>&nbsp;&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>-757</B></P></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 6pt; padding-right: 5.75pt; padding-left: 11pt; text-indent: -11pt"><B>Income
    (loss) before Holdco</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right"><B>-553,328</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right"><B>277,756</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right"><B>-831,084</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right"><B>-564,835</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right"><B>327,339</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right"><B>-892,174</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 22pt; text-indent: -11pt">Income (loss) attributed to Holdco</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 6pt; padding-right: 5.75pt; padding-left: 11pt; text-indent: -11pt"><B>Net
    Income (Loss)</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-553,328</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>277,756</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-831,084</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-564,835</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>327,339</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-892,174</B></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 6pt; padding-right: 5.75pt; padding-left: 11pt; font-weight: bold; text-indent: -11pt">ADJUSTED EBITDA CALCULATION</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 6pt; padding-right: 5.75pt; padding-left: 0pt">Net Income (Loss)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-553,328</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">277,756</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-831,084</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-564,835</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">327,339</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-892,174</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: -11pt">Interest Income</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: -11pt">Interest Expense</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: -11pt">Interest Derivatives Gain (Loss)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: -11pt">Income Tax Expense</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: -11pt">Convertible Debt and Warrant Adjustments</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: -11pt">Depreciation and Amortization COGS</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">257,025</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">256,582</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">443</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">514,050</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">513,412</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">638</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: -11pt">Depreciation and Amortization SG&amp;A</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">370</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">370</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">0</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">741</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">740</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 11pt; text-indent: -11pt">Amortization of Deferred Finance Fees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 6pt; padding-right: 5.75pt; padding-left: 0pt; font-weight: bold">EBITDA</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-295,933</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>534,708</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-830,641</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-50,045</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>841,491</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-891,536</B></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="width: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 110px">&nbsp;</TD>
    <TD STYLE="width: 110px">&nbsp;</TD>
    <TD STYLE="width: 110px">&nbsp;</TD>
    <TD STYLE="width: 110px">&nbsp;</TD>
    <TD STYLE="width: 110px">&nbsp;</TD>
    <TD STYLE="width: 110px">&nbsp;</TD>
    <TD STYLE="width: 2px">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Magic Valley, LLC<BR>
Monthly Operations Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Actual vs. Budget </U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Key Variance Explanations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 34%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Area</TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Variance ($US)</TD>
    <TD STYLE="width: 50%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Explanation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-weight: bold">Sales</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 13.5pt">Ethanol Sales</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-1,301,261</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gallons sold were 15.5% below budget</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sales price was 6.5% above budget.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 13.5pt">WDG Sales</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">495,296</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tons sold were 14.8% below budget.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sales price was 17.0% above budget.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 13.5pt">Syrup Sales</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">263,117</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tons sold were 3.76% below budget</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sales price was 37.5% above budget</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-weight: bold">Cost of Goods Sold</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 13.5pt">Ethanol</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">389,393</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Gallons of ethanol sold were 15.5% below budget but actual corn cost per bushel was 25.1% above budget</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 13.5pt">Labor</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-27,155</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Permanent job openings were not filled in August.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 13.5pt">Freight</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-135,885</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Sales were lower than budget resulting in less freight expense. Currently, there is no rail freight expense against the budget as all ethanol is trucked.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 13.5pt">Supplies</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-10,616</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Timing of expenses. Caustic chemical costs will be higher in September.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 13.5pt">Repairs and Maintenance</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">23,863</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Timing of expenses. Materials and equipment were purchased in August in preparation for the September maintenance shut down.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 13.5pt">Inventory Adjustments</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">110,792</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Lower of cost or market adjustment due to pricing. There is no budget line item for these adjustments.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 13.5pt">Intercompany</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-44,208</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Ethanol sales and corn consumption were less than budget resulting in less expense.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Magic Valley, LLC<BR>
Monthly Operations Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Production</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Denatured Ethanol Production: 4,340,712 gallons</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Corn Deliveries and Use</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corn used for Ethanol Production: 96,305,888 pounds / 1,719,748
bushels</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Availability</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Plant Equivalent Availability: 92.9% (7.1% downtime). Unscheduled
down time due to issues associated with Beer Column fouling accounted for 1.9% of the total, a tube that failed in the Beer Reboiler
accounted for 1.5% of the total, scheduled maintenance accounted for 3.2% of the total and economic curtailments (due to market
conditions) accounted for .5% of the total.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; border: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="width: 4%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">Total Hours</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">Economic Curtailment (Hrs)</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">Economic Curtailment %</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">Equivalent Downtime Hrs</TD>
    <TD STYLE="width: 5%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">No Corn Supply (Hrs)</TD>
    <TD STYLE="width: 5%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">No Corn Supply %</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">Forced Downtime (Hrs)</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">Forced Downtime %</TD>
    <TD STYLE="width: 14%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">Scheduled Maintenance Downtime (Hrs)</TD>
    <TD STYLE="width: 7%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">Scheduled Maintenance %</TD>
    <TD STYLE="width: 4%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">Forced Reduced Rate (Hrs)</TD>
    <TD STYLE="width: 5%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">Avg Rate Reduction%</TD>
    <TD STYLE="width: 5%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">Reduced Rate Equivalent Downtime Hrs</TD>
    <TD STYLE="width: 5%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">Reduced Rate Corn (Hrs)</TD>
    <TD STYLE="width: 5%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">Reduced Rate Corn %</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">Total Downtime + Reduced Rate %</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt">Aug-12</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">744</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">24</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">15.0%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">3.6</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">0.0%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">25.4</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">3.4%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">24</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">3.2%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">0%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">0.0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">0.0%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">7.1%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Magic Valley, LLC<BR>
Monthly Operations Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Cash</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Current Month<BR>
Actual</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><B>Operating and Revenue Accounts</B></TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><B>Beginning Cash Balance</B></TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt"><B>Cash Inflows</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 83%; text-align: left; padding-left: 10pt">Revenue - Ethanol (Ki nergy)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">13,128,678</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Revenue - WDG (PAP) and others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,418,051</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0pt"><B>Total Cash Inflows</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17,546,729</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; padding-left: 5.75pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0pt"><B>Disbursements</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; padding-left: 5.75pt"><B>&nbsp;</B></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0pt"><B>Operating Disbursements</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Corn</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(17,078,285</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Natural Gas</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(291,131</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Electricity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(128,410</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Property Tax and other Taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Lease Payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Ethanol freight</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(274,512</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Co-product freight</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Grain procurement and handling w/ PAP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Plant Supplies &amp; Maintenance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(869,174</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other PEHC costs</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0pt">Total Operating Disbursements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,641,513</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0pt"><B>Asset Management Agreement</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Direct Reimbursement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 7.75pt; padding-left: 10pt">Payroll &amp; Benefits - Plants &amp; Plant Operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(252,444</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 7.75pt; padding-left: 10pt">Other Direct Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 7.75pt; padding-left: 10pt">Asset Management Fee</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(75,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 0pt">Total Asset Management Agreement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(327,444</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt"><B>Interest &amp; Fees</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt; padding-bottom: 2.5pt">Total Disbursements</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(18,968,957</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt; padding-bottom: 2.5pt">Net Cash Flow</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">(1,422,228</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">)</TD></TR>
</TABLE>
<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">Exhibit 7.03(I)</p>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Magic Valley, LLC<BR>
Monthly Operations Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Major Maintenance</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There were no major maintenance activities during the month
of August.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Losses</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No material casualty losses occurred this month.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Disputes</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No disputes were identified this month.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Permits/Environmental issue</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There were two excess emission reports filed with the Idaho
State Department of Environmental Quality (DEQ). One of those reports was the monthly excess formaldehyde emission report. This
will no longer be required once the DEQ reviews and approves the source testing results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The second excess emission report resulted from the failure
of a poppet cylinder valve on the RTO. This was a 57-minute event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A new &lsquo;Permit to Construct&rsquo; air permit was issued
by the DEQ and source testing was conducted on August 13th, 2012 to test compliance with the permit requirements. The results
of the testing have been sent to the DEQ for review. The final step is for the DEQ to convert the &lsquo;Permit to Construct&rsquo;
into an operating air permit for the facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This new permit allows the facility to run at a rate of 63,000,000
undenatured gallons per year. The old permit limited production to 60,000,000 undenatured gallons per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 64%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pacific Ethanol Magic Valley, LLC</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New Summary Statement of Operations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Current Month vs Prior Month</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the Period from August 1, 2012 to August
        31, 2012</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Amounts are in USD</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Includes G/L Budget Name: BUDGETQ312)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September 14, 2012 7:44 AM</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page 1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">kwilson</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 58%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">CURRENT MONTH</TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">PRIOR MONTH</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Sales</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Ethanol Sales</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,910,237</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,814,629</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">WDG Sales</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,324,247</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,744,737</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Syrup Sales</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">938,214</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">883,917</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Grain Sales</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">2,214</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">321</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Total Sales</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">16,174,912</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">16,443,603</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Cost of Goods Sold</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Ethanol</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15,238,685</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15,069,893</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Labor</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">176,550</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">185,951</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Freight</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">292,543</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">269,780</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Demurrage</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,905</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,690</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Supplies</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">57,472</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">63,743</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Repairs and Maint, Plant</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">99,363</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">58,944</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Equipment Rent and Lease Expense</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22,192</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,067</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Rail Car Rental</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">796</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Insurance, Property Tax and Other</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">113,032</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">119,109</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Depreciation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">257,025</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">257,025</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Rail Incentives</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-42,993</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-41,385</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Inventory Adjustments</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">110,792</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Intercompany</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">315,610</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">318,558</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Total Cost of Goods Sold</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>16,645,178</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>16,330,171</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 22pt; font-weight: bold">Gross Profit (Loss)</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">-470,265</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">113,433</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Operating Expenses</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Taxes, Permits and Fees</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,500</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Professional Fees</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,254</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">45,544</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Travel and Auto Expenses</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">151</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,434</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Office and Supplies</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,268</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,531</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Trade Member and Promotion</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">64</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">54</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Network, Telephone and Computer</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">74</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">131</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Depreciation and Amortization</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">370</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">370</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Donations and Contributions</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">500</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Intercompany</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">75,000</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">75,000</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Total operating expenses</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">82,681</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">124,564</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 0pt"><B>Net operating income (loss)</B></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>-552,947</B></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>-11,131</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Other income (expense):</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Bank Fees</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-796</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-796</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Other Income (Expense)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">415</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">420</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Total other income (expense)</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">-381</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">-376</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Income (loss) before Holdco</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">-553,328</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">-11,507</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Income (loss) attributed to Holdco</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Net Income (Loss)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-553,328</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-11,507</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">ADJUSTED EBITDA CALCULATION</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Net Income (Loss)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-553,328</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-11,507</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Interest Income</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Interest Expense</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Interest Derivatives Gain (Loss)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Income Tax Expense</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Convertible Debt and Warrant Adjustments</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Depreciation and Amortization COGS</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">257,025</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">257,025</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Depreciation and Amortization SG&amp;A</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">370</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">370</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Amortization of Deferred Finance Fees</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">EBITDA</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-295,933</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>245,888</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol,
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Asset Management Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Appendix D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Stockton LLC<BR>
Monthly Operations Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Contents</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; border-top: windowtext 2.25pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; border-right: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: center">Page</TD>
    <TD STYLE="width: 23%; border-top: windowtext 2.25pt solid; border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: center">Title</TD>
    <TD STYLE="width: 66%; border-top: windowtext 2.25pt solid; border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: center">Report Description</TD></TR>
<TR STYLE="vertical-align: top; background-color: gray">
    <TD COLSPAN="3" STYLE="border-right: windowtext 2.25pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Actual vs. Budget</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Budget Review - Actual vs. Budget</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Production</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Ethanol and WDG Production and Delivery</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Corn</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Corn Deliveries and Use</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Availability</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Plant Availability</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Cash</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Cash receipts and disbursements including balances</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Major Maintenance</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Major Maintenance Activities</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Losses</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Material Casualty Losses</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Disputes</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Review of Disputes &amp; Claims</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Permits</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Permit and Compliance Activities</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 2.25pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 2.25pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Comparison</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 2.25pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Comparison of figures for the current month vs. last month</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prepared by:&#9;Royce Todd, Plant Manager</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reviewed by:&#9;Mike Kandris/Bryon McGregor, Manager Representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9/17/12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; width: 18%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 64%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pacific Ethanol Stockton, LLC</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New Summary Statement of Operations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Budget to Actual Current Month and Quarter</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the Period from August 1, 2012 to August
        31, 2012</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amounts are in USD)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Includes G/L Budget Name: BUDGETQ312)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September 17, 2012 9:43 PM</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page 1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">rtodd</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">Current Period Actual</TD>
    <TD STYLE="width: 12%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">Current Period Budget</TD>
    <TD STYLE="width: 12%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">Current Period Variance</TD>
    <TD STYLE="width: 12%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">Quarter to Date Annual</TD>
    <TD STYLE="width: 12%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">Quarter to Date Budget</TD>
    <TD STYLE="width: 12%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">Quarter to Date Variance</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 0pt">Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">Ethanol Sales</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">12,419,331</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">13,083,865</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-664,534</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">24,072,968</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">26,104,006</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-2,031,038</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">WDG Sales</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">3,907,561</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,852,650</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,054,911</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">6,541,644</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">5,767,090</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">774,554</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">Syrup Sales</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">458,443</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">631,987</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-173,544</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">835,450</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">1,278,513</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-443,063</P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 4.3pt; padding-left: 0pt; font-weight: bold">Total Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">16,785,335</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">16,568,502</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">216,833</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">31,450,062</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">33,149,609</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-1,699,547</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 0pt">Cost of Goods Sold</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">Ethanol</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">16,339,944</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">14,743,354</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,596,590</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">29,918,161</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">29,737,191</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">180,970</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">WDG COGS</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">439</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">5,407</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-4,968</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">976</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">10,814</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-9,838</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">Labor</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">209,276</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">227,331</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-18,055</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">423,704</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">454,662</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-30,958</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">Freight</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">133,461</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">248,073</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-114,612</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">270,438</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">495,783</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-225,345</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">Demurrage</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,121</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,272</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-151</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">3,503</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">4,541</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-1,039</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">Supplies</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">22,135</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">52,500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-30,365</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">55,609</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">105,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-49,391</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">Repairs and Maint, Plant</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">71,302</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">79,037</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-7,735</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">99,688</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">158,074</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-58,386</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">Equipment Rent and Lease
    Expense</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">67,273</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">78,684</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-11,411</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">134,041</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">157,341</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-23,300</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">Insurance, Property Tax and Other</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">122,062</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">133,763</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-11,701</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">245,305</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">273,776</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-28,471</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">Depreciation</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">280,338</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">281,900</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-1,562</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">560,646</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">563,703</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-3,057</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">Rail Incentives</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-25,779</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-45,055</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">19,276</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-61,371</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-90,110</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">28,739</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">Inventory Adjustments</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">3,704</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">3,704</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">90,427</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">90,427</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">Intercompany</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">311,047</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">351,157</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-40,110</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">592,319</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">702,134</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-109,815</P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 4.3pt; padding-left: 0pt; font-weight: bold">Total Cost of Goods Sold</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>17,537,325</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>16,158,423</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>1,378,902</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>32,333,446</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>32,572,909</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>-239,463</B></P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 4.3pt; padding-left: 11pt; font-weight: bold">Gross Profit (Loss)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-751,990</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">410,079</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-1,162,069</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-883,384</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">576,700</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-1,460,084</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">Operating Expenses</TD>
    <TD STYLE="text-align: center; padding-right: 4.3pt; padding-left: 4.3pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: 0pt">Hiring and Training</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-1,000</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: 0pt">Taxes, Permits and Fees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-4,886</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-4,886</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-879</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-879</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: 0pt">Professional Fees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">5,580</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">6,500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-920</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">5,580</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">13,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-7,420</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: 0pt">Travel and Auto Expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,437</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">3,500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-1,063</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">7,090</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">7,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">90</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: 0pt">Office and Supplies</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">570</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">570</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,073</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,073</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: 0pt">Trade Member and Promotion</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">369</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">369</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">443</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">443</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: 0pt">Network, Telephone and Computer</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">273</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-227</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">656</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-344</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: 0pt">Depreciation and Amortization</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,122</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">959</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">163</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,245</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,918</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">327</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: 0pt">Donations and Contributions</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-1,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-2,000</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 22pt; text-indent: 0pt">Intercompany</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">75,000</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">84,761</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-9,761</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">150,000</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">169,522</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-19,522</P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 4.3pt; padding-left: 0pt; font-weight: bold">Total operating expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">80,465</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">97,720</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-17,255</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">166,207</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">195,440</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-29,233</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 0pt; font-weight: bold">Net operating income (loss)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-832,455</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">312,359</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-1,144,814</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-1,049,591</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">381,260</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-1,430,851</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 0pt; text-indent: 0pt">Other income (expense):</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">Bank Fees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-weight: normal; font-style: normal">-<FONT STYLE="font-size: 10pt">894</FONT></FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-weight: normal; font-style: normal">-894</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-weight: normal; font-style: normal">-1,787</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-weight: normal; font-style: normal">-1,787</FONT></P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 0pt; font-weight: bold">Total other income (expense)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>-894</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">
&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>-894</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>-1,787</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">
&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>-1,787</B></P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 0pt; font-weight: bold">Income (loss) before Holdco</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right"><B>-833,348</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right"><B>312,359</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right"><B>-1,145,707</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right"><B>-1,051,378</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right"><B>381,260</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right"><B>-1,432,638</B></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt">Income (loss) attributed to Holdco</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right"><B>&nbsp;</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt; text-indent: 0pt"><B>Net Income (Loss)</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-833,348</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>312,359</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-1,145,707</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-1,051,378</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>381,260</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-1,432,638</B></P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 4.3pt; padding-bottom: 12pt; padding-left: 4.3pt; font-weight: bold">ADJUSTED EBITDA CALCULATION</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-bottom: 12pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-bottom: 12pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-bottom: 12pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-bottom: 12pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-bottom: 12pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Net Income (Loss)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-833,348</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">312,359</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-1,145,707</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-1,051,378</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">381,260</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-1,432,638</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Interest Income</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Interest Expense</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Interest Derivatives Gain (Loss)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Income Tax Expense</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Convertible Debt and Warrant Adjustments</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Depreciation and Amortization COGS</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">280,338</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">281,900</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-1,562</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">560,646</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">563,703</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-3,057</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Depreciation and Amortization SG&amp;A</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,122</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">959</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">163</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,245</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,918</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">327</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Amortization of Deferred Finance Fees</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">
&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">
&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">
&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">
&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">
&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">
&nbsp;&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">EBITDA</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-551,888</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>595,218</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-1,147,106</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-488,488</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>946,881</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-1,435,369</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 277 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Stockton LLC<BR>
Monthly Operations Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Actual vs. Budget </U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Key Variance Explanations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 37%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Area</TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Variance ($US)</TD>
    <TD STYLE="width: 47%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Explanation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Sales</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Ethanol Sales</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">-664,534</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total gallons sold were 10.9% lower than budget and sales pricing was 6.5% higher than budget.</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">WDG Sales</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">1,054,911</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total tons sold were 3.2% lower than budget and pricing was 41.5% higher than budget.</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Syrup Sales</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">-173,544</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total tons sold were 36.4% lower than budget and sales pricing was 15.7% higher than budget. Discounts taken due to reduced dry matter were $6,888.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Cost of Goods Sold</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Ethanol</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">1,596,590</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">*Corn/Milo tons used were lower than budget by 15.2% and pricing was higher than budget by 23.1% for a combined increase in cost above budget on corn/milo of $582.6K. Energy costs were above budget by $168k ($80k electricity true-up due to summer peak pricing + $22k Natural gas true-up). Denaturant was under budget by $89k. Chemicals and additives were below budget by $48k (Energy, Fermasure, ammonia, sulfuric acid, yeast, phosphoric acid &amp; enzymes are continued targets for reduction.) City water was above budget by $2k and water disposal was above budget by $9k. There was also a WIP revaluation impact of $85k. This cumulative cost includes an inventory adjustment of $842K for overhead related costs, which nets against COGS to report actual inventory sold for the month.</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Labor</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">-18,055</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Employees out on workers comp</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Freight</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">-114,612</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Reduced freight costs relative to sales</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Supplies</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">-30,365</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Timing vs. actual.</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Repairs and Maintenance</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">-7,735</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Reduced down time and maintenance activity</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Equipment Rent and Lease Expense</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">-11,411</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Reduced fees to Port of Stockton relative to reduced sales.</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Insurance, Property Tax &amp; Other</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">-11,701</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Insurance premiums lower than budget.</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Rail Incentives</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">19,276</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Reduced corn usage relative to production rate</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Intercompany</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">-40,110</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Marketing fees relative to sales</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Operating Expenses</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Taxes, Permits and Fees</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">-4,886</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Timing vs. actual.</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Intercompany</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">-9,761</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Lower AMA related fees than budgeted.</TD></TR>
</TABLE>
<P>&nbsp;</P>

<P STYLE="text-align: center">Exhibit 7.03(I)</P><!-- Field: Page; Sequence: 278 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Stockton LLC<BR>
Monthly Operations Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Production</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Denatured Ethanol Production:&#9;4,172,689 Gallons</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Production was below budget by 16.44% or 821,206 gallons</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Corn Deliveries and Use</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corn/Milo used for Ethanol Production: 85,547,340 lbs / 1,527,631
bushels</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corn/milo received to consignment inventory was 73,008,390 lbs
/ 1,303,721 bushels</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Availability</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Plant Equivalent Availability 94.4% up time at approximately
80.4% of rated capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 3%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Total Hours</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Economic Curtailment (Hrs)</TD>
    <TD STYLE="width: 14%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Economic Curtailment %</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Equivalent Downtime Hrs</TD>
    <TD STYLE="width: 4%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">No Corn Supply (Hrs)</TD>
    <TD STYLE="width: 4%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">No Corn Supply %</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Forced Downtime (Hrs)</TD>
    <TD STYLE="width: 5%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Force Downtime %</TD>
    <TD STYLE="width: 7%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Scheduled Maintenance Downtime (Hrs)</TD>
    <TD STYLE="width: 7%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Scheduled Maintenance %</TD>
    <TD STYLE="width: 5%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Forced Reduced Rate (Hrs)</TD>
    <TD STYLE="width: 5%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Avg Rate Reduction %</TD>
    <TD STYLE="width: 7%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Reduced Rate Equivalent Downtime Hrs</TD>
    <TD STYLE="width: 5%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Reduced Rate Corn (Hrs)</TD>
    <TD STYLE="width: 5%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Reduced Rate Corn %</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">Total Downtime + Reduced Rate %</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Aug-12</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">744</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">744</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">14.0%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">104.2</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">41.42</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">5.6%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0.0%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0.0%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0.0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">0.0%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center">19.6%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 279 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Stockton LLC<BR>
Monthly Operations Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Cash</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Pacific Ethanol Stockton, LLC</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Current Month</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Actual</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">Operating and Revenue Accounts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">Beginning Cash Balance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">Cash Inflows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 83%; text-align: left; padding-left: 10pt">Revenue - Ethanol (Kinergy)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">14,831,011</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Revenue - WDG (PAP) and others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,182,498</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">Total Cash Inflows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19,013,509</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; padding-left: 0pt">Disbursements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">Operating Disbursements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Corn</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(15,229,026</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Natural Gas</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(255,608</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Electricity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(491,967</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Property Tax and other Taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(789,748</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Lease Payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Ethanol freight</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(46,957</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Co-product freight</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Grain procurement and handling w/ PAP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Plant Supplies &amp; Maintenance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(850,676</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other PEHC costs</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 11pt">Total Operating Disbursements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,663,982</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Asset Management Agreement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Direct Reimbursement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Payroll &amp; Benefits - Plants &amp; Plant Operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(319,775</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Other Direct Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Asset Management Fee</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(75,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Total Asset Management Agreement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(394,775</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 0pt">Interest &amp; Fees-</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">Total Disbursements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(18,058,757</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">Net Cash Flow</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">954,753</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Stockton LLC<BR>
Monthly Operations Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Major Maintenance</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Centrifuge repairs and conveyor engineering</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Losses</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No material casualty losses occurred this month.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Disputes</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>PES Property Tax Status </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The San Joaquin County Assessor has adjusted the plant value
for 2011/12 to $65.3M from $84.0M resulting in a decreased value of $19.0M. We should receive an estimated $224K property tax refund
by September 24, 2012 due to the decrease in value. If we do not receive the refund by then, we will follow up with the Auditor's
Office. The 2012/13 tax assessment is valued at $65.4M, assessment fees were paid by the due date of August 31, 2012.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Permits/Regulatory</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>EPA: </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="padding-bottom: 6pt">On 8/24/2012, syrup sales data measured in pounds and gallons for 2010 and 2011 were submitted to the EPA for TSCA reporting
purposes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="padding-bottom: 6pt">On 8/27/2012, Kevin Wenger with Mascoma confirmed that Lallemond/Mascoma had fully completed a Microbial Commercial Activity
Notice (MCAN) so that filing of Tier I &amp; II exemptions with EPA are no longer needed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>CAL-OSHA: </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="padding-bottom: 6pt">The Commodities Operator who was injured on 5/14/2012 did not return to work after working 4 hours on 6/20/2012. Lost time
as of his last day of employment with PES (8/24/2012) for this injury was 103 days.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="padding-bottom: 6pt">A Commodities Operator had surgery performed on 7/2/2012 and returned to work with medical restrictions on 8/20/2012.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="padding-bottom: 6pt">A mechanic injured his right index finger on 8/8/2012 while replacing sprayball 2A. A workers compensation claim was filed
with Zurich Insurance. The mechanic's injury required only first aid. The accident investigation identified the pinch point created
during re-installation between the sprayball flange and the fermenter as a root cause.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="padding-bottom: 6pt">On 8/25/2012 at approximately 8:10 PM a Production Operator got first degree burns on his left arm and the left side of his
face resulting from a fire when he moved a bucket in an area where spilled Fermasure had dried. The Production Operators burns
were treated with first aid, and no further medical care was needed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U></U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Air District activities:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="padding-bottom: 6pt">On 8/8/2012, a fine assessment of $1,860.00 was received from the Air District for the NOV issued for operation of the portable
generator to power the chiller during source testing in June. On 8/15/2012, Cheryl Davis negotiated a reduction in the NOV fine
for operation of a portable generator during source testing of the scrubbers in June from $1,860.00 to $1,395.00.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="padding-bottom: 6pt">The June 13th, 2012 source testing report was received from Avogadro on 8/10/2012 affirming emissions compliance for the scrubbers
and RTO.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="padding-bottom: 6pt">SCS Engineers conducted a greenhouse gas (GHG) emissions reporting audit on 8/13/2012. A written GHG Monitoring Plan was developed
as recommended.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="padding-bottom: 6pt">NOV 5009468 from the Air District was received 8/22/2012 for the Variance N-12-09S report covering June 6 to June 8th shutdown
of scrubbers and RTO being submitted after the 15 day due date. The response for SJVAPCD NOV 5009468 for late submission of the
follow-up report for Variance N-12-09S was submitted to the Air District on 8/29/2012.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="padding-bottom: 6pt">The RTO fell below the minimum temperature requirement on 7/31/12 due to a failed poppet valve bearing. A follow up report
has been submitted to the air district with anticipation that break down relief will be granted for this incident. Breakdown relief
has been granted for this event with written notice received 8/22/12.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="padding-bottom: 6pt">During the week of 8/27/2012, greenhouse gas emissions data along with total natural gas and electrical usage information was
submitted to SCS who submitted an audit report to the California Air Resources Board before the 9/1/2012 deadline.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Port of Stockton Fire Department:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>&nbsp;</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The Port of Stockton Fire Marshal conducted a follow-up inspection related to the 2011 annual facility inspection conducted
in December. Progress continues toward resolve of the action items listed. The agency is persistent with respect to the installation
of a second UVIR monitor in the ethanol load-out area as discussions continue in efforts to validate the need for this measure.
The fire pump housing structure modifications are complete under a capital improvement project.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="padding-bottom: 6pt">Fire control system false alarms were responsible for the City of Stockton Fire Department being dispatched to the facility
on 8/15 and 8/16/2012. Both false alarms occurred within hours after Simplex Grinnell had worked on the system. Simplex Grinnell
was contacted to correct the problem.</TD></TR></TABLE>
<P>&nbsp;</P>

<P STYLE="text-align: center">Exhibit 7.03(I)</P>
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<P>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; width: 18%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 64%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pacific Ethanol Stockton, LLC</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New Summary Statement of Operations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Current Month vs. Prior Month</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the Period from August 1, 2012 to August
        31, 2012</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amounts are in USD)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Includes G/L Budget Name: BUDGETQ312)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September 17, 2012 9:47 PM</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page 1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">rtodd</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></TD></TR>
</TABLE>

<P>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 58%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">CURRENT MONTH</TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">PRIOR MONTH</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Sales</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Ethanol Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,419,331</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,653,637</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">WDG Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,907,561</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,634,082</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Syrup Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">458,443</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">377,007</P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Total Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">16,785,335</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">14,664,727</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Cost of Goods Sold</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Ethanol</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16,339,944</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,578,217</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">WDG COGS</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">439</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">537</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Labor</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">209,276</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">214,428</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Freight</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">133,461</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">136,977</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Demurrage</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,121</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,381</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Supplies</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22,135</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">33,475</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Repairs and Maint, Plant</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">71,302</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28,386</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Equipment Rent and Lease Expense</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">67,273</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">66,767</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Insurance, Property Tax and Other</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">122,062</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">123,242</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Depreciation</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">280,338</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">280,307</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Rail Incentives</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-25,779</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-35,592</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Inventory Adjustments</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,704</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">86,723</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Intercompany</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">311,047</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">281,272</P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Total Cost of Goods Sold</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>17,537,325</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>14,796,121</B></P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-indent: 9pt">Gross Profit (Loss)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">-751,990</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">-131,394</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Operating Expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Taxes, Permits and Fees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-4,886</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,006</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Professional Fees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,580</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Travel and Auto Expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,437</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,653</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Office and Supplies</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">570</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">503</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Trade Member and Promotion</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">369</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">74</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Network, Telephone and Computer</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">273</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">383</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Depreciation and Amortization</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,122</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,122</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Intercompany</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">75,000</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">75,000</P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Total operating expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">80,465</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">85,742</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Net operating income (loss)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">-832,455</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">-217,136</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Other income (expense):</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">Bank Fees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">-894</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">-894</P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Total other income (expense)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>-894</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>-894</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Income (loss) before Holdco</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">-833,348</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">-218,030</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Income (loss) attributed to Holdco</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Net Income (Loss)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-833,348</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-218,030</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">ADJUSTED EBITDA CALCULATION</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Net Income (Loss)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-833,348</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-218,030</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Interest Income</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Interest Expense</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Interest Derivatives Gain (Loss)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Income Tax Expense</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Convertible Debt and Warrant Adjustments</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Depreciation and Amortization COGS</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">280,338</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">280,307</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Depreciation and Amortization SG&amp;A</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,122</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,122</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Amortization of Deferred Finance Fees</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">EBITDA</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-551,888</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>63,400</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol,
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Asset Management Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Appendix C</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Madera LLC<BR>
Monthly Cold Shutdown Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Contents</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; border-top: windowtext 2.25pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; border-right: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: center">Page</TD>
    <TD STYLE="width: 23%; border-top: windowtext 2.25pt solid; border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: center">Title</TD>
    <TD STYLE="width: 66%; border-top: windowtext 2.25pt solid; border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: center">Report Description</TD></TR>
<TR STYLE="vertical-align: top; background-color: gray">
    <TD COLSPAN="3" STYLE="border-right: windowtext 2.25pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Actual vs. Budget</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Budget Review - Actual vs. Budget</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Cash</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Cash receipts and disbursements including balances</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Availability</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Plant Availability</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Major Maintenance</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Major Maintenance Activities</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Losses</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Material Casualty Losses</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Disputes</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Review of Disputes &amp; Claims</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Permits</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Permit and Compliance Activities</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1.5pt solid; border-left: windowtext 2.25pt solid; border-bottom: windowtext 2.25pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6</TD>
    <TD STYLE="border-right: windowtext 1.5pt solid; border-bottom: windowtext 2.25pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Comparison</TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 2.25pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Comparison of figures for the current month vs. last month</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prepared by:&#9;Royce Todd, Plant Manager</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reviewed by:&#9;Mike Kandris/Bryon McGregor, Manager Representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">09/17/12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pacific Ethanol Madera LLC</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New Summary Statement of Operations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Budget to Actual Current Month and Quarter</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the Period from August 1, 2012 to August
        31, 2012</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amounts are in USD)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Includes G/L Budge Name:&nbsp; BUDGETQ312)</P></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September 17, 2012 9:52 PM</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page 1</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Current Period Actual</TD>
    <TD STYLE="width: 12%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Current Period Budget</TD>
    <TD STYLE="width: 12%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Current Period Variance</TD>
    <TD STYLE="width: 12%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Quarter to Date Actual</TD>
    <TD STYLE="width: 12%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Quarter to Date Budget</TD>
    <TD STYLE="width: 12%; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Quarter to Date Variance</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">Total Sales</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Cost of Goods Sold</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Ethanol</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">8,718</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">10,665</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-1,947</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">17,485</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">21,330</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-3,845</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Labor</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">39,820</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">55,394</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-15,574</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">85,410</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">110,788</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-25,378</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Supplies</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,645</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">20,788</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-19,143</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">3,664</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">41,575</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-37,911</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Repairs and Maint, Plant</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">8,257</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">9,100</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-844</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">11,344</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">18,200</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-6,856</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Equipment Rent and Lease Expense</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,525</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,601</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-1,076</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">9,784</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">5,202</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">4,582</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Insurance, Property Tax and Other</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-673,264</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">86,260</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-759,524</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-621,380</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">172,520</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-793,900</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Depreciation</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">177,799</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">179,783</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">-1,984</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">355,597</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">359,566</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">-3,969</P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">Total Cost of Goods Sold</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>-435,502</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>364,591</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>-800,093</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>-138,096</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>729,181</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>-867,277</B></P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 4.3pt; padding-left: 11pt; font-weight: bold">Gross Profit (Loss)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">435,502</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-364,591</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">800,093</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">138,096</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-729,181</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">867,277</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt">Operating Expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Taxes, Permits and Fees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">49</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">49</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,156</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,156</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Professional Fees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">4,495</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,250</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,245</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">4,445</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">4,500</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-55</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Travel and Auto Expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">974</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">667</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">307</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">974</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">1,334</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-360</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Office and Supplies</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">571</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">571</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">775</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">775</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Trade Member and Promotion</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">15</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">15</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">15</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">15</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Network, Telephone and Computer</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">315</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">315</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,540</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">2,540</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Depreciation and Amortization</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">188</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">353</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-165</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">375</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">706</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-331</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Intercompany</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">40,000</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">49,761</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">-9,761</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">80,000</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">99,522</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">-19,522</P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">Total operating expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">46,606</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">53,031</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-6,425</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">90,280</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">106,062</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-15,782</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">Net operating income (loss)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">388,896</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-417,622</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">806,518</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">47,816</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-835,243</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">883,059</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Other income (expense):</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 11pt">Bank Fees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">-757</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">-757</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">-1,513</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid">-1,513</P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">Total other income (expense)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>-757</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>-757</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>-1,513</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.25pt solid"><B>-1,513</B></P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">Income (loss) before Holdco</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">388,139</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-417,622</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">805,761</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">46,303</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">-835,243</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">881,546</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Income (loss) attributed to Holdco</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">Net Income (Loss)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>388,139</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-417,622</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>805,761</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>46,303</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-835,243</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>881,546</B></P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">ADJUSTED EBITDA CALCULATION</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt">Net Income (Loss)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">388,139</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-417,622</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">805,761</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">46,303</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-835,243</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">881,546</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Interest Income</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Interest Expense</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Interest Derivatives Gain (Loss)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Income Tax Expense</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Convertible Debt and Warrant Adjustments</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Depreciation and Amortization COGS</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">177,799</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">179,783</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-1,984</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">355,597</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">359,566</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-3,969</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Depreciation and Amortization SG&amp;A</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">188</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">353</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-165</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">375</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">706</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right">-331</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt">Amortization of Deferred Finance Fees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 4.3pt; padding-left: 4.3pt; font-weight: bold">EBITDA</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>566,126</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-237,486</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>803,612</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>402,275</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>-474,971</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>877,246</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Madera LLC<BR>
Monthly Cold Shutdown Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Actual vs. Budget </U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Key Variance Explanations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 37%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Area</TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Variance ($US)</TD>
    <TD STYLE="width: 47%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Explanation</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Cost of Goods Sold</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Labor</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">-15,547</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Reduction in head count</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Supplies</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">-19,143</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Timing vs actual</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Insurance, Property Tax &amp; Other</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">-759,524</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Accrued property tax refunds for tax years 2009/2010 $380k + 2010/2011 $345k and applied monthly tax accrual for current year at the lower rate ($26k/month) due to lower asset value.</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Operating Expenses</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">Intercompany</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">-9,761</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Lower AMA fees than budgeted.</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Madera LLC<BR>
Monthly Shutdown Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Cash</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Pacific Ethanol Madera, LLC</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Current Month</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Actual</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold">Operating and Revenue Accounts</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Beginning Cash Balance</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">Cash Inflows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 83%; text-align: left; padding-left: 10pt">Revenue - Ethanol (Kinergy)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Revenue - WDG (PAP) and others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">Total Cash Inflows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 0pt">Disbursements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">Operating Disbursements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Corn</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;&nbsp;&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Natural Gas</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Electricity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,293</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Property Tax and other Taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Lease Payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Ethanol freight</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Co-product freight</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Grain procurement and handling w/ PAP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Plant Supplies &amp; Maintenance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,063</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other PEHC costs</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Total Operating Disbursements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,355</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">Asset Management Agreement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Direct Reimbursement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 22pt">Payroll &amp; Benefits - Plants &amp; Plant Operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(65,379</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 22pt">Other Direct Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 22pt">Asset Management Fee</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(40,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(105,379</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt"><FONT STYLE="font-weight: normal; font-style: normal">Total
    Asset Management Agreement</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 5.75pt">Interest &amp; Fees-</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt">Total Disbursements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(130,734</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt">Net Cash Flow</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(130,734</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Madera LLC<BR>
Monthly Cold Shutdown Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 2012</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Availability</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The plant is currently in cold shutdown mode and available for
re-start.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Major Maintenance</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No major maintenance this month.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Losses</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No material casualty losses occurred this month.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Disputes</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A time waiver is in place, which has delayed the hearing
up to 120 days to determine a reassessment of the plant for the 2009/10 and 2010/11 years. Because of agenda backlog, the
board has not been able to finalize a plant value. A hearing is scheduled for September 6. Currently, the appeal for 2009/10
has an assessed value of $66.9M, we were requesting $28.8M, and the Assessor would like us to agree to a stipulated value of
$31.8M. Currently, the appeal for 2010/11 has an assessed value of $58.7M and the assessor has informally given a valuation
of $30.3M. The County has informally, through Fred, asked if we will settle 2009 and delay 2010 property tax refunds. We
asked Fred if he can go back to the Assessor and counter their proposal with the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">a)&#9;Offset net tax payments against 2010 refund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">b)&#9;At a minimum, agree on 2010 refund this year
and receive in early 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also received confirmation of a Madera property tax audit
for years 2004 through current. If we settle 2009 and 2010 property tax refunds, those years will not be auditable. The 2011/12
tax year value was assessed at $28.9M and is acceptable to PEI. As such no appeal was filed.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Permits</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>EPA: </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On 8/27/2012, Kevin Wenger with Mascoma confirmed that Lallemond/Mascoma
had fully completed a Microbial Commercial Activity Notice (MCAN) so that filing of Tier I &amp; II exemptions with EPA are no
longer needed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; width: 18%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 64%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pacific Ethanol Madera LLC</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New Summary Statement of Operations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Current Month vs. Prior Month</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the Period from August 1, 2012 to August
        31, 2012</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amounts are in USD)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Includes G/L Budge Name:&nbsp; BUDGET Q312)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September 17, 2012 9:52 PM</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page 1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">rtodd</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">CURRENT <B>MONTH</B></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><B>PRIOR<BR>
    MONTH</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Sales</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">Total Sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Cost of Goods Sold</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-indent: 9pt; padding-left: 5.4pt">Ethanol</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">8,718</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">8,767</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 9pt; padding-left: 5.4pt">Labor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,820</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,590</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; padding-left: 5.4pt">Supplies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,645</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,019</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Repairs and Maint, Plant</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,257</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,087</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Equipment Rent and Lease Expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,525</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,260</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Insurance, Property Tax and Other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-673,264</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,884</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 9pt; padding-left: 5.4pt">Depreciation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">177,799</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">177,799</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total Cost of Goods Sold</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-435,502</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">297,406</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Gross Profit (Loss)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">435,502</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-297,406</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Operating Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Taxes, Permits and Fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,107</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Professional Fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,495</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-50</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Travel and Auto Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">974</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Office and Supplies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">571</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Trade Member and Promotion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Network, Telephone and Computer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">315</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,225</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Depreciation and Amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">188</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt; text-indent: 9pt; padding-left: 5.4pt">Intercompany</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">40,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">40,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">Total operating expenses</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">46,606</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">43,674</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">Net operating income (loss)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">388,896</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><B>-341,080</B></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Other income (expense):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 9pt; padding-left: 5.4pt">Bank Fees</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-757</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-757</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total other income (expense)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-757</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-757</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">Income (loss) before Holdco</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">388,139</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-341,837</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Income (loss) attributed to Holdco</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Net Income (Loss)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">388,139</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-341,837</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">ADJUSTED EBITDA CALCULATION</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Net Income (Loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">388,139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-341,837</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Interest Income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Interest Expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Interest Derivatives Gain (Loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Income Tax Expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Convertible Debt and Warrant Adjustments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Depreciation and Amortization COGS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,799</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,799</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Depreciation and Amortization SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">188</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt; padding-bottom: 1pt">Amortization of Deferred Finance Fees</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; padding-left: 5.4pt">EBITDA</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">566,126</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-163,850</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COMPLIANCE CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To: Pacific Ethanol Holding Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">I hereby certify to you, pursuant to Section
6.1 of the Agreement (as defined below), as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">I am an Authorized Officer of Manager and
hereby submit the attached consolidating financial statements as of and for the month ended August 31, 2012 ("Statements")
in accordance with Section 6.1 of the Asset Management Agreement by and between Pacific Ethanol, Inc. and Pacific Ethanol Holding
Co. LLC, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia, LLC, Pacific Ethanol Stockton LLC and Pacific Ethanol Magic Valley,
LLC, dated June 29, 2010 ("Agreement"). These Statements are prepared in accordance with GAAP (subject to the absence
of footnote disclosures and to normal year-end adjustments) and are complete and accurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing certifications are made and
delivered this day of September 25, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">PACIFIC ETHANOL, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">By: <U>/S/ MICHAEL KRAMER </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">Name:&#9;Michael Kramer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">Title: &#9;Treasurer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CONFIDENTIAL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Holding Co. LLC and Subsidiaries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Month and year to Date August 31, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="26" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>As of August 31, 2012</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 5.75pt"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">PEHC</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">PECOL</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">PEMV</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">PEM</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">PES</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ELIM</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Consolidated</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">CONSOLIDATING BALANCE SHEETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0pt">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Current Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 30%; text-align: left; padding-left: 22pt">Cash and Investments</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">25,243</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">25,243</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 22pt">Accounts Receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,008,486</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,297,110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">726,226</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,897,111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,928,933</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 22pt">Intercompany Receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,129,433</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,291,557</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,509,967</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,806</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,041,234</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 22pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,309,637</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,453,952</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">218,980</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,237,759</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,220,329</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 22pt">Prepaid Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">159,059</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,444</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,161</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,314</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">673,449</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">849,427</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 11pt">Other Current Assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">150,596</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">330,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">480,596</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Total Current Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,313,735</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,765,720</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,267,190</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">953,326</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,245,790</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,041,234</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,504,527</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Property and Equipment Net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,622,194</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,093,136</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,499,102</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,689,860</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">148,904,292</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Other Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 11pt">Investment in Subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">178,368,453</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(178,368,453</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 11pt">Other Assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,392,858</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,403,858</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 5.75pt">TOTAL ASSETS</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">195,075,046</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">37,387,914</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">58,361,326</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">29,452,428</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">51,945,650</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(201,409,687</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">170,812,677</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">LIABILITIES AND EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Current Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 11pt">Accounts Payable and Accrued Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">233,876</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">864,260</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,460,434</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">108,508</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,183,210</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,850,287</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 11pt">Intercompany Payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,723,408</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,260</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111,694</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,655,247</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,483,625</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,041,234</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 11pt">Term Debt and Revolver - Current Portion</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">39,354,698</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">39,354,698</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Total Current Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,311,982</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">931,519</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,572,129</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,763,755</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,666,834</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,041,234</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,204,985</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 11pt">Term Debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,360,793</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,360,793</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 11pt">Other Long-term Liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29,952,152</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">190,938</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,143,090</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">TOTAL LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,624,927</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">931,519</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,572,129</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,763,755</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,857,772</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,041,234</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,708,868</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 11pt">Total Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,450,119</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,456,395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,789,198</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,688,673</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,087,879</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(178,368,453</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,103,810</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 5.75pt">TOTAL LIABILITIES AND EQUITY</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">195,075,046</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">37,387,914</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">58,361,326</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">29,452,428</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">51,945,650</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(201,409,687</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">170,812,677</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Ethanol Holding Co. LLC and Subsidiaries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Month and year to Date August 31, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(audited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="23" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Month Ended August 31, 2012</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 5.75pt"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">PEHC</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">PECOL</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">PEMV</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">PEM</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">PES</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: right"><B>Consolidated</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt">CONSOLIDATING STATEMENTS OF OPERATIONS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; font-weight: bold; text-align: left; padding-left: 5.75pt">Total Sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">8,436,114</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">16,174,912</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">16,785,335</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">41,396,361</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt; padding-bottom: 1pt">Total Cost of Goods Sold</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">85,428</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">8,839,263</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">16,645,178</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(435,502</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">17,537,325</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">42,671,692</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt">Gross Profit (Loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(85,428</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(403,150</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(470,265</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">435,502</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(751,990</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,275,331</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt; padding-bottom: 1pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">123,483</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">100,138</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">82,681</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">46,606</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">80,465</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">433,374</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt">Net operating income (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(208,911</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(503,288</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(552,947</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">388,896</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(832,455</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,708,704</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt; padding-bottom: 1pt">Total other expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1,111,955</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(787</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(381</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(757</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(894</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1,114,774</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.75pt">Net Income (Loss)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,320,867</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(504,075</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(553,328</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">388,139</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(833,348</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2,823,478</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt">ADJUSTED EBITDA CALCULATION</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt">Net Income (Loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,320,867</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(504,075</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(553,328</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">388,139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(833,348</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,823,478</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Interest Income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Interest Expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,054,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,054,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Depreciation and Amortization COGS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">208,782</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">257,025</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,799</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">280,338</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">923,944</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Depreciation and Amortization SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,596</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,122</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,276</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">Amortization of Deferred Finance Fees</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">40,807</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">40,807</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 5.75pt">Adjusted EBITDA</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(226,060</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(293,697</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(295,933</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">566,126</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(551,888</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(801,452</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Year to Date August 31, 2012</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; text-indent: -0.05in; padding-left: 0.05in"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">PEHC</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">PECOL</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">PEMV</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">PEM</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">PES</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: right"><B>Consolidated</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt">CONSOLIDATING STATEMENTS OF OPERATIONS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; font-weight: bold; text-align: left; padding-left: 5.75pt">Total Sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">69,243,856</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">117,141,966</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">113,189,264</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">299,575,085</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt; padding-bottom: 1pt">Total Cost of Goods Sold</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">110,307</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">75,171,844</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">121,035,937</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,553,395</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">119,903,556</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">317,775,038</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 11pt">Gross Loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(110,307</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,927,988</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,893,971</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,553,395</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,714,292</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,199,953</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt; padding-bottom: 1pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,125,102</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">739,077</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">734,435</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">343,214</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">840,393</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,782,221</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt">Net operating loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,235,408</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,667,065</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,628,407</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,896,608</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,554,685</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,982,174</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt; padding-bottom: 1pt">Total other expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(7,775,637</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(20,684</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(41,979</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(6,850</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(73,951</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(7,919,101</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.75pt">Net Loss</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(9,011,046</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(6,687,749</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(4,670,386</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,903,459</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(7,628,636</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(29,901,275</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">ADJUSTED EBITDA CALCULATION</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Net Loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(9,011,046</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(6,687,749</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(4,670,386</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,903,459</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(7,628,636</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(29,901,275</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Interest Income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Interest Expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,253,544</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,253,556</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Depreciation and Amortization COGS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,668,705</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,047,346</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,423,529</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,237,336</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,376,916</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Depreciation and Amortization SG&amp;A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,765</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,963</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,501</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,326</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">225,555</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">Amortization of Deferred Finance Fees</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">372,365</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">372,365</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 5.75pt">Adjusted EBITDA</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,185,137</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,006,279</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2,620,015</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(478,428</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,382,962</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(14,672,821</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">Exhibit 7.03(I)
</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CONFIDENTIAL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Pacific Ethanol Holding Co. LLC and Subsidiaries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Month and Year to Date August 31, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="22" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Month Ended August 31, 2012</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">CONSOLIDATING STATEMENTS OF CASH FLOW</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">PEHC</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">PECOL</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">PEMV</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">PEM</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">PES</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">CONSOL</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt">OPERATING ACTIVITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; font-weight: bold; text-align: left; padding-left: 5.75pt">Net income (loss)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">(1,320,867</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">(504,075</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">(553,328</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">388,139</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">(833,348</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">(2,823,479</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-decoration: underline; text-align: left; padding-left: 5.75pt">Adjustments to reconcile net income (loss) to net cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">provided by (used in) operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">210,378</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">257,395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,986</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">281,461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">927,220</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Amortization of deferred financing costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,807</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">40,807</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-decoration: underline; text-align: left; padding-left: 5.75pt">Changes in operating assets and liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,616,101</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">672,756</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(726,226</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,928,931</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,491,562</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.75pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,428</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,615,943</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,537,212</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">780,610</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(2,287,117</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Prepaid expenses and other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(191,423</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,361</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,641</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,562</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(666,458</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(853,317</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Accounts payable and accrued expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">569,653</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(496,503</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(219,213</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,859</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(554,924</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(682,128</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Intercompany receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">783,605</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">788,681</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,452,014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,024,452</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">Intercompany payables</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,240,696</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(152</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">139,680</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(923,284</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(3,024,452</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.75pt"><I>Net cash provided by (used in) operating activities</I></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,273,493</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">73,901</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,140</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,186,452</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt">INVESTING ACTIVITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">Purchase of property and equipment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(73,901</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(13,140</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(87,041</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.75pt"><I>Net cash used in investing activities</I></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(73,901</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(13,140</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(87,041</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt">FINANCING ACTIVITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">Net proceeds on LOCs</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,000,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,000,000</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.75pt"><I>Net cash provided by financing activities</I></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,000,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,000,000</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">DECREASE IN CASH EQUIVALENTS</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(273,493</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(273,493</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">CASH EQUIVALENTS, BEGINNING</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">298,736</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">298,736</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; padding-left: 5.75pt">CASH EQUIVALENTS, ENDING</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">25,243</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">25,243</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Year to Date August 31, 2012</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">CONSOLIDATING STATEMENTS OF CASH FLOW</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">PEHC</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">PECOL</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">PEMV</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">PEM</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">PES</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">CONSOL</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt">OPERATING ACTIVITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; font-weight: bold; text-align: left; padding-left: 5.75pt">Net loss</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">(9,011,046</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">(6,687,749</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">(4,670,386</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">(1,903,459</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">(7,628,636</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">(29,901,276</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-style: italic; text-decoration: underline; text-align: left; padding-left: 5.75pt">Adjustments to reconcile net loss to net cash provided</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">by (used in) operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,681,470</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,050,309</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,425,030</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,245,662</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,602,471</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Amortization of deferred financing costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">372,365</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">372,365</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Bad debt expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(880</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(880</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Gain on disposal of equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,415</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,921</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,451</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">93,787</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-style: italic; text-decoration: underline; text-align: left; padding-left: 5.75pt">Changes in operating assets and liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,125</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,706,660</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">598,516</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(716,993</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,628,690</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,229,998</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5.75pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108,493</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,437,064</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(803,689</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,464,207</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(668,053</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Prepaid expenses and other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(139,881</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,142,122</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,123</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,502</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(155,874</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">871,992</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Accounts payable and accrued expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">996,590</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">484,848</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,770</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,522</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,725,488</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Intercompany receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,821,891</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,184,127</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,064,972</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(744</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26,259</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,400,205</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">Intercompany payables</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,284,592</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,590</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">44,455</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,101,893</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,722,449</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,400,205</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.75pt"><I>Net cash provided by (used in) operating activities</I></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(17,566,837</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">102,539</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">384,979</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,999</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">390,212</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(16,674,108</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt">INVESTING ACTIVITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">Purchase of property and equipment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(102,539</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(384,979</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(14,999</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(390,212</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(892,729</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.75pt"><I>Net cash used in investing activities</I></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(102,539</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(384,979</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(14,999</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(390,212</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(892,729</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt">FINANCING ACTIVITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">Net proceeds on LOCs</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,522,572</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">15,522,572</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.75pt"><I>Net cash provided by financing activities</I></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,522,572</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">15,522,572</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">DECREASE IN CASH EQUIVALENTS</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,044,265</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,044,265</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">CASH EQUIVALENTS, BEGINNING</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,069,508</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,069,508</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; padding-left: 5.75pt">CASH EQUIVALENTS, ENDING</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">25,243</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">25,243</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
7.03(I)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT 11.03</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>to Credit Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[FORM OF]<BR>
<U>LENDER ASSIGNMENT AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This LENDER ASSIGNMENT AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;),
dated as of <B>[</B>_________<B>]</B>, is by and between <B>[</B>____________<B>]</B> (the &ldquo;<U>Assignor</U>&rdquo;) and <B>[</B>____________<B>]</B>
(the &ldquo;<U>Assignee</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Assignor is party to the Credit
Agreement, dated as of October 29, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the &ldquo;<U>Credit
Agreement</U>&rdquo;) among Pacific Ethanol Holding Co. LLC, a Delaware limited liability company (&ldquo;<U>Pacific Holding</U>&rdquo;),
Pacific Ethanol Madera LLC, a Delaware limited liability company (&ldquo;<U>Madera</U>&rdquo;), Pacific Ethanol Columbia, LLC,
a Delaware limited liability company (&ldquo;<U>Boardman</U>&rdquo;), Pacific Ethanol Stockton LLC, a Delaware limited liability
company (&ldquo;<U>Stockton</U>&rdquo;), and Pacific Ethanol Magic Valley, LLC, a Delaware limited liability company (&ldquo;<U>Burley</U>&rdquo;
and, together with Pacific Holding, Madera, Boardman and Stockton, each <FONT STYLE="color: black">a &ldquo;<U>Borrower</U>&rdquo;
and collectively the &ldquo;<U>Borrowers</U>&rdquo;), as borrowers</FONT>, Pacific Holding, as Borrowers&rsquo; Agent, each of
the Lenders from time to time party thereto, Wells Fargo Bank, N.A., as Administrative Agent (in such capacity, the &ldquo;<U>Administrative
Agent</U>&rdquo;) and Collateral Agent, and Amarillo National Bank, as accounts bank;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, Assignor desires to assign certain
of its interests under the Credit Agreement to Assignee in accordance with Section 11.03(b) thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, as provided under the Credit Agreement,
Assignor is a Lender and, as such, as of the date hereof has the outstanding Commitments and Loans (and of such Loans, has disbursed
Funded Loans) as set forth in Annex A hereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, Assignor proposes to sell, assign
and transfer to the Assignee, and the Assignee proposes to accept and assume from the Assignor, a <B>[</B>___<B>]</B> percent (<B>[</B>__<B>]</B>%)
interest in all of the rights and obligations of the Assignor under the Credit Agreement and the other Financing Documents (which
includes the outstanding Loans disbursed by and owing to, and the undisbursed Commitments of, Assignor), all on the terms and subject
to the conditions of this Agreement (such interest in such rights and obligations being hereinafter referred to as the &ldquo;<U>Assigned
Interest</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, after giving effect to the assignment
and assumption under this agreement, the respective Loans, Funded Loans and Commitments of Assignor and Assignee shall be in the
amounts set forth on Annex A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW, THEREFORE, in consideration of the
foregoing and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
1.<FONT STYLE="background-color: silver"> </FONT></FONT><U>Definitions</U>. All capitalized terms not otherwise defined herein
shall have the respective meanings set forth in the Credit Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
11.03-1</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2. </FONT><U>Assignment</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)
</FONT>As of the effective date set forth on the signature page to this Agreement (the &ldquo;<U>Effective Date</U>&rdquo;), subject
to and in accordance with the Credit Agreement, the Assignor irrevocably sells, transfers, conveys and assigns, without recourse,
representation or warranty (except as expressly set forth herein), to Assignee, and the Assignee irrevocably purchases from the
Assignor, the Assigned Interest, which shall include (i) all of Assignor&rsquo;s rights and obligations in its capacity as a Lender
with respect to the Assigned Interest under the Credit Agreement, each other Financing Document, and any other documents or instruments
delivered pursuant thereto or in connection therewith to the extent related to the Assigned Interest and (ii)&nbsp;to the extent
permitted to be assigned under applicable Law, all claims, suits, causes of action and any other right of the Assignor (in its
capacity as a Lender), to the extent related to the Assigned Interest, against any Person, whether known or unknown, arising under
or in connection with the Credit Agreement, each other Financing Document, and any other documents or instruments delivered pursuant
thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not
limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity (the foregoing
rights, obligations and interests, collectively, the &ldquo;<U>Assigned Rights</U>&rdquo;).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)
</FONT>Upon acceptance and recording of the assignment and assumption made pursuant to this Agreement by the Administrative Agent,
from and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest and the
Assigned Rights (including all payments of principal, interest, fees and other amounts) to the Assignee. The Assignor and the
Assignee shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Effective Date
or with respect to the making of this assignment directly between themselves. Each of the Assignor and the Assignee agrees that
if it receives any amount under the Credit Agreement or any other Financing Document that is for the account of the other, it
shall hold the same for the other to the extent of the other&rsquo;s interest therein and shall pay promptly the same to the other.
<SUP>1</SUP></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3. </FONT><B><U>[</U></B><U>Payment</U>. As a condition to the Effective Date, Assignee shall pay to the Administrative Agent
in the lawful currency of the United States and in immediately available funds the processing and recordation fee of three thousand
five hundred Dollars ($3,500), without set-off, counterclaim or deduction of any kind.<B>]</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4.<FONT STYLE="background-color: silver"> </FONT></FONT><U>Representations, Warranties and Undertakings</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)
</FONT>The Assignor (i) represents and warrants that (A) it is the legal and beneficial owner of the Assigned Interest and such
Assigned Interest is free and clear of any Lien or adverse claim and (B) it has full power and authority, and has taken all action
necessary, to execute and deliver this Agreement and to consummate the transactions contemplated hereby; and (ii) makes no representation
or warranty and assumes no responsibility with respect to (A)&nbsp;any statements, warranties or representations made in or in
connection with the Credit Agreement or the other Financing Documents or the execution, legality, validity, enforceability or genuineness,
or sufficiency of value of the Credit Agreement, the other Financing Documents, or any other instrument or document furnished pursuant
thereto or in connection therewith or (B)&nbsp;the financial condition of any Borrower, any other Loan Party or any Project Party
or the performance or observance by any Borrower or any other Person of any of its obligations under the Credit Agreement, any
other Financing Document, or any other instrument or document furnished pursuant thereto or in connection therewith.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 6pt">__________</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><SUP>1</SUP>
Assignor and Assignee to agree to treatment of Capitalized Interest, if any.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
11.03-2</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)
</FONT>The Assignee (i) represents and warrants that it (A) has full power and authority, and has taken all action necessary, to
execute and deliver this Agreement and to consummate the transactions contemplated hereby and to become a Lender under the Credit
Agreement and the other Financing Documents, and (B) meets all requirements of an Eligible Assignee, (ii) acknowledges and confirms
that it has received a copy of the Credit Agreement, each other Financing Document and such other documents and information as
it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement and to purchase the Assigned
Interest and assume the Assigned Rights, on the basis of which it has made such analysis and decision independently and without
reliance on the Administrative Agent or any other Senior Secured Party, (iii) agrees that it will, independently and without reliance
upon the Administrative Agent, any Borrower, or any other Senior Secured Party and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement
or any other Financing Document, (iv) appoints and authorizes each Agent to take such action as agent on its behalf and to exercise
such powers under the Credit Agreement or the other Financing Documents as are delegated to such Agent by the terms thereof and
(v) will perform in accordance with their terms all of the obligations that by the terms of the Financing Documents are required
to be performed by it as a Lender. The Assignee further confirms and agrees that in becoming a Lender and in making its Loans under
the Credit Agreement, such actions have and will be made without recourse to, or representation or warranty by, any Senior Secured
Party.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)
</FONT>The Assignee further agrees to furnish the tax form required by Section 4.07(e) (if so required) of the Credit Agreement
no later than the Effective Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5. </FONT><U>Effectiveness</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)
</FONT>The effectiveness of the sale, assignment and transfer hereunder is subject to (i) the due execution and delivery of this
Agreement by the Assignor and the Assignee, (ii) the receipt by the Assignor of the payment made as consideration for the sale,
assignment and transfer contemplated in Section 2 hereof, (iii) consent by the Administrative Agent to this Agreement and the assignment
contemplated hereby<B>[</B>, (iv) the receipt by the Administrative Agent of the processing and recordation fee provided for in
Section 3 hereof<B>]</B> and <B>[</B>(v)<B>]</B> the registration of such assignment by the Administrative Agent in the Register
in accordance with Section 11.03 of the Credit Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)
</FONT>Simultaneously with the execution and delivery by the parties hereto of this Agreement to the Administrative Agent for its
recording in the Register, the Assignor shall deliver its Note (if any) to the Administrative Agent and may request that new Notes
be executed and delivered to <B>[</B>the Assignor and<B>]</B> the Assignee and reflecting <B>[</B>the respective amounts of the
reduced undisbursed Commitment and outstanding principal of Assignor and<B>]</B> the assigned and assumed outstanding principal
and undisbursed Commitment of the Assignee (plus, if the Assignee is already a Lender, the amount of its outstanding principal
and undisbursed Commitment immediately prior to the assignment effected hereby). Any such new Note shall carry the rights to unpaid
accrued interest that were carried by any applicable superseded Note(s) such that no loss of interest shall result therefrom. Any
applicable new Note executed and delivered in accordance with the foregoing shall have set forth thereon a legend substantially
in the following form:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
11.03-3</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&ldquo;This Note is issued in replacement of <B>[</B>describe
replaced note<B>]</B> and, notwithstanding the date of this Note, this Note carries all of the rights to unpaid interest that were
carried by such replaced Note, such that no loss of interest shall result from any such replacement.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If the Assignee is already a Lender, it shall
(promptly following its receipt of such new Note payable to it) return to the Borrower the prior Note, if any, held by it.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)
</FONT>Except as otherwise provided in the Credit Agreement, effective as of the Effective Date:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)
</FONT>the Assignee shall be deemed automatically to have become a party to, and the Assignee agrees that it will be bound by the
terms and conditions set forth in, the Credit Agreement, and shall have all the rights and obligations of a &ldquo;Lender&rdquo;
under the Credit Agreement and the other Financing Documents as if it were an original signatory thereto or an original Lender
thereunder with respect to the Assigned Interest and the Assigned Rights; and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)
</FONT>the Assignor shall relinquish its rights (but shall continue to be entitled to the benefits of Sections 11.07 (<I>Costs
and Expenses</I>) and 11.09 (<I>Indemnification by the Borrowers</I>) of the Credit Agreement) and be released from its obligations
under the Credit Agreement and the other Financing Documents to the extent specified herein.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
6.<FONT STYLE="background-color: silver"> </FONT></FONT><U>Governing Law</U>. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of New York, United States of America.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
7.<FONT STYLE="background-color: silver"> </FONT></FONT><U>Counterparts</U>. This Agreement may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an
original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this
Agreement by telecopy or portable document format (&ldquo;pdf&rdquo;) shall be effective as delivery of a manually executed counterpart
of this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">Section
8.</FONT><FONT STYLE="background-color: silver"> </FONT><U>Further Assurances</U>. The Assignor and the Assignee hereby agree
to execute and deliver such other instruments, and take such other action, as either party or the Administrative Agent may reasonably
request in connection with the transactions contemplated by this Agreement including, without limitation, the delivery of any
notices to the Borrowers or the Agents that may be required in connection with the assignment contemplated hereby.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">Section
9.</FONT><FONT STYLE="background-color: silver"> </FONT><U>Binding Effect; Amendment</U>. This Agreement shall be binding upon
and inure to the benefit of the parties and their respective successors and assigns, subject, however, to the provisions of the
Credit Agreement. No provision of this Agreement may be amended, waived or otherwise modified except by an instrument in writing
signed by each party hereto and by the Administrative Agent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
11.03-4</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
10. </FONT><U>Administrative Agent Enforcement</U>. The Administrative Agent shall be entitled to rely upon and enforce this Agreement
against the Assignor and the Assignee in all respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[</B></FONT>The
remainder of this page is intentionally blank. The next page is the signature page.<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit 11.03-5</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, the Assignor and the Assignee have caused
this Lender Assignment Agreement to be executed by their duly authorized officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The effective date for this Agreement is <B>[</B>the date this
Agreement is acknowledged and accepted by the Administrative Agent <B>[</B>and the Borrowers&rsquo; Agent <SUP>2</SUP><B>]] [</B>____________,
20<B>[</B>__<B>]</B> (the &ldquo;<U>Trade Date</U>&rdquo;)<B>]</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">[ASSIGNOR] </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;____________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">[ASSIGNEE]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;____________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accepted and Acknowledged</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">this ___ day of _______, 20___</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WELLS FARGO BANK, N.A.,<BR>
&nbsp;&nbsp;&nbsp;as Administrative Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<SUP>3</SUP>Accepted and Acknowledged</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">this ___ day of _______, 20___</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PACIFIC ETHANOL HOLDING CO. LLC,<BR>
&nbsp;&nbsp;as Borrowers&rsquo; Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt">__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> Only if required pursuant to definition of Eligible
Assignee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> Only if required pursuant to definition of Eligible
Assignee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 11.03-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Annex A<BR>
<U>to Lender Assignment Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.3pt">[Note: Include only those Loans that Assignor has
an interest in.] <SUP>4</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; border: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><B>Loan<SUP>5</SUP></B></TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><B>Assignor&rsquo;s<BR>
Undisbursed<BR>
Commitment<BR>
Pre-Assignment</B></TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><B>Assignor&rsquo;s</B><BR>
    <B>Outstanding</B><BR>
    <B>Loans</B><BR>
    <B>Pre-</B><BR>
    <B>Assignment<SUP>6</SUP></B></TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><B>Percentage<BR>
(of<BR>
Assignor&rsquo;s<BR>
interests)<BR>
Assigned</B></TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><B>Assignor&rsquo;s<BR>
Undisbursed<BR>
Commitment<BR>
Post-<BR>
Assignment</B></TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><B>Assignor&rsquo;s</B><BR>
    <B>Outstanding</B><BR>
    <B>Loans</B><BR>
    <B>Post-</B><BR>
    <B>Assignment<SUP>7</SUP></B></TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><B>Assignee&rsquo;s<BR>
Undisbursed<BR>
Commitment<BR>
Post-<BR>
Assignment*</B></TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><B>Assignee&rsquo;s</B><BR>
    <B>Outstanding</B><BR>
    <B>Loans</B><BR>
    <B>Post-</B><BR>
    <B>Assignment*<SUP>8</SUP></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">Loans </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">$ </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">* </FONT>If
Assignee is already a Lender, this number should be calculated taking into account only the Commitments and Loans assumed by Assignee
pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt">__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> Funded Loans should be listed in parentheses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> Assignment to specify treatment of Capitalized
Interest, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> Funded Loans should be listed in parentheses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> Funded Loans should be listed in parentheses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> Funded Loans should be listed in parentheses.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
11.03-4&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Exhibit 11.21</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">To</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The CREDIT AGREEMENT
(the &ldquo;Agreement&rdquo;), dated as of October 29, 2012, by and among PACIFIC ETHANOL HOLDING CO. LLC, a Delaware limited liability
company (&ldquo;Pacific Holding&rdquo;), PACIFIC ETHANOL MADERA LLC, a Delaware limited liability company (&ldquo;Madera&rdquo;),
PACIFIC ETHANOL COLUMBIA, LLC, a Delaware limited liability company (&ldquo;Boardman&rdquo;), PACIFIC ETHANOL STOCKTON LLC, a Delaware
limited liability company (&ldquo;Stockton&rdquo;), and PACIFIC ETHANOL MAGIC VALLEY, LLC, a Delaware limited liability company
(&ldquo;Burley&rdquo; and, together with Pacific Holding, Madera, Boardman and Stockton, the &ldquo;Borrowers&rdquo;), Pacific
Holding, as Borrowers&rsquo; Agent (the &ldquo;Borrowers&rsquo; Agent&rdquo;), each of the Lenders from time to time party thereto,
WELLS FARGO BANK, N.A., as administrative agent for the Lenders (the &ldquo;Bank&rdquo;), WELLS FARGO BANK, N.A., as collateral
agent for the Senior Secured Parties, CREDIT SUISSE LOAN FUNDING LLC, as Syndication Agent and AMARILLO NATIONAL BANK, as accounts
bank. Capitalized terms used but not defined herein have the meanings given to such terms in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I hereby certify that
I am authorized to deliver this Exhibit 11.21 on behalf of the Borrowers and the Borrowers&rsquo; Agent (collectively, the &ldquo;Organization&rdquo;),
and hereby further certify that the names, titles, telephone numbers, email addresses and specimen signatures set forth below identify
the persons authorized to provide direction and initiate or confirm transactions, including funds transfer instructions, on behalf
of the Organization, and that the option checked in Part C of this Exhibit 11.21 is the security procedure selected by the Organization
for use in verifying that a funds transfer instruction received by the Bank is that of the Organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Organization has
reviewed each of these security procedures and has determined that the option checked in Part C of this Exhibit 11.21 best meets
its requirements; given the size, type and frequency of the instructions it will issue to the Bank. By selecting the security procedure
specified in Part C of this Exhibit 11.21, the Organization acknowledges that it has elected to not use the other security procedures
described below and agrees to be bound by any funds transfer instruction, whether or not authorized, issued in its name and accepted
by the Bank in compliance with the particular security procedure chosen by the Organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>NOTICE</U>: The
security procedure selected by the Organization will not be used to detect errors in the funds transfer instructions given by the
Organization. If a funds transfer instruction describes the beneficiary of the payment inconsistently by name and account number,
payment may be made on the basis of the account number even if it identifies a person different from the named beneficiary. If
a funds transfer instruction describes a participating financial institution inconsistently by name and identification number,
the identification number may be relied upon as the proper identification of the financial institution. Therefore, it is important
that the Organization take such steps as it deems prudent to ensure that there are no such inconsistencies in the funds transfer
instructions it sends to the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Exhibit 11.21</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Part
A</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Name, Title, Telephone
Number, Email Address and Specimen Signature</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="color: black">for
person(s) designated to </FONT>provide direction, including but not limited to funds transfer instructions, <FONT STYLE="color: black">and
to otherwise act on behalf of the Organization</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: -63pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="color: black"><U>Name</U></FONT></TD>
    <TD STYLE="width: 20%; padding-right: -63pt; padding-left: 5.4pt; text-decoration: underline">Title</TD>
    <TD STYLE="width: 20%; padding-right: -63pt; padding-left: 5.4pt; text-decoration: underline">Telephone Number</TD>
    <TD STYLE="width: 20%; padding-right: -63pt; padding-left: 5.4pt; text-decoration: underline">Email Address</TD>
    <TD STYLE="width: 20%; padding-right: -63pt; padding-left: 5.4pt; text-decoration: underline">Specimen Signature</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="color: black">Neil M. Koehler</FONT></TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">President</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">916-403-2126</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; text-decoration: underline">neilk@pacificethanol.net</FONT></TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">/s/ Neil M. Koehler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">Bryon T. McGregor</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">CFO</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">916-403-2710</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; text-decoration: underline">bncgregor@pacificethanol.net</FONT></TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">/s/ Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="color: black">_________________</FONT></TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">________________</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">________________</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">_____________</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ________________</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">[list
more if desired]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in"><B>Part
B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in">Name,
Title, Telephone Number and Email Address for</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in"><B>person(s)
designated to confirm funds transfer instructions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-right: -0.5in; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="color: black"><U>Name</U></FONT></TD>
    <TD STYLE="width: 25%; padding-right: -0.5in; padding-left: 5.4pt; text-decoration: underline">Title</TD>
    <TD STYLE="width: 25%; padding-right: -0.5in; padding-left: 5.4pt; text-decoration: underline">Telephone Number</TD>
    <TD STYLE="width: 25%; padding-right: -0.5in; padding-left: 5.4pt; text-decoration: underline">Email Address</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt"><FONT STYLE="color: black">Michael Kramer</FONT></TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">Treasurer</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">916-403-2738</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; text-decoration: underline">mkramer@pacificethanol.net</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">Rebecca Lane</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">Staff Accountant-Finance</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">916-403-2725</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; text-decoration: underline">rlane@pacificethanol.net</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt"><FONT STYLE="color: black">___________________</FONT></TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">____________________</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">________________</TD>
    <TD STYLE="padding-right: -0.5in; padding-left: 5.4pt">_________________</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">[list more if desired]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit
11.21</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in"><B>Part
C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in"><B><U>Means
for delivery of instructions and/or confirmations </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">The security procedure to be
used with respect to funds transfer instructions is checked below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 39pt; text-align: left">[X]</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I><U>Option 1. Confirmation by telephone call-back</U></I>.
The Bank shall confirm funds transfer instructions by telephone call-back<FONT STYLE="color: black"> to a person at the telephone
number designated on Part B above. The person confirming the funds transfer instruction shall be a person other than the person
from whom the funds transfer instruction was received, unless only one person is designated in both Parts A and B of this Exhibit
11.21.</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">[X]<FONT STYLE="font-size: 10pt; color: black"><B>&#9;</B>CHECK
box, if applicable:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">If the Bank is unable to obtain confirmation by telephone call-back, the Bank may, at its discretion,
confirm by email, as described in Option 2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 39pt; text-align: left">[_]</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black"><I><U>Option 2. Confirmation by email</U></I>.
</FONT>The Bank shall confirm funds transfer instructions by email<FONT STYLE="color: black"> to a person at the email address
specified for such person in Part B of this Schedule. The person confirming the funds transfer instruction shall be a person other
than the person from whom the funds transfer instruction was received, unless only one person is designated in both Parts A and
B of this Exhibit 11.21. </FONT>The Organization understands the risks associated with communicating sensitive matters, including
time sensitive matters, by email. The Organization further acknowledges that instructions and data sent by email may be less confidential
or secure than instructions or data transmitted by other methods. The Bank shall not be liable for any loss of the confidentiality
of instructions and data prior to receipt by the Bank<FONT STYLE="color: black">.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">[_]<FONT STYLE="font-size: 10pt">&#9;CHECK
box, if applicable:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">If the Bank is unable to obtain
confirmation by email, the Bank may, at its discretion,&nbsp;confirm by&nbsp;telephone call-back, as described in Option 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 39pt; text-align: center">[_]</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I><U>Option 3. Delivery of funds transfer instructions
by password protected file transfer system only - no confirmation</U></I>. The Bank offers the option to deliver funds transfer
instructions through a password protected file transfer system. If the Organization wishes to use the password protected file
transfer system, further instructions will be provided by the Bank. If the Organization chooses this Option 3, it agrees that
no further confirmation of funds transfer instructions will be performed by the Bank.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 39pt; text-align: center">[_]</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I><U>Option 4. Delivery of funds transfer instructions
by password protected file transfer system with confirmation</U></I>. Same as Option 3 above, but the Bank shall confirm funds
transfer instructions by </FONT>[_]<FONT STYLE="font-size: 10pt"> telephone call-back<FONT STYLE="color: black"> or </FONT></FONT>[_]
<FONT STYLE="font-size: 10pt; color: black">email (must check at least one, may check both) to a person at the telephone number
or email address designated on Part B above. By checking a box in the prior sentence, the party shall be deemed to have agreed
to the terms of such confirmation option as more fully described in Option 1 and Option 2 above.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dated this 29th day of October, 2012.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>By <U>/S/ BRYON T. MCGREGOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name:</B> Bryon T. McGregor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Title:</B> Chief Operating Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit 11.21</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U></U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.8
<SEQUENCE>4
<FILENAME>paceth_10q-ex1008.htm
<DESCRIPTION>INTERCREDITOR AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">Exhibit 10.8</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INTERCREDITOR AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">dated as of</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">October 26, 2012,</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">among</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WELLS FARGO BANK, N.A.,<BR>
as First Lien Collateral Agent and First Lien Administrative Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WELLS FARGO BANK, N.A.,</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Second Lien Collateral Agent and
Second Lien Administrative Agent,</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as acknowledged and, as to certain
provisions, agreed</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">by</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PACIFIC ETHANOL HOLDING CO. LLC,<BR>
PACIFIC ETHANOL MADERA LLC,<BR>
PACIFIC ETHANOL COLUMBIA, LLC,<BR>
PACIFIC ETHANOL STOCKTON LLC and<BR>
PACIFIC ETHANOL MAGIC VALLEY, LLC,<BR>
as Borrowers,</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PACIFIC ETHANOL HOLDING CO. LLC,<BR>
as Borrowers&rsquo; Agent,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS IS THE INTERCREDITOR AGREEMENT
REFERRED TO IN THE (A)&nbsp;CREDIT AGREEMENT OF EVEN DATE HEREWITH AMONG PACIFIC ETHANOL HOLDING CO. LLC, PACIFIC ETHANOL MADERA
LLC, PACIFIC ETHANOL COLUMBIA, LLC, PACIFIC ETHANOL STOCKTON LLC, PACIFIC ETHANOL MAGIC VALLEY, LLC, PACIFIC ETHANOL HOLDING CO.
LLC, AS BORROWERS&rsquo; AGENT, EACH OF THE LENDERS FROM TIME TO TIME PARTY THERETO, WELLS FARGO BANK, N.A., AS ADMINISTRATIVE
AGENT FOR THE LENDERS, WELLS FARGO BANK, N.A., AS COLLATERAL AGENT FOR THE SENIOR SECURED PARTIES DEFINED THEREIN AND AMARILLO
NATIONAL BANK, AS ACCOUNTS BANK, (B)&nbsp;SECOND AMENDED AND RESTATED CREDIT AGREEMENT OF EVEN DATE HEREWITH AMONG PACIFIC ETHANOL
HOLDING CO. LLC, PACIFIC ETHANOL MADERA LLC, PACIFIC ETHANOL COLUMBIA, LLC, PACIFIC ETHANOL STOCKTON LLC, PACIFIC ETHANOL MAGIC
VALLEY, LLC, PACIFIC ETHANOL HOLDING CO. LLC, AS BORROWERS&rsquo; AGENT, EACH OF THE LENDERS FROM TIME TO TIME PARTY THERETO, WELLS
FARGO BANK, N.A., AS ADMINISTRATIVE AGENT FOR THE LENDERS, WELLS FARGO BANK, N.A., AS COLLATERAL AGENT FOR THE SENIOR SECURED PARTIES
DEFINED THEREIN AND AMARILLO NATIONAL BANK, AS ACCOUNTS BANK AND (C)&nbsp;OTHER SECURITY DOCUMENTS REFERRED TO IN THE CREDIT AGREEMENTS
REFERRED TO HEREIN.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal; text-transform: uppercase">Table
of Contents</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="width: 80%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">Page</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">ARTICLE I</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">DEFINITIONS</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 1.01.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Certain Defined Terms</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 1.02.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Other Defined Terms</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 1.03.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Terms Generally</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">ARTICLE II</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">LIEN AND PAYMENT SUBORDINATION</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 2.01.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Lien Priorities</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 2.02.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Payment Subordination</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 2.03.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Payment Blockage</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">ARTICLE III</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">ENFORCEMENT OF RIGHTS; MATTERS RELATING TO COLLATERAL</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 3.01.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Exercise of Rights and Remedies.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 3.02.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">No Interference</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">13</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 3.03.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">Rights as Unsecured Creditors</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 3.04.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">Automatic Release of Second Priority Liens</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 3.05.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">Insurance and Condemnation Awards</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">ARTICLE IV</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">PAYMENTS</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 4.01.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">Application of Proceeds</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">16</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 4.02.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">Turn Over</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">16</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 4.03.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">Certain Agreements with Respect to Unenforceable Liens</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">ARTICLE V</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">BAILMENT FOR PERFECTION OF CERTAIN SECURITY INTERESTS</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 5.01.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">Bailment.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 5.02.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">Instruction of First Lien Collateral Agent.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 5.03.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">Obligations of Bailee.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">18</TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="width: 80%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">ARTICLE VI</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">INSOLVENCY OR LIQUIDATION PROCEEDINGS</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 6.01.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">DIP Financing; Adequate Protection</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 6.02.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">Relief from the Automatic Stay</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 6.03.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">Reorganization Securities</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 6.04.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">Post-Petition Interest</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 6.05.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">Certain Waivers by the Second Lien Secured Parties</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 6.06.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-justify: inter-ideograph">Voting Matters</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 6.07.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">363 Sales</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">ARTICLE VII</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">OTHER AGREEMENTS</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 7.01.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Matters Relating to Loan Documents</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 7.02.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Effect of Refinancing of First Lien Obligations</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">26</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 7.03.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">No Waiver by First Lien Secured Parties</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">27</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 7.04.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Reinstatement</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">27</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 7.05.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Further Assurances</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">27</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">ARTICLE VIII</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">REPRESENTATIONS AND WARRANTIES</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 8.01.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Representations and Warranties of Each Party</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">ARTICLE IX</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">NO RELIANCE; NO LIABILITY; OBLIGATIONS ABSOLUTE</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 9.01.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">No Reliance; Information</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 9.02.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">No Warranties or Liability</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 9.03.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Obligations Absolute</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">ARTICLE X</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">MISCELLANEOUS</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 10.01.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Notices</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 10.02.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Conflicts</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 10.03.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Survival</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 10.04.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Severability</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 10.05.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Amendments; Waivers</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 10.06.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Transfers</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 10.07.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Subrogation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">33</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 10.08.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Applicable Law; Jurisdiction; Etc.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">33</TD></TR>
</TABLE>
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    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 10.09.</TD>
    <TD STYLE="width: 80%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Parties in Interest</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 10.10.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Specific Performance</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 10.11.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Headings</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 10.12.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Counterparts; Effectiveness</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 10.13.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Indirect Action.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">36</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 10.14.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Provisions Solely to Define Relative Rights</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">36</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">SECTION 10.15.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">Termination.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-justify: inter-ideograph">36</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">INTERCREDITOR
AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS INTERCREDITOR
AGREEMENT is dated as of October 26, 2012 (this &ldquo;<B><I>Agreement</I></B>&rdquo;) and entered into by and among WELLS FARGO
BANK, N.A., as collateral agent for the First Lien Secured Parties (as defined below) (in such capacity, the &ldquo;<B><I>First
Lien Collateral Agent</I></B>&rdquo;) and as First Lien Administrative Agent (as defined below), and WELLS FARGO BANK, N.A., as
collateral agent for the Second Lien Secured Parties (as defined below) (in such capacity, the &ldquo;<B><I>Second Lien Collateral
Agent</I></B>&rdquo;) and as Second Lien Administrative Agent (as defined below), and is acknowledged and, as to certain provisions,
agreed to (as set forth on the signature page for such parties) by PACIFIC ETHANOL HOLDING CO. LLC, a Delaware limited liability
company (&ldquo;<B><I>Pacific Holding</I></B>&rdquo;), PACIFIC ETHANOL MADERA LLC, a Delaware limited liability company (&ldquo;<B><I>Madera</I></B>&rdquo;),
PACIFIC ETHANOL COLUMBIA, LLC, a Delaware limited liability company (&ldquo;<B><I>Boardman</I></B>&rdquo;), PACIFIC ETHANOL STOCKTON
LLC, a Delaware limited liability company (&ldquo;<B><I>Stockton</I></B>&rdquo;), PACIFIC ETHANOL MAGIC VALLEY, LLC, a Delaware
limited liability company (&ldquo;<B><I>Burley</I></B>&rdquo; and, together with Pacific Holding, Madera, Boardman and Stockton,
the &ldquo;<B><I>Borrowers</I></B>&rdquo;), and Pacific Holding, as agent for the Borrowers (&ldquo;<B><I>Borrowers&rsquo; Agent</I></B>&rdquo;).
Capitalized terms used herein have the meaning given such terms in Article I hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>PRELIMINARY STATEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Reference is made to
(a)&nbsp;the Credit Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to
time, the &ldquo;<B><I>First Lien Credit Agreement</I></B>&rdquo;) among the Borrowers, Borrowers&rsquo; Agent, the lenders from
time to time party thereto (the &ldquo;<B><I>First Lien Lenders</I></B>&rdquo;), Wells Fargo Bank, N.A., as Administrative Agent
for the First Lien Lenders (in such capacity, the &ldquo;<B><I>First Lien Administrative Agent</I></B>&rdquo;), Wells Fargo Bank,
N.A., as Collateral Agent for the Senior Secured Parties and Amarillo National Bank, as Accounts Bank (the &ldquo;<B><I>Accounts
Bank</I></B>&rdquo;); and (b) the Second Amended and Restated Credit Agreement, dated as of the date hereof (as amended, restated,
supplemented or otherwise modified from time to time, the &ldquo;<B><I>Second Lien Credit Agreement</I></B>&rdquo; and, together
with the First Lien Credit Agreement, the &ldquo;<B><I>Credit Agreements</I></B>&rdquo;) among the Borrowers, Borrowers&rsquo;
Agent, the lenders from time to time party thereto (the &ldquo;<B><I>Second Lien Lenders</I></B>&rdquo;), Wells Fargo Bank, N.A.,
as Administrative Agent for the Second Lien Lenders (in such capacity, the &ldquo;<B><I>Second Lien Administrative Agent</I></B>&rdquo;),
Wells Fargo Bank, N.A., as Collateral Agent for the Senior Secured Parties and the Accounts Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>RECITALS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">A. The First Lien Lenders
have agreed to make loans to the Borrowers pursuant to the First Lien Credit Agreement, upon, among other terms and conditions,
the conditions that (i) the First Lien Obligations shall be secured by first priority Liens on, and security interests in, the
Collateral, and (ii) subject to the terms and conditions of this Agreement, the payment of the First Lien Obligations shall be
senior in right and payment to the payment of certain Second Lien Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">B. The Second Lien Lenders
have agreed to continue, and make certain additional extensions of, credit to the Borrowers pursuant to the Second Lien Credit
Agreement, upon, among other terms and conditions, the conditions that (i) the Second Lien Obligations shall be secured by second
priority Liens on, and security interests in, the Collateral, and (ii) subject to the terms and conditions of this Agreement, the
payment of certain Second Lien Obligations shall be subordinate and subject in right and time of payment to the prior Discharge
of First Lien Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">C. The Credit Agreements
require, among other things, that the parties thereto set forth in this Agreement, among other things, their respective rights,
obligations and remedies with respect to the Collateral and payment priorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Accordingly, the parties
hereto agree as follows:</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">ARTICLE
I</FONT><BR>
<BR>
Definitions</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal">SECTION
1.01. <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>Certain Defined Terms. </I></B><I><FONT STYLE="font-weight: normal">Capitalized
terms used in this Agreement and not otherwise defined herein have the meanings set forth in the First Lien Credit Agreement.</FONT></I></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal">SECTION
1.02. <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><I>Other Defined Terms.</I><FONT STYLE="font-weight: normal">
As used in the Agreement, the following terms have the meanings specified below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Accounts
Bank</I></B>&rdquo; has the meaning assigned to such term in the preliminary statement of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Allowed
Payments</I></B>&rdquo; has the meaning assigned to such term in Section&nbsp;2.02(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Bankruptcy
Code</I></B>&rdquo; means Title&nbsp;11 of the United States Code entitled &ldquo;Bankruptcy,&rdquo; as now and hereinafter in
effect, or any successor statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Bankruptcy
Law</I></B>&rdquo; means the Bankruptcy Code and any other Federal, state or foreign bankruptcy, insolvency, receivership or similar
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Blockage
Notice</I></B>&rdquo; has the meaning assigned to such term in Section 2.03(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Borrowers&rsquo;
Agent</I></B>&rdquo; has the meaning assigned to such term in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Borrowers</I></B>&rdquo;
has the meaning assigned to such term in the preamble to this Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Capitalized
Interest Payments</I></B>&rdquo; has the meaning assigned to such term in Section&nbsp;2.02(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Cash Interest
Payments</I></B>&rdquo; has the meaning assigned to such term in Section&nbsp;2.02(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Collateral</I></B>&rdquo;
means, collectively, the First Lien Collateral and the Second Lien Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Collateral
Agents</I></B>&rdquo; means, collectively, the First Lien Collateral Agent and the Second Lien Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Comparable
Second Lien Security Document</I></B>&rdquo; means, in relation to any Collateral subject to any Lien created under any First Lien
Security Document, the Second Lien Security Document that creates a Lien on the same Collateral, granted by the same Grantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Credit Agreements</I></B>&rdquo;
has the meaning assigned to such term in the preliminary statement of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>DIP Financing</I></B>&rdquo;
means obtaining of credit or incurring debt secured by Liens on all or any portion of the Collateral pursuant to section 364 of
the Bankruptcy Code (or similar Bankruptcy Law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>DIP Liens</I></B>&rdquo;
has the meaning assigned to such term in Section&nbsp;6.01(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Discharge
of First Lien Obligations</I></B>&rdquo; means, subject to Sections&nbsp;7.02 and&nbsp;7.04, (a)&nbsp;the indefeasible payment
in full in cash (in immediately available funds) of the principal of and interest (including interest accruing during the pendency
of any Insolvency or Liquidation Proceeding, regardless of whether allowed or allowable in such Insolvency or Liquidation Proceeding)
and premium, if any, on all Indebtedness outstanding under the First Lien Financing Documents, (b) the indefeasible payment in
full in cash (in immediately available funds) (or, in the case of contingent Obligations, cash collateralization in full in cash)
of all other First Lien Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal
and interest are paid (other than contingent indemnification Obligations for which no claim or demand for payment has been made
at such time), and (c)&nbsp;the termination or expiration of all commitments to lend under the First Lien Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Disposition</I></B>&rdquo;
means any sale, lease, exchange, transfer or other disposition. &ldquo;<B><I>Dispose</I></B>&rdquo; and &ldquo;<B><I>Disposed of</I></B>&rdquo;
have correlative meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Expense
Amounts</I></B>&rdquo; has the meaning assigned to such term in Section&nbsp;2.02(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Financial
Assets</I></B>&quot; means &ldquo;Financial Assets&rdquo;, as defined in the First Lien Credit Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>First Lien
Administrative Agent</I></B>&rdquo; has the meaning assigned to such term in the preliminary statement of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>First Lien
Agents</I></B>&rdquo; means, collectively, the First Lien Administrative Agent and the First Lien Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>First Lien
Collateral</I></B>&rdquo; means all &ldquo;Collateral&rdquo;, as defined in each of the First Lien Security Agreements, and any
other assets of any Grantor now or at any time hereafter subject to Liens securing any First Lien Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>First Lien
Collateral Agent</I></B>&rdquo; has the meaning assigned to such term in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>First Lien
Credit Agreement</I></B>&rdquo; has the meaning assigned to such term in the preliminary statement of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>First Lien
Discharge Date</I></B>&rdquo; means &ldquo;Discharge Date&rdquo;, as defined in the First Lien Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>First Lien
Financing Documents</I></B>&rdquo; means the &ldquo;Financing Documents&rdquo;, as defined in the First Lien Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>First Lien
Lenders</I></B>&rdquo; has the meaning assigned to such term in the preliminary statement of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>First Lien
Obligations</I></B>&rdquo; means all &ldquo;Obligations&rdquo;, as defined in the First Lien Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>First Lien
Required Lenders</I></B>&rdquo; means the &ldquo;Required Lenders&rdquo;, as defined in the First Lien Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>First Lien
Secured Parties</I></B>&rdquo; means the &ldquo;Senior Secured Parties&rdquo;, as defined in the First Lien Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>First Lien
Security Agreements</I></B>&rdquo; means &ldquo;Security Agreements&rdquo;, as defined in the First Lien Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>First Lien
Security Documents</I></B>&rdquo; means the &ldquo;Security Documents&rdquo;, as defined in the First Lien Credit Agreement, and
any other agreement, document or instrument pursuant to which a Lien is granted to secure any First Lien Obligations or under which
rights or remedies with respect to any such Lien are governed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>First Lien
Transaction Documents</I></B>&rdquo; means the &ldquo;Transaction Documents&rdquo;, as defined in the First Lien Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>First Priority
Liens</I></B>&rdquo; means all Liens on the First Lien Collateral to secure the First Lien Obligations, whether created under the
First Lien Security Documents or acquired by possession, statute, operation of law, judgment, subrogation or otherwise.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Grantors</I></B>&rdquo;
means, collectively, the Borrowers and each other person that shall have created or purported to create any First Priority Lien
or Second Priority Lien on all or any part of its assets to secure any First Lien Obligations or any Second Lien Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&rdquo;<B><I>Guarantor</I></B>&rdquo;
means any Person that may from time to time guarantee the First Lien Obligations or the Second Lien Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Indebtedness</I></B>&rdquo;
means and includes all obligations that constitute &ldquo;Indebtedness&rdquo;, as defined in the First Lien Credit Agreement or
the Second Lien Credit Agreement, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Insolvency
or Liquidation Proceeding</I></B>&rdquo; means (a)&nbsp;any voluntary or involuntary proceeding under the Bankruptcy Code or any
other Bankruptcy Law with respect to any Grantor, (b)&nbsp;any voluntary or involuntary appointment of a receiver, receiver-manager,
interim receiver, trustee, custodian, sequestrator, conservator or similar official for any Grantor or for a substantial part of
the property or assets of any Grantor, (c)&nbsp;any voluntary or involuntary winding-up or liquidation of any Grantor in the nature
of the foregoing, or (d)&nbsp;a general assignment for the benefit of creditors or similar statutory process undertaken by any
Grantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Junior Adequate
Protection Liens</I></B>&rdquo; has the meaning assigned to such term in Section 6.01(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Lien</I></B>&rdquo;
means, with respect to any asset, any security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance,
bailment, conditional sales or title retention agreement, lien (statutory or otherwise), charge against or interest in property,
in each case of any kind, to secure payment of a debt or performance of an obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Loan Documents</I></B>&rdquo;
means the First Lien Financing Documents and the Second Lien Financing Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Maximum
First Lien Principal Amount</I></B>&rdquo; means the sum of (i) the First Lien Obligations as of the date hereof plus undrawn commitment
thereunder, plus (ii) the total amount of Commitment Increases effected pursuant to the terms of the First Lien Credit Agreement
(as such agreement is in effect as of the date hereof, as it may be amended in accordance with the terms hereof or otherwise with
the prior written consent of the Second Lien Required Lenders).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>New First
Lien Collateral Agent</I></B>&rdquo; has the meaning assigned to such term in Section&nbsp;7.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>New First
Lien Transaction Documents</I></B>&rdquo; has the meaning assigned to such term in Section&nbsp;7.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>New First
Lien Obligations</I></B>&rdquo; has the meaning assigned to such term in Section&nbsp;7.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Permitted
Refinancing Indebtedness</I></B>&rdquo; shall mean any Indebtedness issued in exchange for, or the net proceeds of which are used
to Refinance the First Lien Obligations; <I>provided</I> that (in each of clauses (d) &ndash; (h), as of the effective date of
such Refinancing): (a) the principal amount (or accreted value, if applicable) of such Indebtedness does not exceed the Maximum
First Lien Principal Amount; (b) such Indebtedness is incurred pursuant to a loan agreement or a credit agreement providing for
revolving credit loans, term loans and/or letters of credit; (c) the final maturity of such Indebtedness is not later than the
latest scheduled maturity date of the Second Lien Obligations, (d) the interest rate of such Indebtedness does not exceed the interest
rate of the First Lien Obligations being Refinanced by more than 200 basis points, (e) the maturity or weighted average life to
maturity of such Indebtedness is not shorter than that of the First Lien Obligations being Refinanced, (f) greater than 50% of
such Indebtedness is issued by First Lien Lenders or their Affiliates and (g) such indebtedness shall not have greater security
than the First Lien Obligations being Refinanced, except to the extent such security is provided with respect to the Second Lien
Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Pledged
Collateral</I></B>&rdquo; has the meaning assigned to such term in Section 5.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Pledged
or Controlled Collateral</I></B>&rdquo; has the meaning assigned to such term in Section 5.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Proceeds</I></B>&rdquo;
means (a) all &ldquo;proceeds,&rdquo; as defined in Article 9 of the UCC, of the Collateral, and (b) whatever is recovered when
any Collateral is sold, exchanged, collected or Disposed of, whether voluntarily or involuntarily, including any additional or
replacement Collateral provided during any Insolvency or Liquidation Proceeding and any payment or property received in an Insolvency
or Liquidation Proceeding on account of, or from, Collateral or the value of any Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Project
Accounts</I></B>&rdquo; means &ldquo;Project Accounts&rdquo;, as defined in the First Lien Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Refinance</I></B>&rdquo;
means, in respect of any Indebtedness, to refinance, extend, renew, restructure or replace or to issue other Indebtedness in exchange
or replacement for, such Indebtedness, in whole or in part. &ldquo;<B><I>Refinanced</I></B>&rdquo;, &ldquo;<B><I>Refinances</I></B>&rdquo;
and &ldquo;<B><I>Refinancing</I></B>&rdquo; have correlative meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Refinancing
Notice</I></B>&rdquo; has the meaning assigned to such term in Section&nbsp;7.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Release</I></B>&rdquo;
has the meaning assigned to such term in Section&nbsp;3.04.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Second Lien
Administrative Agent</I></B>&rdquo; has the meaning assigned to such term in the preliminary statement of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Second Lien
Agents</I></B>&rdquo; means, collectively, the Second Lien Administrative Agent and the Second Lien Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Second Lien
Collateral</I></B>&rdquo; means all &ldquo;Collateral&rdquo;, as defined in each of the Second Lien Security Agreements, and any
other assets of any Grantor now or at any time hereafter subject to Liens securing any Second Lien Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Second Lien
Collateral Agent</I></B>&rdquo; has the meaning assigned to such term in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Second Lien
Credit Agreement</I></B>&rdquo; has the meaning assigned to such term in the preliminary statement of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Second Lien
Discharge Date</I></B>&rdquo; means &ldquo;Discharge Date&rdquo;, as defined in the Second Lien Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Second Lien
Financing Documents</I></B>&rdquo; means the &ldquo;Financing Documents&rdquo;, as defined in the Second Lien Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Second Lien
Lenders</I></B>&rdquo; has the meaning assigned to such term in the preliminary statement of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Second Lien
Obligations</I></B>&rdquo; means all &ldquo;Obligations&rdquo;, as defined in the Second Lien Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Second Lien
Permitted Actions</I></B>&rdquo; has the meaning assigned to such term in Section&nbsp;3.01(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Second Lien
Required Lenders</I></B>&rdquo; means the &ldquo;Required Lenders&rdquo;, as defined in the Second Lien Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Second Lien
Secured Parties</I></B>&rdquo; means the &ldquo;Senior Secured Parties&rdquo;, as defined in the Second Lien Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Second Lien
Security Agreements</I></B>&rdquo; means &ldquo;Security Agreements&rdquo;, as defined in the Second Lien Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Second Lien
Security Documents</I></B>&rdquo; means the &ldquo;Security Documents&rdquo;, as defined in the Second Lien Credit Agreement, and
any other agreement, document or instrument pursuant to which a Lien is granted to secure any Second Lien Obligations or under
which rights or remedies with respect to any such Lien are governed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Second Lien
Transaction Documents</I></B>&rdquo; means the &ldquo;Transaction Documents&rdquo;, as defined in the Second Lien Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Second Priority
Liens</I></B>&rdquo; means all Liens on the Second Lien Collateral to secure the Second Lien Obligations, whether created under
the Second Lien Security Documents or acquired by possession, statute, operation of law, judgment, subrogation or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Secured
Parties</I></B>&rdquo; means the First Lien Secured Parties and the Second Lien Secured Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Security
Documents</I></B>&rdquo; means the First Lien Security Documents and the Second Lien Security Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Senior Adequate
Protection Liens</I></B>&rdquo; has the meaning assigned to such term in Section 6.01(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Standstill
Limit</I></B>&rdquo; has the meaning assigned to such term in Section&nbsp;3.02(a)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Standstill
Period</I></B>&rdquo; has the meaning assigned to such term in Section&nbsp;3.02(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Uniform
Commercial Code</I></B>&rdquo; or &ldquo;<B><I>UCC</I></B>&rdquo; means the Uniform Commercial Code (or any similar or equivalent
legislation) as in effect from time to time in any applicable jurisdiction.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
1.03. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Terms Generally<FONT STYLE="font-weight: normal; font-style: normal">.
The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context
may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words &ldquo;include&rdquo;,
&ldquo;includes&rdquo; and &ldquo;including&rdquo; shall be deemed to be followed by the phrase &ldquo;without limitation.&rdquo;
The word &ldquo;will&rdquo; shall be construed to have the same meaning and effect as the word &ldquo;shall&rdquo;. Unless the
context requires otherwise (a)&nbsp;any definition of or reference to any agreement, instrument or other document herein shall
be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented
or otherwise modified, (b)&nbsp;any reference herein (i)&nbsp;to any Person shall be construed to include such Person&rsquo;s successors
and assigns and (ii)&nbsp;to any Borrower or any other Grantor shall be construed to include such Borrower or such Grantor as debtor
and debtor-in-possession and any receiver or trustee for such Borrower or such Grantor, as the case may be, in any Insolvency or
Liquidation Proceeding, (c)&nbsp;the words &ldquo;herein&rdquo;, &ldquo;hereof&rdquo; and &ldquo;hereunder&rdquo;, and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d)&nbsp;all
references herein to Articles or Sections shall be construed to refer to Articles or Sections of this Agreement and (e)&nbsp;the
words &ldquo;asset&rdquo; and &ldquo;property&rdquo; shall be construed to have the same meaning and effect and to refer to any
and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">ARTICLE
II</FONT><BR>
<BR>
Lien and Payment Subordination</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
2.01. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Lien Priorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22pt; text-align: justify; text-indent: 1in">(a)
<B><I>Relative Priorities</I></B>. Notwithstanding the date, manner or order of grant, attachment or perfection of any Second Priority
Lien or any First Priority Lien, and notwithstanding any provision of the UCC or any other applicable law or the provisions of
any Security Document or any other Loan Document or any other circumstance whatsoever, the Second Lien Collateral Agent, for itself
and on behalf of the other Second Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Obligations
has not occurred, (i)&nbsp;any First Priority Lien now or hereafter held by or for the benefit of any First Lien Secured Party
shall be senior in right, priority, operation, effect and all other respects to any and all Second Priority Liens and (ii)&nbsp;any
Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured Party shall be junior and subordinate
in right, priority, operation, effect and all other respects to any and all First Priority Liens. The First Priority Liens shall
be and remain senior in right, priority, operation, effect and all other respects to any Second Priority Liens for all purposes,
whether or not any First Priority Liens are subordinated in any respect to any other Lien securing any other obligation of any
Borrower, any other Grantor or any other Person.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(b)
<B><I>Prohibition on Contesting Liens</I></B>. Each of the First Lien Collateral Agent, for itself and on behalf of the other First
Lien Secured Parties, and the Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties,
agrees that it will not, and hereby waives any right to, directly or indirectly, challenge, contest or support any other person
in challenging or contesting, in any proceeding (including any Insolvency or Liquidation Proceeding) or otherwise, the priority,
validity or enforceability of any Second Priority Lien or any First Priority Lien, respectively.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(c)
<B><I>No New Liens</I></B>. The parties hereto agree that, so long as the Discharge of First Lien Obligations has not occurred,
none of the Grantors shall, or shall permit any of its subsidiaries to, (i)&nbsp;grant or permit any additional Liens on any asset
to secure any Second Lien Obligation unless it has granted, or concurrently therewith grants, a Lien on such asset to secure the
First Lien Obligations or (ii)&nbsp;grant or permit any additional Liens on any asset to secure any First Lien Obligations unless
it has granted, or concurrently therewith grants, a Lien on such asset to secure the Second Lien Obligations, with each such Lien
to be subject to the provisions of this Agreement. To the extent that the provisions of the immediately preceding sentence are
not complied with for any reason, without limiting any other right or remedy available to the Collateral Agents, as applicable,
or the other First Lien Secured Parties or other Second Lien Secured Parties, as applicable, each Collateral Agent agrees (for
itself and on behalf of the other Secured Parties it represents), that any amounts received by or distributed to any Secured Party
pursuant to or as a result of any Lien granted in contravention of this Section&nbsp;2.01(c) shall be subject to Section&nbsp;4.02.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 94.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(d)
<B><I>Similar Liens and Agreements</I></B>. The parties hereto acknowledge and agree that it is their intention that the First
Lien Collateral and the Second Lien Collateral be identical. In furtherance of the foregoing, the parties hereto agree:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)
</FONT>to cooperate in good faith in order to determine, upon any reasonable written request by the First Lien Collateral Agent
or the Second Lien Collateral Agent, the specific assets included in the First Lien Collateral and the Second Lien Collateral,
the steps taken to perfect the First Priority Liens and the Second Priority Liens thereon and the identity of the respective parties
obligated under the First Lien Financing Documents and the Second Lien Financing Documents; and</P>



<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp; &nbsp; &nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(ii) </FONT>that the documents, agreements and instruments creating or evidencing the First Lien Collateral and the First Priority Liens shall be in all material respects in the same form as the documents, agreements and instruments creating or evidencing the Second Lien Collateral and the Second Priority Liens, other than with respect to the first priority and second priority nature of the Liens created or evidenced thereunder, the identity of the Secured Parties that are parties thereto or secured thereby and other matters contemplated by this Agreement.</P>



<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
2.02. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Payment Subordination.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(a)
So long as the Discharge of First Lien Obligations has not occurred, no payments shall be made on account of the Second Lien Obligations;
<I>provided</I>, <I>however</I>, that, subject to Sections 2.03 and 4.02, the following payments will be permitted solely if and
when payable in accordance with the terms of the Second Lien Credit Agreement (as such agreement is in effect as of the date hereof,
as it may be amended in accordance with the terms hereof or otherwise with the prior written consent of the First Lien Required
Lenders):</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(i) </FONT>cash interest payments (&ldquo;<B><I>Cash Interest Payments</I></B>&rdquo;);</P>



<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(ii) </FONT>capitalization of Capitalized Interest (as defined in the Second Lien Credit Agreement) (&ldquo;<B><I>Capitalized Interest Payments</I></B>&rdquo;);</P>



<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(iii) </FONT>payments pursuant to provisions of the Second Lien Credit Agreement providing for fees, expense reimbursement and indemnity (collectively, &ldquo;<B><I>Expense Amounts</I></B>&rdquo;);</P>



<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(iv) </FONT>if at the time of such payment no First Lien Obligations are outstanding (or, with respect to payments under clause (y) below, receipt of prepayment thereof has been waived by one or more of the First Lien Lenders in accordance with the terms of the First Lien Credit Agreement), (y) optional and mandatory prepayments in accordance with the terms of Section 3.07 or 3.08, respectively, of the Second Lien Credit Agreement; <I>provided</I> that if payment is permitted under this clause (iv) by virtue of the waiver described in the preceding parenthetical, such payment shall only be allowed in an amount equal to the aggregate amount of prepayments so waived and (z) payment at maturity in accordance with the terms of the Second Lien Credit Agreement, including Section 8.03(b) thereof (the payments described in clauses (i) &ndash; (iv) of this Section 2.02(a), the &ldquo;<B><I>Allowed Payments</I></B>&rdquo;); and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt">&nbsp;</P>



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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(v) </FONT>payments made during and following an Insolvency or Liquidation Proceeding to the extent permitted by Article VI hereof and authorized by a court of competent jurisdiction, which payments shall be applied in accordance with the terms of such court authorization.</P>



<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(b)
Allowed Payments shall be paid and applied solely in accordance with the applicable terms of the Second Lien Credit Agreement (as
such agreement is in effect as of the date hereof, as it may be amended in accordance with the terms hereof or otherwise with the
prior written consent of the First Lien Required Lenders), including, as applicable, the terms and conditions regarding payments
from the Project Accounts set forth in Article VIII thereof.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal">SECTION
2.03. <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Payment Blockage. <FONT STYLE="font-weight: normal">So
long as the Discharge of First Lien Obligations has not occurred:</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(a)
if an Event of Default under Section 9.1(a) (Nonpayment) of the First Lien Credit Agreement occurs and is continuing and the Second
Lien Collateral Agent has received written notice from the First Lien Collateral Agent (a &ldquo;<B><I>Blockage Notice</I></B>&rdquo;);
or</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(b)
any Second Lien Agent or any other Second Lien Secured Party (i) receives a payment of cash interest in excess of the Cash Interest
Payment permitted for the applicable period, (ii) is the beneficiary of a Capitalized Interest Payment in excess of that permitted
for the applicable period or (iii) receives any payment in contravention of the terms hereof and, in each case, the Second Lien
Collateral Agent has received a Blockage Notice, then no payments on account of the Second Lien Obligations (other than Expense
Amounts due under the Second Lien Credit Agreement to any Agent thereunder (and as defined therein), which amounts shall be paid
if and when due under the terms of the Second Lien Credit Agreement) shall be made until (y) in the case of a payment blockage
in accordance with clause (a) of this Section 2.03, until the earlier to occur of (1) the 121<SUP>st</SUP> day after the date
the applicable Blockage Notice was delivered and (2) the date on which such Event of Default is waived or otherwise cured in accordance
with the terms of the First Lien Credit Agreement or (z) in the case of a payment blockage in accordance with clause (b) of this
Section 2.03, until the earlier to occur of (1) the 121<SUP>st</SUP> day after the date the applicable Blockage Notice was delivered
and (ii) the date on which either of the following occur, as applicable: (1) such excess amount of the Cash Interest Payment or
the amount of the contravening payment, as applicable, is transferred to the First Lien Collateral Agent for the benefit of the
First Lien Secured Parties in accordance with Section 4.02 or (2) the excess amount of the Capitalized Interest Payment is reversed
or otherwise corrected as between the Borrowers and the applicable Second Lien Lender.</P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">ARTICLE
III</FONT><BR>
<BR>
Enforcement of Rights; Matters Relating to Collateral</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
3.01. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Exercise of Rights and Remedies.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(a)
So long as the Discharge of First Lien Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has
been commenced, the First Lien Collateral Agent and the other First Lien Secured Parties shall have the exclusive right to enforce
any rights and exercise any remedies with respect to the Collateral (including making determinations regarding the release, Disposition
or restrictions with respect to the Collateral), or to commence or seek to commence any action or proceeding with respect to such
rights or remedies (including any foreclosure action or proceeding or any Insolvency or Liquidation Proceeding), in each case,
without any consultation with or the consent of the Second Lien Collateral Agent or any other Second Lien Secured Party; and no
Second Lien Secured Party may, directly or indirectly, contest or otherwise hinder the First Lien Secured Parties&rsquo; ability
to so enforce, exercise or commence; <I>provided</I> that, notwithstanding the foregoing, (i)&nbsp;in any Insolvency or Liquidation
Proceeding, the Second Lien Collateral Agent may file a proof of claim or statement of interest with respect to the Second Lien
Obligations; (ii)&nbsp;the Second Lien Collateral Agent may take any action to preserve or protect the validity or enforceability
of the Second Priority Liens, <I>provided</I> that no such action is, or could reasonably be expected to be, inconsistent with
the terms of this Agreement, including the automatic release of Second Priority Liens provided in Section&nbsp;3.04; (iii)&nbsp;the
Second Lien Secured Parties may file any responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding
or other pleading made by any person objecting to or otherwise seeking the disallowance of the claims of the Second Lien Secured
Parties, including any such claims secured by the Collateral, in each case, to the extent not inconsistent with the terms of this
Agreement; (iv)&nbsp;the Second Lien Secured Parties may exercise those rights and remedies as unsecured creditors as provided
in Section&nbsp;3.03; (v) in any Insolvency or Liquidation Proceeding, any Second Lien Secured Party may exercise rights expressly
permitted pursuant to Article VI; and (vi)&nbsp;subject to Section&nbsp;3.02, the Second Lien Collateral Agent and the other Second
Lien Secured Parties may enforce any of their rights and exercise any of their remedies with respect to the Collateral after the
termination of any applicable Standstill Period (but only if and to the extent that the First Lien Collateral Agent has not commenced,
or is not diligently pursuing, the enforcement of rights or exercise remedies) (the actions described in this proviso being referred
to herein as the &ldquo;<B><I>Second Lien Permitted Actions</I></B>&rdquo;).</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 0in">Except
for the Second Lien Permitted Actions, unless and until the Discharge of First Lien Obligations has occurred, the sole right of
the Second Lien Collateral Agent and the other Second Lien Secured Parties with respect to the Collateral shall be to receive a
share of the Proceeds of the Collateral, if any are payable to the Second Lien Secured Parties in accordance with this Agreement
(including after giving effect to Section 4.02) and the terms and conditions regarding payments from the Project Accounts set forth
in Article VIII of the Second Lien Credit Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(b)
In exercising rights and remedies with respect to the Collateral, the First Lien Collateral Agent and/or the other First Lien Secured
Parties may enforce the provisions of the First Lien Transaction Documents in accordance with the terms thereof and exercise remedies
thereunder, all in such order and in such manner as they may determine in their sole discretion. Such exercise and enforcement
shall include the rights of an agent appointed by them to Dispose of Collateral upon foreclosure, to incur reasonable expenses
in connection with any such Disposition and to exercise all the rights and remedies of a secured creditor under the Uniform Commercial
Code, the Bankruptcy Code or any other Bankruptcy Law. Nothing in this Section 3.01(b) shall be construed to limit or restrict
any rights or remedies that the Second Lien Secured Parties may have pursuant to Section 3.01(a).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(c)
The Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby acknowledges and agrees
that, subject to Section 3.01(a)(v), no covenant, agreement or restriction contained in any Second Lien Security Document or any
other Second Lien Transaction Document shall be deemed to restrict in any way the rights and remedies of the First Lien Collateral
Agent or the other First Lien Secured Parties with respect to the Collateral as set forth in this Agreement and the other First
Lien Transaction Documents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(d)
Notwithstanding anything in this Agreement to the contrary, following the acceleration of the Indebtedness then outstanding under
the First Lien Credit Agreement, the Second Lien Secured Parties may, at their sole expense and effort, upon notice to the Borrowers&rsquo;
Agent and the First Lien Collateral Agent, require the First Lien Secured Parties to transfer and assign to the Second Lien Secured
Parties, without warranty or representation or recourse, all (but not less than all) of the First Lien Obligations; <I>provided</I>
that (x)&nbsp;such assignment shall not conflict with any law, rule or regulation or order of any court or other Governmental Authority
having jurisdiction, and (y)&nbsp;the Second Lien Secured Parties shall have paid to the First Lien Collateral Agent, for the account
of the First Lien Secured Parties, in immediately available funds, an amount equal to 100% of the principal of such Indebtedness,
plus all accrued and unpaid interest thereon, plus all accrued and unpaid costs, fees and expenses plus all of any other First
Lien Obligations then outstanding (which shall include, with respect to any Interest Rate Protection Agreements that constitute
First Lien Obligations, 100% of the aggregate amount of such First Lien Obligations, giving effect to any netting arrangements
that the applicable Borrower would be required to pay if such Interest Rate Protection Agreements were terminated at such time).
In order to effectuate the foregoing, the First Lien Collateral Agent shall calculate, upon the written request of the Second Lien
Collateral Agent (as directed by the Second Lien Required Lenders) from time to time, the amount in cash that would be necessary
so to purchase the First Lien Obligations.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
3.02. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>No Interference.</I></B>
The Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, agrees that, whether or not
any Insolvency or Liquidation Proceeding has been commenced, the Second Lien Secured Parties, for so long as the Discharge of
First Lien Obligations has not occurred:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(a)
will not, except for Second Lien Permitted Actions, (i)&nbsp;enforce or exercise, or seek to enforce or exercise, any rights or
remedies (including any right of setoff) with respect to any Collateral (including the enforcement of any right under any account
control agreement, landlord waiver or bailee&rsquo;s letter or any similar agreement or arrangement to which the Second Lien Collateral
Agent or any other Second Lien Secured Party is a party) or (ii)&nbsp;commence or join with any person (other than the First Lien
Collateral Agent) in commencing, or petition for or vote in favor of any resolution for, any action or proceeding with respect
to such rights or remedies (including any foreclosure action); <I>provided</I>, <I>however</I>, that the Second Lien Collateral
Agent may enforce or exercise any or all such rights and remedies, or commence, join with any person in commencing, or petition
for or vote in favor of any resolution for, any such action or proceeding, after a period of 120&nbsp;days has elapsed since the
date on which any First Lien Agent has delivered to any Second Lien Agent written notice of an Event of Default (the &ldquo;<B><I>Standstill
Period</I></B>&rdquo;); <I>provided</I> <I>further</I>, <I>however</I>, that (A)&nbsp;notwithstanding the expiration of the Standstill
Period or anything herein to the contrary (other than clause (B) below), in no event shall the Second Lien Collateral Agent or
any other Second Lien Secured Party enforce or exercise any rights or remedies with respect to any Collateral, or commence, join
with any person in commencing, or petition for or vote in favor of any resolution for, any such action or proceeding, if the First
Lien Collateral Agent or any other First Lien Secured Party shall have commenced, and shall be diligently pursuing (or shall have
sought or requested relief from or modification of the automatic stay or any other stay in any Insolvency or Liquidation Proceeding
to enable the commencement and pursuit thereof), the enforcement or exercise of any rights or remedies with respect to any Collateral
or any such action or proceeding (prior written notice thereof to be given to the Second Lien Collateral Agent by the First Lien
Collateral Agent, which notice shall comply with any applicable notice requirements under Article 9 of the UCC), but in limitation
of the foregoing, during any consecutive 365-day period, the aggregate number of days in which the Second Lien Collateral Agent
shall be subject to a Standstill Period shall not exceed 180 days (a &ldquo;<B><I>Standstill Limit</I></B>&rdquo;) and (B)&nbsp;if,
upon the expiration of the Standstill Period (or such earlier expiration by virtue of a Standstill Limit), the First Lien Collateral
Agent (or any First Lien Secured Party) has not commenced, or is not diligently pursuing, the enforcement or exercise of any rights
or remedies with respect to any Collateral or any such action or proceeding, the Second Lien Collateral Agent (or any Second Lien
Secured Party) shall provide prior written notice to the First Lien Collateral Agent (which notice shall comply with any applicable
notice requirements under Article 9 of the UCC) prior to its enforcing or exercising any rights or remedies with respect to the
Collateral;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 94.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(b)
subject to Section 3.01(a)(v), will not, directly or indirectly, contest, protest or object to any foreclosure action or proceeding
brought by the First Lien Collateral Agent or any other First Lien Secured Party, or any other enforcement or exercise by any First
Lien Secured Party of any rights or remedies relating to the Collateral under the First Lien Transaction Documents or otherwise,
so long as Second Priority Liens attach to the Proceeds thereof subject to the relative priorities set forth in Section&nbsp;2.01(a);</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(c)
subject to the rights of the Second Lien Secured Parties under clause&nbsp;(a)&nbsp;above and Section 3.01(a)(v), will not object
to the forbearance by the First Lien Collateral Agent or any other First Lien Secured Party from commencing or pursuing any foreclosure
action or proceeding or any other enforcement or exercise of any rights or remedies with respect to the Collateral;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(d)
will not, except for Second Lien Permitted Actions, take or receive any Collateral, or any Proceeds thereof or payment with respect
thereto, in connection with the exercise of any right or enforcement of any remedy (including any right of setoff) with respect
to any Collateral or in connection with any insurance policy award under a policy of insurance relating to any Collateral or any
condemnation award (or deed in lieu of condemnation) relating to any Collateral;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(e)
will not, except for Second Lien Permitted Actions, take any action that would, or could reasonably be expected to, hinder, in
any manner, any exercise of remedies under the First Lien Transaction Documents, including any Disposition of any Collateral, whether
by foreclosure or otherwise;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(f)
will not, except for Second Lien Permitted Actions, object to the manner in which the First Lien Collateral Agent or any other
First Lien Secured Party may seek to enforce or collect the First Lien Obligations or the First Priority Liens, regardless of whether
any action or failure to act by or on behalf of the First Lien Collateral Agent or any other First Lien Secured Party is, or could
be, adverse to the interests of the Second Lien Secured Parties, and will not assert, and hereby waive, to the fullest extent permitted
by law, any right to demand, request, plead or otherwise assert or claim the benefit of any marshalling, appraisal, valuation or
other similar right that may be available under applicable law with respect to the Collateral or any similar rights a junior secured
creditor may have under applicable law; and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(g)
will not attempt, directly or indirectly, whether by judicial proceeding or otherwise or whether as a Second Lien Secured Party,
an unsecured creditor or otherwise, to challenge or question the validity or enforceability of any First Lien Obligation or any
First Lien Security Document, including this Agreement, or the validity or enforceability of the priorities, rights or obligations
established by this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 94.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
3.03. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>Rights as Unsecured
Creditors.</I> </B>The Second Lien Collateral Agent and the other Second Lien Secured Parties may, in accordance with the terms
hereof and of the Second Lien Transaction Documents and applicable law, file pleadings, objections, motions or agreements that
assert rights available to unsecured creditors and may enforce rights and exercise remedies available to unsecured creditors,
subject to Section 3.02(g) and <I>provided</I> that no such action is otherwise inconsistent with the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
3.04. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>Automatic Release of
Second Priority Liens.</I></B> If, in connection with (i)&nbsp;any Disposition of any Collateral permitted under the terms of
the First Lien Transaction Documents (as such documents are in effect as of the date hereof, as they may be amended in accordance
with the terms hereof or as otherwise agreed to by the Second Lien Required Lenders (including by means of an amendment of the
First Lien Credit Agreement permitted hereunder)), (ii) a sale in the ordinary course pursuant to section 363 of the Bankruptcy
Code, the entry of an order of a court of competent jurisdiction relating to a sale other than in the ordinary course pursuant
to section 363 of the Bankruptcy Code, or in connection with the confirmation of a plan of reorganization or otherwise in any
Insolvency or Liquidation Proceeding, or (iii)&nbsp;the enforcement or exercise of any rights or remedies with respect to the
Collateral, including any Disposition of Collateral, the First Lien Collateral Agent, for itself and on behalf of the other First
Lien Secured Parties, (x) releases any of the First Priority Liens, or (y) releases any Guarantor from its obligations under any
guarantee of the First Lien Obligations (in each case, a &ldquo;<B><I>Release</I></B>&rdquo;), other than any such Release granted
in connection with the Discharge of First Lien Obligations, then the Second Priority Liens on such Collateral, and the obligations
of such Guarantor under its guarantee of the Second Lien Obligations shall be automatically, unconditionally and simultaneously
released, and the Second Lien Collateral Agent is hereby directed to promptly execute and deliver, for itself and on behalf of
the other Second Lien Secured Parties, at the time of such Release, to the First Lien Collateral Agent, the relevant Grantor and/or
such Guarantor such termination statements, releases and other documents as the First Lien Collateral Agent, the relevant Grantor
and/or Guarantor may reasonably request to effectively confirm such Release.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
3.05. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>Insurance and Condemnation
Awards.</I></B> So long as the Discharge of First Lien Obligations has not occurred, the First Lien Collateral Agent and the other
First Lien Secured Parties shall have the exclusive right, subject to the rights of the Grantors under the First Lien Transaction
Documents, to settle and adjust claims in respect of Collateral under policies of insurance covering Collateral and to approve
any award granted in any condemnation or similar proceeding, or any deed in lieu of condemnation, in respect of the Collateral.
All proceeds of any such policy and any such award, and any payments with respect to a deed in lieu of condemnation, shall be
paid in accordance with Section 8.07 of the First Lien Credit Agreement and Section 8.07 of the Second Lien Credit Agreement;
<I>provided</I> that if each of the Discharge of First Lien Obligations and the Second Lien Discharge Date has occurred, such
proceeds any payments, if any, shall be paid to the owner of the subject property, such other person as may be entitled thereto
or as a court of competent jurisdiction may otherwise direct. Until the Discharge of First Lien Obligations has occurred, if the
Second Lien Collateral Agent or any other Second Lien Secured Party shall, at any time, receive any proceeds of any such insurance
policy or any such award or payment in contravention of this Agreement, it shall turn over such proceeds pursuant to Section 4.02.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">ARTICLE
IV</FONT><BR>
<BR>
Payments</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
4.01. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Application of Proceeds.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(a)
So long as the Discharge of First Lien Obligations has not occurred, any Collateral or Proceeds thereof received by the First Lien
Collateral Agent or any other First Lien Secured Party in connection with any Disposition of, or collection on, such Collateral
upon the enforcement or exercise of any right or remedy (including any right of setoff) shall be applied by the First Lien Collateral
Agent to the First Lien Obligations in accordance with the terms of the First Lien Credit Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(b)
Upon the Discharge of First Lien Obligations:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt; text-align: justify"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(i) </FONT>any remaining Collateral or Proceeds thereof received by the First Lien Collateral Agent as described in clause (a) of this <U>Section 4.01</U> shall be delivered by the First Lien Collateral Agent to the Second Lien Collateral Agent for the benefit of the Second Lien Secured Parties to be applied in accordance with the terms of the Second Lien Credit Agreement; and</P>



<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)
</FONT>the First Lien Collateral Agent shall deliver to the Second Lien Collateral Agent all remaining Collateral and any Proceeds
thereof then held by it, if any, in the same form as received, together with any necessary endorsements, or as a court of competent
jurisdiction may otherwise direct, to be applied by the Second Lien Collateral Agent to the Second Lien Obligations in accordance
with the terms of the Second Lien Credit Agreement.</P>



<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
4.02. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>Turn Over.</I></B> So
long as the Discharge of First Lien Obligations has not occurred, (a) any Collateral, or (b) any Proceeds thereof or payment with
respect thereto (together with assets or Proceeds subject to Liens referred to in the final sentence of Section&nbsp;2.01(c)),
other than the Allowed Payments, received by the Second Lien Collateral Agent or any other Second Lien Secured Party with respect
to the Collateral, or in connection with any insurance policy claim or any condemnation award (or deed in lieu of condemnation),
in contravention of this Agreement shall be segregated and held in trust and promptly transferred to the First Lien Collateral
Agent for the benefit of the First Lien Secured Parties in the same form as received, together with any necessary endorsements,
or as a court of competent jurisdiction may otherwise direct.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
4.03. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>Certain Agreements with
Respect to Unenforceable Liens.</I></B> Notwithstanding anything to the contrary contained herein, if a determination is made
that any Lien encumbering any Collateral is not enforceable for any reason, then the Second Lien Collateral Agent and the Second
Lien Secured Parties agree that, any Distribution, Proceeds or recovery they may receive with respect to, or allocable to, the
value of the assets intended to constitute such Collateral or any Proceeds thereof shall (for so long as the Discharge of First
Lien Obligations has not occurred) be segregated and held in trust and promptly paid over to the First Lien Collateral Agent (to
hold and apply, if and as applicable, in accordance with the terms hereof) in the same form as received, without recourse, representation
or warranty (other than a representation of the Second Lien Collateral Agent that it has not otherwise sold, assigned, transferred
or pledged any right, title or interest in and to such distribution or recovery) but with any necessary endorsements or as a court
of competent jurisdiction may otherwise direct until such time as the Discharge of First Lien Obligations has occurred.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">ARTICLE
V</FONT><BR>
<BR>
Bailment for Perfection of Certain Security Interests</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
5.01. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>Bailment.</I></B> The
Second Lien Collateral Agent agrees that if it shall at any time hold a Lien on any Collateral that can be perfected by the possession
(the &ldquo;Pledged Collateral&rdquo;) or control of such Collateral or of any account in which such Collateral is held, and if
such Collateral or any such account is in fact in the possession or under the control of the Second Lien Collateral Agent, or
of agents or bailees of the Second Lien Collateral Agent (such Collateral being collectively referred to herein as the &ldquo;Pledged
or Controlled Collateral&rdquo;), the Second Lien Collateral Agent shall, solely for the purpose of perfecting the First Priority
Liens granted under the First Lien Financing Documents and subject to the terms and conditions of this Article V and this Agreement,
also hold such Pledged or Controlled Collateral as gratuitous bailee for the First Lien Collateral Agent. In furtherance of the
foregoing, but relating solely to the Project Accounts, each of the First Lien Agents, Second Lien Agents and Borrowers agrees
that (i) until the Second Lien Discharge Date, with respect to the Second Lien Collateral Agent, and until the First Lien Discharge
Date with respect to the First Lien Collateral Agent, the Credit Agreements are intended to provide both the First Lien Collateral
Agent and the Second Lien Collateral Agent with &ldquo;control&rdquo; (within the meaning of Section 8106(d)(2) or Section 9-104(a)
(as applicable) of the UCC) of the Project Accounts and each Borrower&rsquo;s &ldquo;security entitlements&rdquo; (within the
meaning of Section 8102(a)(17) of the UCC) with respect to the Financial Assets credited to the Project Accounts and (ii) it is
such party&rsquo;s intention that the Lien of the Second Lien Collateral Agent in the Project Accounts remain perfected while
allowing the First Lien Collateral Agent to perfect, as of the Closing Date under (and as defined in) the First Lien Credit Agreement,
its Lien in the Project Accounts, and thereafter that the Liens of both the Second Lien Collateral Agent and the First Lien Collateral
Agent in the Project Accounts be and remain perfected.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
5.02. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>Instruction of First
Lien Collateral Agent.</I></B> So long as the Discharge of First Lien Obligations has not occurred, if the First Lien Collateral
Agent intends, pursuant to the terms of this Agreement, to enforce any rights and/or exercise any remedies with respect to the
Pledged Collateral (including any release, Disposition or restrictions with respect thereto), the Second Lien Collateral Agent
shall comply with written instructions delivered to it by the First Lien Collateral Agent in furtherance of any such enforcement
or exercise with respect to the Pledged Collateral, without any consent of the Second Lien Secured Parties.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
5.03. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Obligations of Bailee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(a)
The obligations and responsibilities of the Second Lien Collateral Agent to the First Lien Collateral Agent and the other First
Lien Secured Parties under this Article V shall be limited solely to (i) holding or controlling the Pledged or Controlled Collateral
as gratuitous bailee and (ii) complying with instructions delivered by the First Lien Collateral Agent, in each case in accordance
with this Article V. Without limiting the foregoing, the Second Lien Collateral Agent shall have no obligation or responsibility
to ensure that any Pledged or Controlled Collateral is genuine or owned by any of the Grantors. The Second Lien Collateral Agent
acting pursuant to this Article V shall not, by reason of this Agreement, any other Security Document or any other document, have
a fiduciary relationship in respect of any other Second Lien Secured Party, the First Lien Collateral Agent or any other First
Lien Secured Party.  Upon the Second Lien Discharge Date, the Second Lien Collateral Agent shall transfer the possession and
control of the Pledged or Controlled Collateral (other than the Project Accounts), together with any necessary endorsements but
without recourse, representation or warranty (other than a representation of the Second Lien Collateral Agent that it has not
otherwise sold, assigned, transferred or pledged any right, title or interest in and to such Pledged or Controlled Collateral),
(i)&nbsp;if the First Lien Obligations are outstanding at such time, to the First Lien Collateral Agent, or (ii)&nbsp;if the Discharge
of First Lien Obligations has occurred, to the applicable Grantor, in each case so as to allow such person to obtain possession
and control of such Pledged or Controlled Collateral.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">ARTICLE
VI</FONT><BR>
<BR>
Insolvency or Liquidation Proceedings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
6.01. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>DIP Financing; Adequate Protection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(a)
Until the Discharge of First Lien Obligations, if an Insolvency or Liquidation Proceeding has commenced, the Second Lien Agent
agrees, for itself and on behalf of the other Second Lien Secured Parties, that no Second Lien Secured Party will, directly or
indirectly, contest, protest, or object to, and each Second Lien Secured Party will be deemed to have consented to, and hereby
consents in advance to, (i) any use, sale, or lease of &ldquo;cash collateral&rdquo; (as defined in section 363(a) of the Bankruptcy
Code), and (ii) any Borrower or any other Grantor obtaining DIP Financing if any First Lien Agent consents to such use, sale, or
lease, or DIP Financing; <I>provided</I> that (A) in the case of a DIP Financing, the Second Lien Collateral Agent is not required,
as a condition to such DIP Financing, to release any Second Priority Lien as the same may exist at the time of such DIP Financing,
(B) any Second Lien Secured Party may seek adequate protection as permitted by Section 6.01(b), (C) any Second Lien Secured Party
may object to the amount of any DIP Financing if, after taking into account the principal amount of such DIP Financing (after giving
effect to any Refinancing or &ldquo;roll-up&rdquo; of First Lien Obligations) on any date, the sum of the then outstanding principal
amount of any First Lien Obligations and the then outstanding principal amount of any DIP Financing would exceed the Maximum First
Lien Principal Amount, plus $5,000,000, and (D) in the case of a DIP Financing, the Liens securing such DIP Financing are pari
passu with, or superior in priority to, the then outstanding First Lien Obligations and the First Priority Liens, respectively.
Second Lien Agent further agrees, for itself and on behalf of the other Second Lien Secured Parties: (1) that adequate notice to
the Second Lien Secured Parties for such DIP Financing or use of cash collateral shall be deemed to have been given to the Second
Lien Secured Parties if any Second Lien Agent receives notice in advance of the hearing to approve such DIP Financing or use of
cash collateral on an interim basis and at least five (5) Business Days in advance of the hearing to approve such DIP Financing
or use of cash collateral on a final basis, (2) that such DIP Financing may, and any First Lien Obligations will, be secured by
Liens on all or a part of the assets of the Borrowers or any other Grantor that shall be superior in priority to the Liens on the
assets of such Grantor held by any other Person, (3) to subordinate (and will be deemed hereunder to have subordinated) the Second
Priority Liens (x) to the Liens securing such DIP Financing (the &ldquo;<B><I>DIP Liens</I></B>&rdquo;) on the same terms as the
Second Priority Liens are subordinated to the First Priority Liens (and such subordination to the DIP Liens will not alter in any
manner the terms of this Agreement), (y) to any &ldquo;replacement Liens&rdquo; or Liens on additional collateral granted to the
First Lien Secured Parties as adequate protection of their interests in the Collateral, which Liens shall be junior in priority
to the DIP Liens, but senior in priority to the First Priority Liens (the &ldquo;<B><I>Senior Adequate Protection Liens</I></B>&rdquo;)
and (z) to any &ldquo;carve-out&rdquo; agreed to by any First Lien Agent or any other First Lien Secured Party and (4) that any
customary &ldquo;carve-out&rdquo; or other similar administrative priority expense or claim consented to in writing by any First
Lien Agent (or granted pursuant to any order in any Insolvency or Liquidation Proceeding as to which the First Lien Agents did
not object) to be paid prior to the Discharge of First Lien Obligations will be deemed for purposes of <U>Section 6.2</U> to be
a use of cash collateral. No Second Lien Secured Party shall, directly or indirectly, provide or propose, or support any other
Person in providing or proposing, DIP Financing to any Grantor, unless (aa) none of the First Lien Lenders provides or proposes
to provide any DIP Financing to any Grantor and (bb) any DIP Financing provided or proposed by any Second Lien Lender (x) would
not be secured by Liens equal or senior in priority to the First Priority Liens or afford the lenders thereunder a claim that is
equal or senior in priority to any adequate protection claims of the First Lien Secured Parties in respect of their interests in
the Collateral, (y) does not include any provisions requiring the sale of any Collateral pursuant to section 363 of the Bankruptcy
Code or dictating the terms of a plan of reorganization or similar dispositive restructuring plan and (z) does not contain any
other provision that is inconsistent with the terms of this Agreement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 94.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(b)
Until the Discharge of First Lien Obligations, the Second Lien Agent agrees, for itself and on behalf of the other Second Lien
Secured Parties, that no Second Lien Secured Party shall, directly or indirectly, contest, or support any other person in contesting,
(i)&nbsp;any request by the First Lien Collateral Agent or any other First Lien Secured Party for adequate protection in any form,
(ii)&nbsp;any objection, based on a claim of a lack of adequate protection, by the First Lien Collateral Agent or any other First
Lien Secured Party to any motion, relief, action or proceeding or (iii) any request by the First Lien Agent for relief from any
stay or other relief based upon a lack of adequate protection or any other reason. Notwithstanding Section 6.01(a), in an Insolvency
or Liquidation Proceeding: (A) except as permitted in this Section 6.01(b), no Second Lien Secured Party may seek or request adequate
protection, including payments in cash, or relief from the automatic stay imposed by section 362 of the Bankruptcy Code, (B) if
a First Lien Secured Party is granted Senior Adequate Protection Liens, then any Second Lien Agent may seek or request the allowance
(but not the payment) of adequate protection in the form of a Lien on the Collateral subject to the Senior Adequate Protection
Liens (the &ldquo;<B><I>Junior Adequate Protection Liens</I></B>&rdquo;), which Junior Adequate Protection Liens will be subordinated
to (and no such subordination will alter in any manner the terms of this Agreement): (w) the DIP Liens on the same terms (but on
a basis junior to the First Priority Liens) as the First Priority Liens are subordinated to the DIP Liens; (x) the Senior Adequate
Protection Liens on the same basis as the Second Priority Liens are subordinated to the First Priority Liens under this Agreement;
(y) the First Priority Liens on the same basis as the Second Priority Liens are subordinated to the First Priority Liens under
this Agreement and (z) any &ldquo;carve-out&rdquo; or other similar administrative priority expense or claim agreed to by any First
Lien Agent or any other First Lien Secured Party; <I>provided</I> that any failure of the Second Lien Secured Parties to obtain
such Junior Adequate Protection Liens shall not impair or otherwise affect the agreements, undertakings and consents of the Second
Lien Secured Parties hereunder; and (C) if a First Lien Secured Party is granted adequate protection in the form of a claim under
section 507(b) of the Bankruptcy Code, then the Second Lien Agent may seek or request adequate protection in the form of a subordinate
claim under section 507(b) of the Bankruptcy Code. Any claim by a Second Lien Secured Party under section 507(b) of the Bankruptcy
Code will be subordinate in right of payment to any claim of the First Lien Secured Parties (and the lenders under any DIP Financing)
under section 507(b) of the Bankruptcy Code and any payment thereof will be deemed to be Proceeds of Collateral and the Second
Lien Secured Parties hereby waive their rights under section 1129(a)(9) of the Bankruptcy Code and consent and agree that such
section 507(b) claims may be paid under a plan of reorganization in any form having a value on the effective date of such plan
equal to the allowed amount of such claims. Except as expressly set forth above, the Second Lien Secured Parties shall not seek
or request adequate protection in any Insolvency or Liquidation Proceeding, and the First Lien Secured Parties may oppose any adequate
protection proposed to be made by any Grantor to the Second Lien Secured Parties. Furthermore, in the event that any Second Lien
Secured Party actually receives any payment of (or through) adequate protection in any Insolvency or Liquidation Proceeding (including
any payment in respect of a claim granted under section 5.07(b) of the Bankruptcy Code), the same shall be segregated and held
in trust and promptly paid over to the First Lien Collateral Agent, for the benefit of the First Lien Secured Parties, in the same
form as received, with any necessary endorsements, and each Second Lien Secured Party hereby authorizes the First Lien Collateral
Agent to make any such endorsements as agent for the Second Lien Agent (which authorization, being coupled with an interest, is
irrevocable) to be held or applied by the First Lien Collateral Agent in accordance with the terms of the First Lien Financing
Documents until the Discharge of First Lien Obligations shall have occurred before any of the same may be retained by one or more
of the Second Lien Secured Parties. Each Second Lien Secured Party irrevocably authorizes, empowers and directs any debtor, debtor
in possession, receiver, trustee, liquidator, custodian, conservator or other Person having authority to pay or otherwise deliver
all such payments to the First Lien Collateral Agent.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 94.5pt; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
6.02. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>Relief from the Automatic
Stay.</I></B> The Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, agrees that,
so long as the Discharge of First Lien Obligations has not occurred, no Second Lien Secured Party shall, without the prior written
consent of the First Lien Collateral Agent, seek or request relief from or modification of, or oppose any motion made by the First
Lien Collateral Agent or any other First Lien Secured Party seeking or requesting relief from or modification of, the automatic
stay or any other stay in any Insolvency or Liquidation Proceeding in respect of any part of the Collateral, any Proceeds thereof
or any Second Priority Lien. &#9;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
6.03. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></FONT><B>&nbsp; </B><B>Reorganization Securities.
</B>Nothing in this Agreement prohibits or limits the right of a Second Lien Secured Party to receive and retain (a) any debt
or equity securities that are issued by a Grantor pursuant to a plan of reorganization or similar dispositive restructuring plan
in connection with an Insolvency or Liquidation Proceeding; <I>provided</I> that any debt or equity securities received prior
to the Discharge of First Lien Obligations by a Second Lien Secured Party on account of a Second Lien Obligation that constitutes
a distribution from or in respect of the value of Collateral, whether such distribution is made in respect of a &ldquo;secured
claim&rdquo; within the meaning of section 506(b) of the Bankruptcy Code (except as provided below) or (except as provided below)
otherwise, will be paid over or otherwise transferred to the First Lien Agents for the benefit of the First Lien Secured Parties,
unless such distribution is made under a plan that is consented to by the affirmative vote of all classes composed of the secured
claims of the First Lien Secured Parties (and such classes do not include the claims of any creditors other than First Lien Secured
Parties), or (b) any Distribution received by such Second Lien Secured Party pursuant to a plan of reorganization or similar dispositive
restructuring plan in connection with an Insolvency or Liquidation Proceeding in respect of any claim classified under such plan
as an unsecured claim in accordance with section 506(a)(1) of the Bankruptcy Code.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
6.04. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Post-Petition Interest.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(a)
The Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, agrees that no Second Lien
Secured Party shall oppose or seek to challenge any claim by the First Lien Collateral Agent or any other First Lien Secured Party
for allowance or payment in any Insolvency or Liquidation Proceeding of First Lien Obligations consisting of post-petition interest,
fees or expenses to the extent of the value of the First Priority Liens (it being understood and agreed that such value shall be
determined without regard to the existence of the Second Priority Liens on the Collateral).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(b)
The First Lien Collateral Agent, for itself and on behalf of the other First Lien Secured Parties, agrees that no First Lien Secured
Party shall oppose or seek to challenge any claim by the Second Lien Collateral Agent or any other Second Lien Secured Party for
allowance (but not payment) in any Insolvency or Liquidation Proceeding of Second Lien Obligations consisting of post-petition
interest, fees or expenses to the extent of the value of the Second Priority Liens (it being understood and agreed that such value
shall be determined taking into account the First Priority Liens on the Collateral).</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
6.05. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>Certain Waivers by the
Second Lien Secured Parties.</I></B> The Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured
Parties, waives any claim any Second Lien Secured Party may hereafter have against any First Lien Secured Party arising out of
(a)&nbsp;the election by any First Lien Secured Party of the application of section&nbsp;1111(b)(2) of the Bankruptcy Code, or
any comparable provision of any other Bankruptcy Law, or (b)&nbsp;any use of cash collateral or financing arrangement, or any
grant of a security interest in the Collateral, in any Insolvency or Liquidation Proceeding.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
6.06. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Voting Matters.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(a)
The Second Lien Collateral Agent on behalf of the Second Lien Secured Parties, agrees that no Second Lien Secured Party shall propose,
support or vote in favor of any plan of reorganization with respect to any Grantor that provides for treatment of the First Lien
Secured Parties, the First Lien Obligations, the Second Lien Secured Parties or the Second Lien Obligations in a manner, or that
is otherwise, inconsistent with this Agreement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 94.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(b)
Each of the First Lien Collateral Agent, on behalf of the First Lien Secured Parties and the Second Lien Collateral Agent on behalf
of the Second Lien Secured Parties, agrees that, without the written consent of the other, it will not seek to vote with the other
as a single class in connection with any plan of reorganization in any Insolvency or Liquidation Proceeding.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(c)
Except as provided in this Section&nbsp;6.06, nothing in this Agreement is intended, or shall be construed, to limit the ability
of any First Lien Secured Party or any Second Lien Secured Party to vote on any plan of reorganization.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
6.07. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>363 Sales.</I></B> Notwithstanding
anything to the contrary contained herein, the Second Lien Secured Parties will not, directly or indirectly, contest, protest,
or object, and will be deemed to have consented pursuant to section 363(f) of the Bankruptcy Code, to a Disposition of Collateral,
or the process or procedures for obtaining bids for and effecting a Disposition of Collateral (including the right of the First
Lien Secured Parties to credit bid and the retention by the Borrowers of professionals in connection with any potential Disposition),
or any motion or order in connection with any such Disposition, process or procedures, under section 363 of the Bankruptcy Code
(or any other provision of the Bankruptcy Code or applicable Bankruptcy Law), if any First Lien Agent consents to such Disposition,
such process or procedures or such motion or order; <I>provided</I> that (a) either (i) pursuant to court order, the Second Priority
Liens attach to the net Proceeds of the Disposition with the same priority and validity as the Second Priority Liens on such Collateral,
and the Second Priority Liens remain subject to the terms of this Agreement, or (ii) the net Proceeds of a Disposition of Collateral
received by First Lien Collateral Agent in excess of those necessary to achieve the Discharge of First Lien Obligations are distributed
in accordance with the Second Lien Credit Agreement, UCC and applicable law, and (b) the net cash Proceeds of any Disposition
under section 363(b) of the Bankruptcy Code are applied to any DIP Financing or to the First Lien Obligations or are set aside
for a wind-down, liquidation or similar fund. Notwithstanding the foregoing, the Second Lien Agent, on behalf of itself and the
other Second Lien Secured Parties, may raise any objections to any such Disposition that could be raised by any creditor of the
Obligors whose claims were not secured by any Liens on such Collateral, provided such objections are not inconsistent with any
other term or provision of this Agreement and are not based on the status of the Second Lien Agent or the Second Lien Secured
Parties as secured creditors (without limiting the foregoing, neither the Second Lien Agent nor the Second Lien Secured Parties
may raise any objections based on rights afforded by sections 363(e) and (f) of the Bankruptcy Code to secured creditors (or by
any comparable provision of any Bankruptcy Law)) with respect to the Liens granted to the Second Lien Agent.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">ARTICLE
VII</FONT><BR>
<BR>
Other Agreements</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
7.01. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Matters Relating to Loan Documents.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(a)
The First Lien Secured Parties may (i) amend, restate, supplement or otherwise modify the First Lien Financing Documents at any
time and/or (ii) Refinance the First Lien Obligations with Permitted Refinancing Indebtedness, in each case without the consent
of any Second Lien Secured Party (but with notice to the Second Lien Collateral Agent at least five (5) days prior to the consummation
of any such modification or Refinancing); <I>provided</I>, <I>however</I>, that, without the consent of the Second Lien Required
Lenders, no such amendment, restatement, supplement, modification and/or Refinancing with Permitted Refinancing Indebtedness shall
(1) result in the sum of (A) the aggregate principal amount of Indebtedness outstanding under the First Lien Financing Documents
(as so amended, restated, amended and restated, supplemented, modified and/or Refinanced) plus (B) the undrawn portion of any commitments
to loan or extend credit under the First Lien Financing Documents (as so amended, restated, amended and restated, supplemented,
modified and/or Refinanced) exceeding the Maximum First Lien Principal Amount; (2)&nbsp;increase the interest rate margin or similar
component of the interest rate under the First Lien Financing Documents by more than 200 basis points (excluding increases resulting
from the accrual of interest at the default rate provided in the First Lien Credit Agreement in effect as of the date hereof);
(3) shorten the maturity or weighted average life to maturity of the First Lien Obligations, except with respect to an amendment,
restatement, supplement, modification and/or Refinancing consummated in connection with or as a result of an event of default under
the applicable First Lien Financing Document; (4) extend the scheduled maturity date of any Indebtedness under the First Lien Credit
Agreement or any Refinancing thereof beyond the latest scheduled maturity of the Indebtedness under the Second Lien Credit Agreement;
or (5) otherwise be in contravention of this Agreement or the First Lien Credit Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(b)
The Second Lien Secured Parties may amend, restate, supplement or otherwise modify the Second Lien Financing Documents at any time,
in each case without the consent of any First Lien Secured Party (but with notice to the First Lien Collateral Agent at least five
(5) days prior to the consummation of any such modification); <I>provided</I>, <I>however</I>, that, without the consent of the
First Lien Required Lenders, no such amendment, restatement, supplement, modification shall (1) result in the aggregate principal
amount of Indebtedness outstanding, plus the amount of any commitment to make loans or extend credit, under the Second Lien Financing
Documents (as so amended, restated, amended and restated, supplemented and/or modified) exceeding the sum of (y) the aggregate
principal amount of Indebtedness outstanding, plus the amount of any commitment to make loans or extend credit, under the Second
Lien Financing Documents as of the date hereof, plus (z)&nbsp;$5,000,000; <I>provided</I>, that such increase in the aggregate
principal amount shall be subordinated on the same terms as the Indebtedness outstanding under the Second Lien Financing Document
as of the date hereof; (2)&nbsp;increase the interest rate margin or similar component of the interest rate under the Second Lien
Financing Documents (excluding increases resulting from the accrual of interest at the default rate provided in the Second Lien
Credit Agreement) provided in the Second Lien Credit Agreement; <I>provided</I>,<I> however</I>,<I> </I>that the interest rate
margin (as such term is defined in the Second Lien Credit Agreement) may be increased by no more than 200 basis points (excluding
increases resulting from the accrual of interest at the default rate provided in the Second Lien Credit Agreement in effect as
of the date hereof); (3) shorten the maturity or weighted average life to maturity of the Second Lien Obligations; (4) change the
prepayment or defeasance provisions in a manner adverse to the First Lien Secured Parties; (5) add or modify covenants or events
of defaults in a manner adverse to the First Lien Secured Parties in any material respect, except to the extent the same additions
or modifications are made to the applicable terms of the applicable First Lien Credit Document; (6) add to the Second Lien Collateral,
other than as specifically provided herein; (7) amend any of Sections 8.03(b), 8.09(b), 8.10(b), 8.12, 8.16(b), 8.18(a), 8.18(b),
10.01(d) or 10.01(f) of the Second Lien Credit Agreement or (8) otherwise be in contravention of this Agreement or the First Lien
Credit Agreement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 94.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(c)
In the event that the First Lien Collateral Agent or the other First Lien Secured Parties and the relevant Grantor enter into any
amendment, restatement, supplement, modification, waiver and/or consent in respect of any of the First Lien Security Documents
(other than this Agreement), then such amendment, restatement, supplement, modification, waiver and/or consent shall apply automatically
to any comparable provisions of the applicable Comparable Second Lien Security Document, in each case, without the consent of any
Second Lien Secured Party and without any action by the Second Lien Collateral Agent, any Borrower or any other Grantor; <I>provided</I>,
that (i)&nbsp;no such amendment, restatement, supplement, modification, waiver and/or consent shall amend, modify or otherwise
affect (y) the rights or duties of any Second Lien Agent without its prior written consent or (z) the rights or obligations of
any Second Lien Lender if such Second Lien Lender has the right to consent to any such amendment, restatement, supplement, modification,
waiver or consent pursuant to Section 11.01 of the Second Lien Credit Agreement (as such agreement is in effect as of the date
hereof, as it may be amended in accordance with the terms hereof) and has not so consented; and (ii)&nbsp;notice of such amendment,
restatement, supplement, modification, waiver and/or consent shall have been given to the Second Lien Agents no later than the
tenth (10<SUP>th</SUP>) Business Day following the effective date of such amendment, restatement, supplement, modification, waiver
and/or consent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(d)
Each of the Borrowers, First Lien Agents and Second Lien Agents hereby acknowledge and agree that:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(i) </FONT> each Second Lien Security Document covering any Second Lien Collateral (other than this Agreement) shall:</P>



<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-align: justify; text-indent: 0in">(A)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>as of the date hereof, be qualified in its entirety (including provisions regarding the priority of the Second Priority
Liens; the exercise of rights and remedies in and to, and release and disposal of, Second Lien Collateral and the application of
any and all proceeds of any such exercise, release or disposal), by the terms and conditions set forth herein as if each of the
same had been amended to contain a provision to such effect; and</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-align: justify; text-indent: 0in">(B)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>be amended upon the reasonable request of the First Lien Collateral Agent to reflect the subordination, pursuant to this
Agreement, of the security interest evidenced thereby to the security interest in favor of the First Lien Collateral Agent in such
Collateral;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(ii) </FONT>this Agreement shall be a &ldquo;Security Document&rdquo; under and for purposes of the First Lien Credit Agreement and the Second Lien Credit Agreement, including, for the avoidance of doubt, for the purpose of entitling the First Lien Agents and the Second Lien Agents to the rights, privileges, protections, immunities, benefits and indemnities provided such Persons, acting in such capacities, in the applicable Credit Agreement.</P>



<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(e)
Each of the First Lien Collateral Agent, for itself and on behalf of the other First Lien Secured Parties, and the Second Lien
Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, agree that:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(i) </FONT>the Collateral Agents will deliver instructions (including a Notice of Suspension) to the Accounts Bank only if and to the extent such Collateral Agent, as the case may be, is permitted to so instruct the Accounts Bank in accordance with the terms of this Agreement; and</P>



<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(ii) </FONT>upon the resignation of the Accounts Bank pursuant to the terms of the Credit Agreements, pursuant to Section 10.06 a successor Accounts Bank will be appointed to act in such capacity under both Credit Agreements by Required Lenders of the Revolving Loan Class, the Required Lenders of the Tranche A-1 Term Loan Class (as each such term is defined in the Second Lien Credit Agreement) and the First Lien Required Lenders.</P>



<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
7.02. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>Effect of Refinancing
of First Lien Obligations</I></B>. If, substantially contemporaneously with the Discharge of First Lien Obligations, the Borrower
Refinances Indebtedness outstanding under the First Lien Financing Documents and provided that (a)&nbsp;such Refinancing is effected
with Permitted Refinancing Indebtedness and (b)&nbsp;the Borrower gives to the Second Lien Collateral Agent, at least ten (10)
days prior to such Refinancing, written notice (the &ldquo;<B><I>Refinancing Notice</I></B>&rdquo;) electing the application of
the provisions of this Section&nbsp;7.02 to such Refinancing Indebtedness, then (i)&nbsp;such Discharge of First Lien Obligations
shall automatically be deemed not to have occurred for all purposes of this Agreement, (ii)&nbsp;such Refinanced Indebtedness
and all other obligations under the loan documents evidencing such Indebtedness (the &ldquo;<B><I>New First Lien Obligations</I></B>&rdquo;)
shall automatically be treated as First Lien Obligations for all purposes of this Agreement, including for purposes of the Lien
and payment priorities and rights in respect of Collateral set forth herein, (iii)&nbsp;the credit agreement and the other loan
documents evidencing such Refinanced Indebtedness (the &ldquo;<B><I>New First Lien Transaction Documents</I></B>&rdquo;) shall
automatically be treated as the First Lien Credit Agreement and the First Lien Financing Documents and, in the case of New First
Lien Transaction Documents that are security documents, as the First Lien Security Documents for all purposes of this Agreement
and (iv)&nbsp;the collateral agent under the New First Lien Transaction Documents (the &ldquo;<B><I>New First Lien Collateral
Agent</I></B>&rdquo;) shall be deemed to be the First Lien Collateral Agent for all purposes of this Agreement. Upon receipt of
a Refinancing Notice, which notice shall include the identity of the New First Lien Collateral Agent, the Second Lien Collateral
Agent shall promptly enter into such documents and agreements (including amendments or supplements to this Agreement) as the Borrowers&rsquo;
Agent or such New First Lien Collateral Agent may reasonably request in order to provide to the New First Lien Collateral Agent
the rights and powers contemplated hereby, in each case consistent in all material respects with the terms of this Agreement.
The Borrowers&rsquo; Agent shall cause the agreement, document or instrument pursuant to which the New First Lien Collateral Agent
is appointed to provide that the New First Lien Collateral Agent agrees to be bound by the terms of this Agreement. For the sake
of clarity, should any Refinancing not be effected with Permitted Refinancing Indebtedness, this Agreement shall no longer be
effective as to the New First Lien Obligations and/or the New First Lien Transaction Documents and the parties to such Refinancing
shall negotiate a new Intercreditor agreement with respect to such Refinancing.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
7.03. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>No Waiver by First Lien
Secured Parties.</I></B> Other than with respect to the Second Lien Permitted Actions and except as provided in Sections 6.01(b),
6.04(b) and 7.01(b), nothing contained herein shall prohibit or in any way limit the First Lien Collateral Agent or any other
First Lien Secured Party from opposing, challenging or objecting to, in any Insolvency or Liquidation Proceeding or otherwise,
any action taken, or any claim made, by the Second Lien Collateral Agent or any other Second Lien Secured Party, including any
request by the Second Lien Collateral Agent or any other Second Lien Secured Party for adequate protection or any exercise by
the Second Lien Collateral Agent or any other Second Lien Secured Party of any of its rights and remedies under the Second Lien
Transaction Documents or otherwise.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
7.04. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>Reinstatement.</I></B>
The First Lien Obligations shall continue to be treated as First Lien Obligations and the provisions of this Agreement shall continue
to govern the relative rights and priorities of the First Lien Secured Parties and the Second Lien Secured Parties until the Discharge
of First Lien Obligations has occurred, even if all or part of the First Lien Obligations or the First Priority Liens are subordinated,
set aside, avoided, invalidated or disallowed in connection with any Insolvency or Liquidation Proceeding, and this Agreement
shall be reinstated if at any time any payment of the First Lien Obligations is rescinded or must otherwise be returned by any
First Lien Secured Party.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
7.05. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>Further Assurances.
</I></B>Each of the First Lien Collateral Agent, for itself and on behalf of the other First Lien Secured Parties, and the Second
Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, and each Grantor, for itself and on
behalf of its subsidiaries, if any, agrees that it will execute, or will cause to be executed, any and all further documents,
agreements and instruments, and take all such further actions, as may be required under any applicable law, or which the First
Lien Collateral Agent or the Second Lien Collateral Agent may reasonably request, to effectuate the terms of this Agreement, including
the relative Lien and payment priorities provided for herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">ARTICLE
VIII</FONT><BR>
<BR>
Representations and Warranties</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
8.01. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>Representations and
Warranties of Each Party.</I></B> Each party hereto represents and warrants to the other parties hereto as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(a)
Such party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and
has all requisite power and authority to execute and deliver this Agreement and perform its obligations hereunder.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(b)
This Agreement has been duly executed and delivered by such party and constitutes a legal, valid and binding obligation of such
party, enforceable in accordance with its terms.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">ARTICLE
IX</FONT><BR>
<BR>
No Reliance; No Liability; Obligations Absolute</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
9.01. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>No Reliance; Information.
</I></B>Each of the Collateral Agents, for itself and on behalf of the respective other Secured Parties, acknowledges that (a)&nbsp;each
of the respective Secured Parties have, independently and without reliance upon any of the First Lien Administrative Agent, the
Second Lien Administrative Agent, First Lien Secured Party, Second Lien Secured Party, First Lien Collateral Agent or Second Lien
Collateral Agent, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision
to enter into the Loan Documents to which they are party and (b)&nbsp;the respective Secured Parties will, independently and without
reliance upon any of the First Lien Administrative Agent, the Second Lien Administrative Agent, First Lien Secured Party, Second
Lien Secured Party, First Lien Collateral Agent or Second Lien Collateral Agent, and based on such documents and information as
they shall from time to time deem appropriate, continue to make their own credit decision in taking or not taking any action under
this Agreement or any other Loan Document to which they are party. The First Lien Secured Parties and the Second Lien Secured
Parties shall have no duty to disclose to any Second Lien Secured Party or to any First Lien Secured Party, respectively, any
information relating to any Borrower, any other Grantor or any of their respective subsidiaries, if any, or any other circumstance
bearing upon the risk of nonpayment of the First Lien Obligations or the Second Lien Obligations, as the case may be, that is
known or becomes known to any of them or any of their Affiliates. In the event any First Lien Secured Party or any Second Lien
Secured Party, in its sole discretion, undertakes at any time or from time to time to provide any such information to, respectively,
any Second Lien Secured Party or any First Lien Secured Party, it shall be under no obligation (i)&nbsp;to make, and shall not
make or be deemed to have made, any express or implied representation or warranty, including with respect to the accuracy, completeness,
truthfulness or validity of the information so provided, (ii)&nbsp;to provide any additional information or to provide any such
information on any subsequent occasion or (iii)&nbsp;to undertake any investigation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
9.02. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>No Warranties or Liability.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(a)
The First Lien Collateral Agent, for itself and on behalf of the other First Lien Secured Parties, acknowledges and agrees that,
except for the representations and warranties set forth in Article&nbsp;VIII, neither the Second Lien Collateral Agent nor any
other Second Lien Secured Party has made any express or implied representation or warranty, including with respect to the execution,
validity, legality, completeness, collectability or enforceability of any of the Second Lien Transaction Documents, the ownership
of any Collateral or the perfection or priority of any Liens thereon. The Second Lien Collateral Agent, for itself and on behalf
of the other Second Lien Secured Parties, acknowledges and agrees that, except for the representations and warranties set forth
in Article&nbsp;VIII, neither the First Lien Collateral Agent nor any other First Lien Secured Party has made any express or implied
representation or warranty, including with respect to the execution, validity, legality, completeness, collectability or enforceability
of any of the First Lien Transaction Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(b)
The Second Lien Collateral Agent and the other Second Lien Secured Parties shall have no express or implied duty to the First Lien
Collateral Agent or any other First Lien Secured Party, and the First Lien Collateral Agent and the other First Lien Secured Parties
shall have no express or implied duty to the Second Lien Collateral Agent or any other Second Lien Secured Party, to act or refrain
from acting in a manner which allows, or results in, the occurrence or continuance of a default or an event of default under any
First Lien Transaction Document and any Second Lien Transaction Document (other than, in each case, this Agreement), regardless
of any knowledge thereof which they may have or be charged with.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(c)
The Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, agrees no First Lien Secured
Party shall have any liability to the Second Lien Collateral Agent or any other Second Lien Secured Party, and hereby waives any
claim against any First Lien Secured Party, arising out of any and all actions which the First Lien Collateral Agent or the other
First Lien Secured Parties may take or permit or omit to take with respect to (i)&nbsp;the First Lien Transaction Documents (other
than this Agreement), (ii)&nbsp;the collection of the First Lien Obligations or (iii)&nbsp;the maintenance of, the preservation
of or, subject to the terms hereof, the foreclosure upon or the Disposition of, any Collateral.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 94.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
9.03. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>Obligations Absolute.
</I></B>The Lien and payment priorities provided for herein and the respective rights, interests, agreements and obligations hereunder
of the First Lien Collateral Agent and the other First Lien Secured Parties and the Second Lien Collateral Agent and the other
Second Lien Secured Parties shall remain in full force and effect irrespective of:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(a)
any lack of validity or enforceability of any Loan Document;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(b)
any change in the time, place or manner of payment of, or in any other term of (including, subject to Sections 7.01(a) and 7.02,
the Refinancing of), all or any portion of the First Lien Obligations, it being specifically acknowledged that a portion of the
First Lien Obligations consists or may consist of Indebtedness that is revolving in nature, and the amount thereof that may be
outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(c)
any change in the time, place or manner of payment of, or, subject to the limitations set forth in Section&nbsp;7.01(a), in any
other term of, all or any portion of the First Lien Obligations;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(d)
any amendment, waiver or other modification, whether by course of conduct or otherwise, of any Loan Document;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(e)
the securing of any First Lien Obligations or Second Lien Obligations with any additional collateral or guarantees, or any exchange,
release, voiding, avoidance or non-perfection of any security interest in any Collateral or any other collateral or any release
of any guarantee securing any First Lien Obligations or Second Lien Obligations; or</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(f)
any other circumstances that otherwise might constitute a defense available to, or a discharge of any Borrower, any other Grantor
or any other loan party in respect of the First Lien Obligations or this Agreement, or any of the First Lien Secured Parties or
Second Lien Secured Parties, in each case in respect of this Agreement.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">ARTICLE
X</FONT><BR>
<BR></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Miscellaneous</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
10.01. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></FONT>Notices.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(a)
Notices and other communications provided for herein shall be in writing and shall be delivered as follows:</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 94.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)
</FONT>if to any Borrower or any other Grantor, to the Borrowers&rsquo; Agent at 400 Capitol Mall, Suite 2060, Sacramento, CA
95814, Attn: Bryon T. McGregor, CFO, (916) 403-2710 (phone), 916.446.3937 (fax), <U>bmcgregor@pacificethanol.net</U> (email) and
Christopher W. Wright, GC, (916) 403-2130 (phone), 916.403-2785 (fax), <U>cwright@pacificethanol.net</U> (email);</P>



<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)
</FONT>if to any First Lien Agent, before November 5, 2012, to Wells Fargo Bank, N.A., 45 Broadway, 14<SUP>th</SUP> Floor, New
York, New York 10006, Attn: Michael Pinzon, CMES-Pacific Ethanol, phone: (212) 515-5264, fax: 212-515-1576, email: <U>Michael.D.Pinzon@wellsfargo.com
</U>and <U>hui.chen@wellsfargo.com</U> (Helen Chen), but as of November 5, 2012, to Wells Fargo Bank, N.A., 150 East 42nd Street,
40th Floor, New York, New York 10017, Attention: Michael Pinzon, CMES-Pacific Ethanol, phone: (917) 260-1537, fax: (917) 260-1594,
email: <U>Michael.D.Pinzon@wellsfargo.com</U> and <U>hui.chen@wellsfargo.com</U> (Helen Chen); and</P>



<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 66pt; text-indent: 22pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>(iii)
if to any Second Lien Agent, before November 5, 2012, to Wells Fargo Bank, N.A., 45 Broadway, 14<SUP>th</SUP> Floor, New York,
New York 10006, Attn: Michael Pinzon, CMES-Pacific Ethanol, phone: (212) 515-5264, fax: 212-515-1576, email: <U>Michael.D.Pinzon@wellsfargo.com
</U>and <U>hui.chen@wellsfargo.com</U> (Helen Chen), but as of November 5, 2012, to Wells Fargo Bank, N.A., 150 East 42nd Street,
40th Floor, New York, New York 10017, Attention: Michael Pinzon, CMES-Pacific Ethanol, phone: (917) 260-1537, fax: (917) 260-1594,
email: <U>Michael.D.Pinzon@wellsfargo.com</U> and <U>hui.chen@wellsfargo.com</U> (Helen Chen).</P>



<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(b)
Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given
when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal
business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the
recipient). Notices delivered through electronic communications to the extent provided in <U>Section 10.01(c)</U> shall be effective
as provided in <U>Section 10.01(c)</U>. Any notice sent to the Borrowers&rsquo; Agent shall be deemed to have been given to all
Borrowers.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(c)
Unless any of the First Lien Agents or Second Lien Agents otherwise prescribes, (i) notices and other communications sent to an
e-mail address shall be deemed received upon the sender&rsquo;s receipt of an acknowledgement from the intended recipient (such
as by the &ldquo;<I>return receipt requested</I>&rdquo; function, as available, return e-mail or other written acknowledgement);
<I>provided</I> that if such notice or other communication is not received during the normal business hours of the recipient, such
notice or communication shall be deemed to have been received at the opening of business on the next Business Day for the recipient.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
10.02. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></FONT><B><I>Conflicts.</I></B> In the event of any conflict
or inconsistency between the provisions of this Agreement and the provisions of the other Loan Documents, the provisions of this
Agreement shall control.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
10.03. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></FONT><B><I>Survival.</I></B> All covenants, agreements,
representations and warranties made by any party in this Agreement shall be considered to have been relied upon by the other parties
hereto and shall survive the execution and delivery of this Agreement. The terms of this Agreement shall survive, and shall continue
in full force and effect, in any Insolvency or Liquidation Proceeding. The First Lien Collateral Agent, for itself and on behalf
of the other First Lien Secured Parties, hereby waives any and all rights the First Lien Secured Parties may now or hereafter
have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The Second Lien Collateral Agent,
for itself and on behalf of the other Second Lien Secured Parties, hereby waives any and all rights the Second Lien Secured Parties
may now or hereafter have under applicable law to revoke this Agreement or any of the provisions of this Agreement.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
10.04. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></FONT><B><I>Severability.</I></B> In the event any one
or more of the provisions contained in this Agreement, or their application to any one Lender, should be held invalid, illegal
or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions contained herein,
and their application to the remaining Lenders, shall not in any way be affected or impaired thereby. The parties shall endeavor
in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
10.05. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></FONT>Amendments; Waivers.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(a)
No failure or delay on the part of any party hereto in exercising any power or right hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such
a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies
of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver
of any provision of this Agreement or consent to any departure by any party therefrom shall in any event be effective unless the
same shall be permitted by paragraph&nbsp;(b) of this Section&nbsp;10.05, and then such waiver or consent shall be effective only
in the specific instance and for the purpose for which given.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1in">(b)
Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements
in writing entered into by the First Lien Collateral Agent and the Second Lien Collateral Agent and no consent of any Grantor shall
be required in connection with any amendment, restatement, supplement or other modification of this Agreement; <I>provided</I>
that no such agreement shall amend, modify or otherwise affect the rights or obligations of any Grantor without such Person&rsquo;s
prior written consent.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
10.06. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></FONT><B><I>Transfers.</I></B> The First Lien Collateral
Agent, for itself and on behalf of the other First Lien Secured Parties, agrees not to assign, transfer, pledge or grant a security
interest in all or any part of the First Lien Obligations unless (a) such assignment, transfer, pledge or grant is made expressly
subject to the terms of this Agreement, and (b) the applicable assignee, transferee, pledgee or grantee expressly agrees in writing
to be bound by this Agreement and assume the applicable First Lien Secured Party&rsquo;s obligations hereunder. The Second Lien
Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, agrees not to assign, transfer, pledge or
grant a security interest in all or any part of the Second Lien Obligations unless (i) such assignment, transfer, pledge or grant
is made expressly subject to the terms of this Agreement, and (ii) the applicable assignee, transferee, pledgee or grantee expressly
agrees in writing to be bound by this Agreement and assume the applicable Second Lien Secured Party&rsquo;s obligations hereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
10.07. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></FONT><B><I>Subrogation</I></B>. The Second Lien Collateral
Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby waives any rights of subrogation it or they may
acquire as a result of any payment hereunder until the Discharge of First Lien Obligations has occurred; <I>provided, however</I>,
that, as between the Borrower and the other Grantors, on the one hand, and the Second Lien Secured Parties, on the other hand,
any such payment that is paid over to the First Lien Collateral Agent pursuant to this Agreement shall be deemed not to reduce
any of the Second Lien Obligations unless and until the Discharge of First Lien Obligations shall have occurred and the First
Lien Collateral Agent delivers any such payment to the Second Lien Collateral Agent.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
10.08. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Applicable
Law; Jurisdiction; Etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a) <U>GOVERNING LAW</U>.
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA,
WITHOUT REFERENCE TO CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(b) <U>SUBMISSION
TO JURISDICTION</U>. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NON-EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY
AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT
IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY
OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT ANY SENIOR SECURED PARTY (UNDER AND AS DEFINED
IN THE FIRST LIEN CREDIT AGREEMENT OR THE SECOND LIEN CREDIT AGREEMENT, AS APPLICABLE) MAY OTHERWISE HAVE TO BRING ANY ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER FIRST LIEN TRANSACTION DOCUMENT OR SECOND LIEN TRANSACTION DOCUMENT, RESPECTIVELY
AGAINST ANY BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(c) <U>WAIVER OF
VENUE</U>. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION
THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY OTHER FINANCING DOCUMENT IN ANY COURT REFERRED TO IN <U>SECTION 10.08(b)</U>. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION
OR PROCEEDING IN ANY SUCH COURT.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(d) <U>Appointment
of Process Agent and Service of Process</U>. Each of the Borrowers and the Borrowers&rsquo; Agent hereby irrevocably appoints CT
Corporation System with an office on the date hereof at 111 Eighth Avenue, New York, New York 10011, as its agent to receive on
behalf of itself services of copies of the summons and complaint and any other process that may be served in any such action or
proceeding in the State of New York. If for any reason the Process Agent shall cease to act as such for any Person, such Person
hereby agrees to designate a new agent in New York City on the terms and for the purposes of this <U>Section 10.08</U> reasonably
satisfactory to each of the First Lien Administrative Agent and Second Lien Administrative Agent. Such service may be made by mailing
or delivering a copy of such process to such Person in care of the Process Agent at the Process Agent&rsquo;s above address, and
each of the Borrowers and the Borrowers&rsquo; Agent hereby irrevocably authorizes and directs the Process Agent to accept such
service on its behalf. As an alternative method of service, each of the Borrowers and the Borrowers&rsquo; Agent also irrevocably
consents to the service of any and all process in any such action or proceeding by the air mailing of copies of such process to
such Person at its then effective notice addresses pursuant to Section 10.01. Nothing in this Agreement shall affect any right
that any party may otherwise have to bring any action or proceeding relating to this Agreement or any other First Lien Transaction
Document or Second Lien Transaction Document in the courts of any jurisdiction.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(e) <U>Immunity</U>.
To the extent that any Borrower or the Borrowers&rsquo; Agent has or hereafter may acquire any immunity from jurisdiction of any
court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution,
execution or otherwise) with respect to itself or its property, each of the Borrowers and the Borrowers&rsquo; Agent hereby irrevocably
and unconditionally waives such immunity in respect of its obligations under the First Lien Transaction Documents and Second Lien
Transaction Documents and, without limiting the generality of the foregoing, agrees that the waivers set forth in this Section
10.08(e) shall have the fullest scope permitted under the Foreign Sovereign Immunities Act of 1976 of the United States and are
intended to be irrevocable for purposes of such Act.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(f) <U>WAIVER OF
JURY TRIAL</U>. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER
FINANCING DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER FINANCING DOCUMENTS BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.08.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
10.09. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></FONT><B><I>Parties in Interest.</I></B> This provisions
of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns,
as well as the other First Lien Secured Parties and Second Lien Secured Parties, all of whom are intended to be bound by, and
to be third party beneficiaries of, this Agreement. Except as set forth in Section 10.14, no other person shall have or be entitled
to assert rights or benefits hereunder.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
10.10. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></FONT><B><I>Specific Performance</I></B>. Each of the Collateral
Agents may demand specific performance of this Agreement and, on behalf of itself and the respective other Secured Parties, hereby
irrevocably waives any defense based on the adequacy of a remedy at law and any other defense that might be asserted to bar the
remedy of specific performance in any action which may be brought by the respective Secured Parties.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
10.11. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></FONT><B><I>Headings.</I></B> Article and Section headings
used herein and the Table of Contents hereto are for convenience of reference only, are not part of this Agreement and are not
to affect the construction of, or to be taken into consideration in interpreting, this Agreement.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
10.12. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></FONT><B><I>Counterparts; Effectiveness.</I></B> This Agreement
and any amendments, waivers, consents or supplements hereto or in connection herewith may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original,
but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple
separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.
Delivery by telecopier or electronic mail of an executed counterpart of a signature page to this Agreement shall be as effective
as delivery of an original executed counterpart of such document. This Agreement shall become effective upon the execution of
a counterpart hereof by each of the parties hereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
10.13. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></FONT><B><I>Indirect Action.</I></B> Unless otherwise expressly
stated, if a party may not take an action under this Agreement, then it may not take that action indirectly, or take any action
assisting or supporting any other Person in taking that action directly or indirectly. &ldquo;<B><I>Taking an action indirectly</I></B>&rdquo;
means taking an action that is not expressly prohibited for the Party but is intended to have substantially the same effects as
the prohibited action.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
10.14. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></FONT><B><I>Provisions Solely to Define Relative Rights.
</I></B>The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the First
Lien Secured Parties, on the one hand, and the Second Lien Secured Parties, on the other hand. None of the Borrowers, the Borrowers&rsquo;
Agent, any other Grantor, any Guarantor or any other creditor thereof shall have any rights or obligations hereunder, except as
expressly provided herein, and none of the Borrowers, the Borrowers&rsquo; Agent, any other Grantor or any Guarantor may rely
on the terms hereof (other than the definition of &ldquo;Permitted Refinancing Indebtedness&rdquo; or the terms of Article V or
Sections 3.04, 3.05, 6.01, 7.01, 7.02 and 7.05). Nothing in this Agreement is intended to or shall impair the obligations of any
Borrower or any other Grantor or any Guarantor, which are absolute and unconditional, to pay the First Lien Obligations and the
Second Lien Obligations as and when the same shall become due and payable in accordance with their respective terms.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">SECTION
10.15. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></FONT><B><I>Termination.</I></B> Subject to <U>Section
7.02</U>, this Agreement shall terminate and be of no further force and effect upon the first to occur of (a) the Discharge of
First Lien Obligations and (b) the Second Lien Discharge Date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first
above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>FIRST LIEN COLLATERAL AGENT</U>:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"><B>WELLS FARGO
        BANK, N.A.,</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"><FONT STYLE="text-transform: none">solely
        in its capacity as First Lien Collateral Agent</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.1pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify">By:</P></TD>
    <TD STYLE="width: 50%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 2.1pt; text-align: justify; text-justify: inter-ideograph"><BR>
/S/ MICHAEL PINZON</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -6.9pt; padding-left: 2.1pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Name: Michael Pinzon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 2.1pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Title: Vice President</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>FIRST LIEN ADMINISTRATIVE AGENT</U>:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"><B>WELLS FARGO
        BANK, N.A.,</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"><FONT STYLE="text-transform: none">solely
        in its capacity as First Lien Administrative Agent</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.1pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify">By:</P></TD>
    <TD STYLE="width: 50%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 2.1pt; text-align: justify; text-justify: inter-ideograph"><BR>
/S/ MICHAEL PINZON</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -6.9pt; padding-left: 2.1pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Name: Michael Pinzon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 2.1pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Title: Vice President</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>SECOND LIEN COLLATERAL AGENT</U>:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"><B>WELLS FARGO
        BANK, N.A.,</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"><FONT STYLE="text-transform: none">solely
        in its capacity as Second Lien Collateral Agent</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.1pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify">By:</P></TD>
    <TD STYLE="width: 50%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 2.1pt; text-align: justify; text-justify: inter-ideograph"><BR>
/S/ MICHAEL PINZON</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -6.9pt; padding-left: 2.1pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Name: Michael Pinzon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 2.1pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Title: Vice President</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>SECOND LIEN ADMINISTRATIVE AGENT</U>:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"><B>WELLS FARGO
        BANK, N.A.,</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"><FONT STYLE="text-transform: none">solely
        in its capacity as Second Lien Administrative Agent</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.1pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify">By:</P></TD>
    <TD STYLE="width: 50%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 2.1pt; text-align: justify; text-justify: inter-ideograph"><BR>
/S/ MICHAEL PINZON</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -6.9pt; padding-left: 2.1pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Name: Michael Pinzon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 2.1pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Title: Vice President</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.25in 0pt 0; text-align: justify"><B>ACKNOWLEDGED AND, FOR PURPOSES
OF SECTIONS 2.01(c), 2.01(d), 2.02, 2.03, 7.01, 7.02, 7.05 and 8.01 and ARTICLE X, AGREED:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.25in 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.25in 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>BORROWERS</U>:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PACIFIC ETHANOL HOLDING CO. LLC, </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">as Borrower</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By:<U>&#9;/s/ BRYON T. MCGREGOR</U><BR>
        Name: Bryon T. McGregor<BR>
        Title: Chief Operating Officer</P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PACIFIC ETHANOL MADERA LLC,</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">as Borrower</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By:&#9;<U>/s/ BRYON T. MCGREGOR</U><BR>
        Name: Bryon T. McGregor<BR>
        Title: Chief Operating Officer</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PACIFIC ETHANOL COLUMBIA, LLC, </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">as Borrower</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By:&#9;<U>/s/ BRYON T. MCGREGOR</U><BR>
        Name: Bryon T. McGregor<BR>
        Title: Chief Operating Officer</P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PACIFIC ETHANOL STOCKTON LLC, </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">as Borrower</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By:&#9;<U>/s/ BRYON T. MCGREGOR</U><BR>
        Name: Bryon T. McGregor<BR>
        Title: Chief Operating Officer</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PACIFIC ETHANOL MAGIC VALLEY, LLC, </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">as Borrower</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By:&#9;<U>/s/ BRYON T. MCGREGOR</U><BR>
        Name: Bryon T. McGregor<BR>
        Title: Chief Operating Officer</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-justify: inter-ideograph; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-justify: inter-ideograph; font-weight: bold"><B><U>BORROWERS&rsquo; AGENT</U>:</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-justify: inter-ideograph; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PACIFIC ETHANOL HOLDING CO. LLC,</B><BR>
        as Borrowers&rsquo; Agent</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By:<U>&#9;/s/ BRYON T. MCGREGOR</U><BR>
        Name: Bryon T. McGregor<BR>
        Title: Chief Operating Officer</P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 175.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>5
<FILENAME>paceth_10q-ex3101.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>EXHIBIT 31.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF PRINCIPAL EXECUTIVE
OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">I, Neil M. Koehler, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">1. I have reviewed this Quarterly Report
on Form 10-Q of Pacific Ethanol, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">3.&#9;Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">4. The registrant&rsquo;s other certifying
officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">(a) Designed such disclosure controls
and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">(b) Designed such internal control over
financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">(c) Evaluated the effectiveness of the
registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">(d) Disclosed in this report any change
in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal
quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">5. The registrant&rsquo;s other certifying
officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s
auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
the registrant&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">(b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial
reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding-left: 12.2pt; text-indent: -12.2pt">Date:&nbsp; November 14, 2012</TD>
    <TD STYLE="width: 50%; border-bottom: windowtext 1pt solid; font-size: 10pt">/S/ NEIL M. KOEHLER</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="padding-left: 12pt; text-indent: -12pt">Neil M. Koehler</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12.25pt; text-indent: -12.25pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-indent: -12.25pt">President and Chief Executive
        Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">(Principal Executive Officer)</P></TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>6
<FILENAME>paceth_10q-ex3102.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.2pt; text-align: justify; text-indent: -12.2pt"><B>EXHIBIT
31.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF PRINCIPAL FINANCIAL
OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">I, Bryon T. McGregor, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">1. I have reviewed this Quarterly Report
on Form 10-Q of Pacific Ethanol, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">3.&#9;Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">4. The registrant&rsquo;s other certifying
officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">(a) Designed such disclosure controls
and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">(b) Designed such internal control over
financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">(c) Evaluated the effectiveness of the
registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">(d) Disclosed in this report any change
in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal
quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">5. The registrant&rsquo;s other certifying
officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s
auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
the registrant&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">(b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial
reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding-left: 12.2pt; text-indent: -12.2pt">Date:&nbsp; November 14, 2012</TD>
    <TD STYLE="width: 50%; border-bottom: windowtext 1pt solid; padding-bottom: 3pt; font-size: 10pt; text-align: justify">/S/ BRYON T. MCGREGOR</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: -12pt">Bryon T. McGregor</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-align: justify; text-indent: -12.25pt">Chief
        Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-align: justify; text-indent: -12.25pt">(Principal
        Financial Officer)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12.25pt; text-indent: -12.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 12pt; text-indent: -12pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>7
<FILENAME>paceth_10q-ex3201.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.2pt; text-align: justify; text-indent: -12.25pt"><B>EXHIBIT
32.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -3in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATION OF</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL
OFFICER</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PURSUANT TO 18 U.S.C. SECTION 1350,</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AS ADOPTED PURSUANT TO</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">In connection with the
Quarterly Report on Form 10-Q of Pacific Ethanol, Inc. (the &ldquo;Company&rdquo;) for the period ended September 30, 2012 (the
&ldquo;Report&rdquo;), the undersigned hereby certify in their capacities as Chief Executive Officer and Chief Financial Officer
of the Company, respectively, pursuant to 18&nbsp;U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Report fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; padding-left: 12.2pt; text-indent: -12.2pt">Date:&nbsp; November 14, 2012</TD>
    <TD STYLE="width: 5%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 47%; border-bottom: windowtext 1pt solid; font-size: 10pt">/S/ NEIL M. KOEHLER</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -12pt">Neil M. Koehler</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 12.25pt; text-indent: -12.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 12.25pt; text-indent: -12.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-indent: -12.25pt">President and Chief Executive
        Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">(Principal Executive Officer)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; padding-left: 12.2pt; text-indent: -12.2pt">Date: November 14, 2012</TD>
    <TD STYLE="width: 5%; padding-bottom: 3pt; font-size: 10pt">By:</TD>
    <TD STYLE="width: 47%; border-bottom: windowtext 1pt solid; padding-bottom: 3pt; font-size: 10pt; text-align: justify">/S/ BRYON T. MCGREGOR</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-align: justify; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: -12pt">Bryon T. McGregor</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-align: justify; text-indent: -12.25pt">Chief
        Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-align: justify; text-indent: -12.25pt">(Principal
        Financial Officer)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 12.25pt; text-indent: -12.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -12pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 38.5pt">A signed original of
this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signatures
that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to
the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.</P>



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<P STYLE="margin: 0">&nbsp;</P>

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`
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Products, LLC, a California limited liability company&#13;(&amp;#147;PAP&amp;#148;) for all periods presented, and for the periods specified below, the Plant Owners (as defined below) (collectively,&#13;the &amp;#147;Company&amp;#148;).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The&#13;Company is the leading marketer and producer of low-carbon renewable fuels in the Western United States. The Company also sells&#13;ethanol co-products, including wet distillers grain and syrup (&amp;#147;WDG&amp;#148;), and provides transportation, storage and delivery&#13;of ethanol through third-party service providers in the Western United States, primarily in California, Arizona, Nevada, Utah,&#13;Oregon, Colorado, Idaho and Washington. The Company sells ethanol produced by the Pacific Ethanol Plants (as defined below) and&#13;unrelated third parties to gasoline refining and distribution companies and sells its WDG to dairy operators and animal feed distributors.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&#13;manages the production and operation of the four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol&#13;Columbia, LLC, Pacific Ethanol Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &amp;#147;Pacific Ethanol Plants&amp;#148;)&#13;and their holding company, Pacific Ethanol Holding Co. LLC (&amp;#147;PEHC,&amp;#148; and together with the Pacific Ethanol Plants,&#13;the &amp;#147;Plant Owners&amp;#148;). PEHC is a wholly-owned subsidiary of New PE Holdco LLC (&amp;#147;New PE Holdco&amp;#148;) which, in&#13;turn, is a subsidiary of the Company. These four facilities have an aggregate annual production capacity of up to 200 million&#13;gallons. As of September 30, 2012, three of the facilities were operating and one of the facilities was idled. When market conditions&#13;permit, and with approval of New PE Holdco, the Company intends to resume operations at the Madera, California facility.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;On October&#13;6, 2010, the Company purchased an initial 20% ownership interest in New PE Holdco, a variable interest entity (&amp;#147;VIE&amp;#148;),&#13;from a number of New PE Holdco&amp;#146;s owners. At that time, the Company determined it was the primary beneficiary of New PE Holdco,&#13;and as such, has consolidated the results of New PE Holdco since then. See Note 2 &amp;#150; Variable Interest Entity. On each of&#13;November 29, 2011 and December 19, 2011, the Company purchased an additional 7% ownership interest in New PE Holdco. Further,&#13;on July 13, 2012, the Company purchased an additional 33% ownership interest in New PE Holdco, bringing the Company&amp;#146;s total&#13;ownership interest in New PE Holdco to 67% as of September 30, 2012.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Liquidity&#13;&lt;/u&gt;&lt;/i&gt;&amp;#150; Despite the liquidity risks relative to the Plant Owners&amp;#146; credit facilities, the Company believes that current&#13;and future available capital resources, revenues generated from operations, and other existing sources of liquidity, including&#13;its credit facilities, will be adequate to meet its anticipated working capital and capital expenditure requirements for the next&#13;twelve months. See Note 5 &amp;#150; Debt. If, however, the Company&amp;#146;s capital requirements or cash flow vary materially from&#13;its current projections, or if other unforeseen circumstances occur, such as a lack of significant improvement or further deterioration&#13;of corn crush margins, the Company may require additional financing during that period. The Company&amp;#146;s failure to raise capital,&#13;if needed, could restrict its growth, hinder its ability to compete and adversely impact its operations.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Accounts&#13;Receivable and Allowance for Doubtful Accounts&lt;/u&gt;&lt;/i&gt; &amp;#150; Trade accounts receivable are presented at face value, net of the&#13;allowance for doubtful accounts. The Company sells ethanol to gasoline refining and distribution companies and sells WDG to dairy&#13;operators and animal feed distributors generally without requiring collateral.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&#13;maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process&#13;is based on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after a specified&#13;number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance&#13;in question. Delinquent accounts receivable are charged against the allowance for doubtful accounts once uncollectibility has&#13;been determined. The factors considered in reaching this determination are the apparent financial condition of the customer and&#13;the Company&amp;#146;s success in contacting and negotiating with the customer. If the financial condition of the Company&amp;#146;s&#13;customers were to deteriorate, resulting in an impairment of ability to make payments, additional allowances may be required.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Of the total&#13;accounts receivable balance, approximately $25,540,000 and $23,715,000 at September 30, 2012 and December 31, 2011, respectively,&#13;were used as collateral under Kinergy&amp;#146;s working capital line of credit. The allowance for doubtful accounts was $9,000 and&#13;$24,000 as of September 30, 2012 and December 31, 2011, respectively. The Company recorded net bad debt recoveries of $15,000&#13;and $45,000 for the three months ended September 30, 2012 and 2011, respectively. The Company recorded net bad debt recoveries&#13;of $15,000 and $185,000 for the nine months ended September 30, 2012 and 2011, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Basis&#13;of Presentation&lt;/u&gt;&lt;/i&gt;&lt;u&gt;&amp;#150;&lt;i&gt;Interim Financial Statements&lt;/i&gt;&lt;/u&gt;&lt;font style="font-family: Times New Roman, Times, Serif; color: black"&gt;&#13;&lt;/font&gt;&amp;#150; The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance&#13;with accounting principles generally accepted in the United States for interim financial information and the instructions to Form&#13;10-Q and Rule&amp;#160;10-01 of Regulation&amp;#160;S-X. Results for interim periods should not be considered indicative of results for&#13;a full year. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements&#13;and related notes contained in the Company&amp;#146;s Annual Report on Form 10-K for the year ended December&amp;#160;31, 2011. The accounting&#13;policies used in preparing these consolidated financial statements are the same as those described in Note 1 to the consolidated&#13;financial statements in the Company&amp;#146;s Annual Report on Form 10-K for the year ended December 31, 2011. In the opinion of&#13;management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results&#13;for interim periods have been included. All significant intercompany accounts and transactions have been eliminated in consolidation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The preparation&#13;of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires&#13;management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent&#13;assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting&#13;period. Significant estimates are required as part of determining the consolidation of VIEs, fair value of convertible notes and&#13;warrants, allowance for doubtful accounts, estimated lives of property and equipment and intangibles, long-lived asset impairments,&#13;valuation allowances on deferred income taxes and the potential outcome of future tax consequences of events recognized in the&#13;Company&amp;#146;s financial statements or tax returns. Actual results and outcomes may materially differ from management&amp;#146;s&#13;estimates and assumptions.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Reclassifications&#13;of prior year&amp;#146;s data have been made to conform to 2012 classifications. Such classifications had no effect on net income&#13;(loss) reported in the consolidated statements of operations.&lt;/font&gt;&lt;/p&gt;</us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock>
    <peix:VariableInterestEntityTextBlock contextRef="From2012-01-01to2012-09-30">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company concluded that at all times since&#13;New PE Holdco&amp;#146;s inception, New PE Holdco has been a VIE because the other owners of New PE Holdco, due to the Company&amp;#146;s&#13;involvement through its contractual arrangements, have at all times lacked the power to direct the activities that most significantly&#13;impacted its economic performance. Some of these activities include efficient management and operation of the Pacific Ethanol Plants,&#13;sale of ethanol, the procurement of feedstock, sale of co-products and implementation of risk management strategies. Furthermore,&#13;upon the Company&amp;#146;s purchase of its initial 20% ownership interest in New PE Holdco on October 6, 2010, the Company, through&#13;its ownership interest, had an obligation to absorb losses and receive benefits that could potentially be significant to New PE&#13;Holdco. As a result, the Company then became the primary beneficiary of New PE Holdco and began consolidating the financial results&#13;of New PE Holdco. On November 29, 2011, the Company purchased an additional 7% ownership interest in New PE Holdco for $4,502,000&#13;in cash. On December 19, 2011, the Company purchased another 7% ownership interest in New PE Holdco for $4,615,000 in cash.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On July 13, 2012, the Company purchased an&#13;additional 33% ownership interest in New PE Holdco for $20,000,000 by paying $10,000,000 in cash and issuing $10,000,000 in notes&#13;payable. Because the Company has a controlling financial interest in New PE Holdco, it did not record any gain or loss on this&#13;purchase, but instead reduced the amount of the noncontrolling interest in VIE on its consolidated balance sheet by $27,646,000&#13;and recorded the difference between the fair value of the purchase and the price paid by the Company of $7,646,000, to additional&#13;paid-in capital.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Upon the closing of the Company&amp;#146;s purchase&#13;of the additional 33% ownership interest, its total ownership interest in New PE Holdco increased from 34% to 67%. Because New&#13;PE Holdco&amp;#146;s results are consolidated with the Company&amp;#146;s for financial reporting purposes, the acquisition of additional&#13;interests in New PE Holdco did not impact the consolidated net income or loss that the Company reports. However, the portion of&#13;New PE Holdco&amp;#146;s net income or loss that is allocated to the Company increased from 34% to 67%, thus changing the net income&#13;or loss attributable to Pacific Ethanol after reducing the net income or loss attributable to the noncontrolling interests and&#13;the Company&amp;#146;s earnings per share. For the three and nine months ended September 30, 2012 and 2011, had the Company held a&#13;67% ownership interest in New PE Holdco and issued 28,000,000 shares of common stock under the financing noted above, the Company&amp;#146;s&#13;reported results would have had the following proforma impact: (i) for the three months ended September 30, 2012 and 2011, net&#13;income (loss) available to common stockholders would have been $(5,971,000) and $4,201,000, respectively, and income (loss) per&#13;share would have been $(0.05) and $0.07, respectively; and (ii) for the nine months ended September 30, 2012 and 2011, net loss&#13;available to common stockholders would have been $23,288,000 and $1,311,000, respectively, and loss per share would have been $0.21&#13;and $0.03, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The carrying values and classification of assets&#13;that are collateral for the obligations of New PE Holdco consisted of the following (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;September 30, 2012&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;December 31, 2011&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 60%; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;Cash and cash equivalents&lt;/td&gt;&#13;    &lt;td style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;92&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;2,070&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;Other current assets&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;13,368&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;14,320&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;Property and equipment&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;148,390&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;155,523&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;Other assets&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,368&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,693&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 11pt; font: 8pt Times New Roman, Times, Serif"&gt;Total assets&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;163,218&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;173,606&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 60%; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;Current liabilities&lt;/td&gt;&#13;    &lt;td style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;6,063&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;3,064&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;Long-term debt, including current portion&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;91,186&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;73,256&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;Other liabilities&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;195&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;158&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 11pt; font: 8pt Times New Roman, Times, Serif"&gt;Total liabilities&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;97,444&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;76,478&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#146;s acquisition of its ownership&#13;interest in New PE Holdco does not impact the Company&amp;#146;s rights or obligations under any of its contractual agreements. Further,&#13;creditors of New PE Holdco do not have recourse to the Company. Since its initial acquisition, the Company has not provided any&#13;additional support to New PE Holdco beyond the terms of its contractual agreements.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;</peix:VariableInterestEntityTextBlock>
    <us-gaap:InventoryDisclosureTextBlock contextRef="From2012-01-01to2012-09-30">&lt;p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Inventories consisted&#13;primarily of bulk ethanol and unleaded fuel, and are valued at the lower-of-cost-or-market, with cost determined on a first-in,&#13;first-out basis. Inventory balances consisted of the following (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;September&#13;    30, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;December&#13;    31, 2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238); font: 10pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 60%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;Finished goods&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;8,089&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;9,429&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;Work in progress&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;4,164&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;4,284&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238); font: 10pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;Raw materials&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;1,273&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;1,334&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;848&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,084&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238); font: 10pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 22pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,374&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16,131&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: white"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</us-gaap:InventoryDisclosureTextBlock>
    <us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock contextRef="From2012-01-01to2012-09-30">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The business&#13;and activities of the Company expose it to a variety of market risks, including risks related to changes in commodity prices and&#13;interest rates. The Company monitors and manages these financial exposures as an integral part of its risk management program.&#13;This program recognizes the unpredictability of financial markets and seeks to reduce the potentially adverse effects that market&#13;volatility could have on operating results.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Commodity&#13;Risk&lt;/u&gt;&lt;/i&gt;&lt;u&gt; &amp;#150; &lt;i&gt;Cash Flow Hedges&lt;/i&gt;&lt;/u&gt; &amp;#150; The Company uses derivative instruments to protect cash flows from fluctuations&#13;caused by volatility in commodity prices for periods of up to twelve months in order to protect gross profit margins from potentially&#13;adverse effects of market and price volatility on ethanol sale and purchase commitments where the prices are set at a future date&#13;and/or if the contracts specify a floating or index-based price for ethanol. In addition, the Company hedges anticipated sales&#13;of ethanol to minimize its exposure to the potentially adverse effects of price volatility. These derivatives may be designated&#13;and documented as cash flow hedges and effectiveness is evaluated by assessing the probability of the anticipated transactions&#13;and regressing commodity futures prices against the Company&amp;#146;s purchase and sales prices. Ineffectiveness, which is defined&#13;as the degree to which the derivative does not offset the underlying exposure, is recognized immediately in cost of goods sold.&#13;For the three and nine months ended September 30, 2012 and 2011, the Company did not designate any of its derivatives as cash&#13;flow hedges.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Commodity&#13;Risk &amp;#150; Non-Designated Hedges&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company uses derivative instruments to lock in prices for certain amounts&#13;of corn and ethanol by entering into forward contracts for those commodities. These derivatives are not designated for special&#13;hedge accounting treatment. The changes in fair value of these contracts are recorded on the balance sheet and recognized immediately&#13;in cost of goods sold. The Company recognized losses of $52,000 and gains of $395,000 as the change in the fair value of these&#13;contracts for the three months ended September 30, 2012 and 2011, respectively. The Company recognized gains of $202,000 and $334,000&#13;as the change in the fair value of these contracts for the nine months ended September 30, 2012 and 2011, respectively. The notional&#13;balances remaining on these contracts were $24,102,000 and $9,186,000 as of September 30, 2012 and December 31, 2011, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Non-Designated&#13;Derivative Instruments&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company classified its derivative instruments not designated as hedging instruments&#13;of $514,000 and $291,000 in other assets and accrued liabilities as of September 30, 2012, respectively, and $244,000 and $500,000&#13;in other assets and accrued liabilities as of December 31, 2011, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The classification&#13;and amounts of the Company&amp;#146;s recognized gains (losses) for its derivatives not designated as hedging instruments are as follow&#13;(in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Realized Gains (Losses)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended&#13;    September 30,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Statements of Operations Location&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(238,238,238); vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 30%"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 35%"&gt;&lt;font style="font-size: 8pt"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right; width: 11%"&gt;&lt;font style="font-size: 8pt"&gt;(440&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right; width: 11%"&gt;&lt;font style="font-size: 8pt"&gt;483&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Unrealized Gains (Losses)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended&#13;    September 30,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Statements of Operations Location&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(238,238,238); vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 30%"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 35%"&gt;&lt;font style="font-size: 8pt"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right; width: 11%"&gt;&lt;font style="font-size: 8pt"&gt;388&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right; width: 11%"&gt;&lt;font style="font-size: 8pt"&gt;(88&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Realized Gains&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Nine Months Ended&#13;    September 30,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Statements of Operations Location&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(238,238,238); vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 30%"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 35%"&gt;&lt;font style="font-size: 8pt"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right; width: 11%"&gt;&lt;font style="font-size: 8pt"&gt;277&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right; width: 11%"&gt;&lt;font style="font-size: 8pt"&gt;460&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Unrealized Losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Nine Months Ended&#13;    September 30,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(238,238,238); vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; width: 30%"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; width: 35%"&gt;&lt;font style="font-size: 8pt"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; width: 11%"&gt;&lt;font style="font-size: 8pt"&gt;(479&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; width: 11%"&gt;&lt;font style="font-size: 8pt"&gt;(126&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: white"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin-top: 12pt; margin-bottom: 6pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock>
    <us-gaap:DebtDisclosureTextBlock contextRef="From2012-01-01to2012-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Long-term&#13;borrowings are summarized as follows (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;September 30, &lt;br /&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;December 31, &lt;br /&gt;&#13;    2011&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 46%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Kinergy operating line of credit&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,158&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; color: black"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; color: black; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,432&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Senior unsecured notes&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,000&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Note payable to related party&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;750&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;750&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Plant Owners&amp;#146; term debt&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;52,687&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;51,279&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Plant Owners&amp;#146; operating line of credit&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;38,500&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;21,978&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;119,095&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;94,439&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Less short-term portion&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(50,105&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(750&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;68,990&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;93,689&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Kinergy&#13;Operating Line of Credit&lt;/u&gt;&lt;/i&gt; &amp;#150; In May 2012, the Company extended Kinergy&amp;#146;s operating line of credit. The renewal&#13;of Kinergy&amp;#146;s credit facility is for an aggregate amount of up to $40,000,000, including an optional accordion feature for&#13;up to an additional $10,000,000. The prior credit facility included an accordion feature of $5,000,000. The credit facility expires&#13;on December 31, 2015. Interest accrues under the credit facility at a rate equal to (i)&amp;#160;the three-month London Interbank&#13;Offered Rate (&amp;#147;LIBOR&amp;#148;), plus (ii) a specified applicable margin ranging between 2.50% and 3.50%. The credit facility&amp;#146;s&#13;monthly unused line fee is 0.50% of the amount by which the maximum credit under the facility exceeds the average daily principal&#13;balance. Kinergy is also required to pay customary fees and expenses associated with the credit facility and issuances of letters&#13;of credit. In addition, Kinergy is responsible for a $3,000 monthly servicing fee. Payments that may be made by Kinergy to Pacific&#13;Ethanol as reimbursement for management and other services provided by Pacific Ethanol to Kinergy are limited to $800,000 per&#13;fiscal quarter in 2012, $900,000 per fiscal quarter in 2013, $1,000,000 per fiscal quarter in 2014 and $1,100,000 per fiscal quarter&#13;in 2015. As of September 30, 2012, Kinergy had unused availability under the revolving credit facility of $4,200,000.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;In addition,&#13;the amended facility includes the accounts receivable of PAP as additional collateral. Payments that may be made by PAP to Pacific&#13;Ethanol as reimbursement for management and other services provided by Pacific Ethanol to PAP are limited to the extent that quarterly&#13;payments would result in PAP recording less than $100,000 of net income in the quarter.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;For the fiscal&#13;quarter ending June 30, 2012 and each fiscal quarter thereafter, Kinergy and PAP are collectively required to generate aggregate&#13;earnings before interest, taxes, depreciation and amortization, or EBITDA, of $450,000 for the quarter and aggregate EBITDA of&#13;$1,100,000 for each two consecutive quarters. These amounts are required through December 31, 2013. In 2014, the required EBITDA&#13;amounts increase to $500,000 per quarter and $1,300,000 for each two consecutive quarters. Further, for all monthly periods, Kinergy&#13;and PAP must collectively maintain a fixed charge coverage ratio (calculated as a twelve-month rolling EBITDA divided by the sum&#13;of interest expense, capital expenditures, principal payments of indebtedness, indebtedness from capital leases and taxes paid&#13;during such twelve-month rolling period) of at least 2.0 and are prohibited from incurring any additional indebtedness (other&#13;than specific intercompany indebtedness) or making any capital expenditures in excess of $100,000 absent the lender&amp;#146;s prior&#13;consent. Kinergy and PAP&amp;#146;s obligations under the credit facility are secured by a first-priority security interest in all&#13;of their assets in favor of the lender. The Company believes it is in compliance with these covenants.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Senior&#13;Unsecured Notes&lt;/u&gt;&lt;/i&gt; &amp;#150; In July 2012, as part of the Company&amp;#146;s acquisition of an additional 33% ownership interest&#13;in New PE Holdco, the Company issued senior unsecured promissory notes (the &amp;#147;Notes&amp;#148;) due April 13, 2013 in the aggregate&#13;principal amount of $10.0 million. Interest on the unpaid principal amount accrued at a rate of 5.00% per annum. As discussed&#13;in Note 11, the Company repaid the Notes in October 2012.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Plant&#13;Owners&amp;#146; Term Debt and Operating Line of Credit&lt;/u&gt;&lt;/i&gt; &amp;#150; On July 13, 2012, the Plant Owners&amp;#146; amended their existing&#13;credit facilities. Prior to the amendment, the credit facilities consisted of a $35,000,000 revolving credit facility, a $25,000,000&#13;tranche A-1 term loan and a $26,300,000 tranche A-2 term loan. Under the amendment, the Plant Owners&amp;#146; credit facilities&#13;were, among other things, amended to extend the maturity date in respect of $46,800,000 of the combined revolving credit facility&#13;and term loans from June 25, 2013 to June 30, 2016. In addition, the aggregate commitment amount under the revolving credit facility&#13;was increased by $5,000,000. Further, monthly interest payments due to certain lenders may, at the option of the Plant Owners,&#13;be deferred and added to the loans maturing on the extended maturity date of June 30, 2016. As of September 30, 2012, $1,407,000&#13;of accrued interest was deferred and added to the term loan. The amendment also provides the Plant Owners with the ability to&#13;pay down and pay off the non-extending lenders and the outstanding tranche A-2 term loan at, or at any time prior to, the original&#13;maturity date of June 25, 2013 without penalty while keeping the extended loans in place.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;For&#13;the three and nine months ended September 30, 2012, the Plant Owners increased their borrowings under their operating line of&#13;credit by $4,500,000 and $16,522,000, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;As of September&#13;30, 2012, the Plant Owners had unused availability under the revolving credit facility of $700,000.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;On October&#13;29, 2012, the Plant Owners amended and restated their existing credit facilities and entered into a new revolving credit facility&#13;for an aggregate amount of up to $10,000,000. See Note 11- Subsequent Events.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&#13;has had and continues to have extensive communications with holders of the $39,500,000 in debt due June 25, 2013 to restructure&#13;the existing loans and any additional loans under the new $10,000,000 credit facility. The Company also continues to explore its&#13;capital raising alternatives. The Company believes that it will be able to successfully restructure the loans or raise additional&#13;capital, or both, prior to the June 25, 2013 maturity date. However, the Company cannot provide any assurances that it will be&#13;able to do so, or what the terms of any restructuring or capital raising transaction might be. If the Company is unable to timely&#13;restructure the $39,500,000 in debt (together with any additional debt under the new credit facility) due June 25, 2013 or raise&#13;sufficient capital to repay the debt, the Company will be in default on that debt and in cross-default on the $46,800,000 in debt&#13;extended to June 30, 2016, all of which, totaling $91,300,000 plus any amounts borrowed under the new credit facility,&#13;will be accelerated and immediately due and payable on June 25, 2013. As a result, the Company and its direct and indirect subsidiaries,&#13;including Kinergy and the Plant Owners, will likely experience material adverse effects.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Note&#13;Payable to Related Party&lt;/u&gt;&lt;/i&gt; &amp;#150; On March 31, 2009, the Company&amp;#146;s Chief Executive Officer provided funds in an aggregate&#13;amount of $1,000,000 for general working capital purposes, in exchange for an unsecured promissory note issued by the Company.&#13;Interest on the unpaid principal amount accrues at a rate of 8.00% per annum. The Company recorded interest under this note of&#13;approximately $15,000 and $20,000 for the three months ended September 30, 2012 and 2011, respectively. The Company recorded interest&#13;under this note of approximately $45,000 and $60,000 for the nine months ended September 30, 2012 and 2011, respectively. As of&#13;December 31, 2011, the remaining amount of $750,000 was due and payable on the extended maturity date of March 31, 2012. On March&#13;7, 2012, the maturity date was further extended to March 31, 2013.&lt;/font&gt;&lt;/p&gt;</us-gaap:DebtDisclosureTextBlock>
    <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2012-01-01to2012-09-30">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Purchase Commitments&lt;/u&gt;&lt;/i&gt; &amp;#150;&#13;At September 30, 2012, the Company had fixed-price purchase contracts with its suppliers to purchase $14,153,000 of ethanol and&#13;indexed-price contracts to purchase 112,000 gallons of ethanol. These contracts will be satisfied throughout the remainder of 2012.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="background-color: white"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Sales Commitments&lt;/u&gt;&lt;/i&gt; &amp;#150; At&#13;September 30, 2012, the Company had entered into sales contracts with its major customers to sell certain quantities of ethanol&#13;and WDG. The volumes indicated in the indexed-price contracts table will be sold at publicly-indexed sales prices determined by&#13;market prices in effect on their respective transaction dates (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="background-color: white"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;Fixed-Price Contracts&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 80%; font: 8pt Times New Roman, Times, Serif"&gt;Ethanol&lt;/td&gt;&#13;    &lt;td style="width: 3%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;70&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;WDG&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;521&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-indent: 13.7pt; font: 8pt Times New Roman, Times, Serif"&gt;Total&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;591&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;Indexed-Price Contracts &lt;br /&gt;(Volume)&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 80%; text-align: left; padding-left: 4.3pt; font: 8pt Times New Roman, Times, Serif"&gt;Ethanol (gallons)&lt;/td&gt;&#13;    &lt;td style="width: 3%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;97,708&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: left; padding-left: 4.3pt; font: 8pt Times New Roman, Times, Serif"&gt;WDG (tons)&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;55&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Litigation &amp;#150; General&lt;/u&gt; &amp;#150;&lt;/i&gt;&#13;The Company is subject to various claims and contingencies in the ordinary course of its business, including those related to litigation,&#13;business transactions, employee-related matters, and others. When the Company is aware of a claim or potential claim, it assesses&#13;the likelihood of any loss or exposure. If it is probable that a loss will result and the amount of the loss can be reasonably&#13;estimated, the Company will record a liability for the loss. If the loss is not probable or the amount of the loss cannot be reasonably&#13;estimated, the Company discloses the claim if the likelihood of a potential loss is reasonably possible and the amount involved&#13;could be material. While there can be no assurances, the Company does not expect that any of its pending legal proceedings will&#13;have a material financial impact on the Company&amp;#146;s operating results.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
    <us-gaap:FairValueDisclosuresTextBlock contextRef="From2012-01-01to2012-09-30">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0"&gt;The fair value hierarchy&#13;prioritizes the inputs used in valuation techniques into three levels as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0.5in"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 0.25in; font-family: Symbol"&gt;&amp;#183;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;Level 1 &amp;#150; Observable inputs &amp;#150; unadjusted quoted prices in active markets for identical assets and liabilities;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0.5in"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 0.25in; font-family: Symbol"&gt;&amp;#183;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;Level 2 &amp;#150; Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data; and&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0.5in"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 0.25in; font-family: Symbol"&gt;&amp;#183;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;Level 3 &amp;#150; Unobservable inputs &amp;#150; includes amounts derived from valuation models where one or more significant inputs are unobservable. For fair value measurements using significant unobservable inputs, a description of the inputs and the information used to develop the inputs is required along with a reconciliation of Level 3 values from the prior reporting period.&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company valued its warrants using a Monte&#13;Carlo Binomial Lattice-Based valuation methodology, adjusted for marketability restrictions. Significant assumptions used in the&#13;valuations for the dates noted are as follows (fair value in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;As of September 30, 2012:&lt;/u&gt;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Original Issue&lt;br /&gt; Date&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Exercise Price&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Volatility&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Risk&lt;br /&gt; Free Int&lt;br /&gt; Rate&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Term&lt;br /&gt; (yrs)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Marketability&lt;br /&gt; Discount&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&amp;#160; Fair Value&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 34%; text-align: right"&gt;October 2010&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;0.12&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;75.6%&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;0.62%&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;5.10&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;48.0%&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;43&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: right"&gt;December 2011&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;0.84&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;77.7%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;0.47%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;4.21&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;55.9%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;585&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: right"&gt;July 2012&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;0.50&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;76.8%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;0.62%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;4.76&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;57.5%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;3,351&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: right"&gt;July 2012&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;0.43&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;73.9%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;0.17%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;1.26&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;57.5%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;858&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: right"&gt;September 2012&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;0.59&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;74.1%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;0.31%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;3.00&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;58.5%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;1,658&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;6,495&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;As of December 31, 2011:&lt;/u&gt;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Original Issue&lt;br /&gt; Date&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Exercise Price&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Volatility&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Risk&lt;br /&gt; Free Int&lt;br /&gt; Rate&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Term&lt;br /&gt; (yrs)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Marketability&lt;br /&gt; Discount&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Fair Value&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 34%; text-align: right"&gt;October 2010&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;0.45&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;68.0%&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;1.09%&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;5.90&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;47.4%&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;226&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: right"&gt;December 2011&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;1.50&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;68.0%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;0.83%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;4.96&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;52.0%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;1,695&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;1,921&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;The changes in the fair value of the&#13;Company&amp;#146;s Level 3 inputs were as follows (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 85%"&gt;Balance, December 31, 2011&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;1,921&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;Warrant exercises&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;(112&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Adjustments to fair value for the period&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;33&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;Balance, March 31, 2012&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;1,842&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Adjustments to fair value for the period&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(1,285&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;Balance, June 30, 2012&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;557&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td&gt;July Offering&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;3,380&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;September Offering&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;1,658&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Adjustments to fair value for the period&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;900&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;Balance, September 30, 2012&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;6,495&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Other Derivative Instruments&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; The Company&amp;#146;s other derivative instruments consist of commodity positions. The fair value of the commodity positions&#13;are based on quoted prices on the commodity exchanges and are designated as Level 1.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;The following table summarizes fair value measurements by level&#13;at September 30, 2012 (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Level 1&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Level 2&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Level 3&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Total&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;Assets:&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="width: 48%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;Commodity contracts(1)&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"&gt;514&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"&gt;514&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in"&gt;Total Assets&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;514&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;514&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"&gt;__________&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"&gt;(1) Included in other current&#13;assets in the consolidated balance sheets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Level 1&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Level 2&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Level 3&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Total&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;Liabilities:&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 48%; text-align: left"&gt;Warrants&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;6,495&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;6,495&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;Commodity contracts(1)&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;291&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;291&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in"&gt;Total Liabilities&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;291&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;6,495&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;6,786&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;__________&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;(1) Included in accrued liabilities in the&#13;consolidated balance sheets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;The following tables summarize fair value measurements by level&#13;at December 31, 2011 (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Level 1&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Level 2&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Level 3&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Total&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;Assets:&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="width: 48%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;Commodity contracts(1)&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"&gt;244&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"&gt;244&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in"&gt;Total Assets&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;244&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;244&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"&gt;__________&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;(1) Included in other current assets in the&#13;consolidated balance sheets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Level 1&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Level 2&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Level 3&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Total&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;Liabilities:&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="width: 48%; text-align: left"&gt;Warrants(1)&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;1,921&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;1,921&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;Commodity contracts(2)&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;500&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;500&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in"&gt;Total Liabilities&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;500&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;1,921&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;2,421&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"&gt;__________&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"&gt;(1) Included in other liabilities&#13;in the consolidated balance sheets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"&gt;(2) Included in accrued&#13;liabilities in the consolidated balance sheets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:FairValueDisclosuresTextBlock>
    <us-gaap:EarningsPerShareTextBlock contextRef="From2012-01-01to2012-09-30">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The following&#13;tables compute basic and diluted earnings per share (in thousands, except per share data):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended&#13;    September 30, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Loss &lt;br /&gt;Numerator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Per-Share&lt;br /&gt; Amount&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 61%; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Net loss attributed to Pacific Ethanol&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,971&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: justify; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Less: Preferred stock dividends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(319&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"&gt;&lt;font style="font-size: 8pt"&gt;Basic&#13;    and diluted loss per share:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"&gt;&lt;font style="font-size: 8pt"&gt;Loss&#13;    available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(6,290&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;115,677&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(0.05&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: white"&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended&#13;    September 30, 2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Income &lt;br /&gt; Numerator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Per-Share &lt;br /&gt; Amount&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 61%; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Net income attributed to Pacific Ethanol&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,352&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: justify; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Less: Preferred stock dividends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(319&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"&gt;&lt;font style="font-size: 8pt"&gt;Basic&#13;    and diluted income per share:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"&gt;&lt;font style="font-size: 8pt"&gt;Income&#13;    available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,033&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;33,201&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.12&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Nine Months Ended&#13;    September 30, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Loss &lt;br /&gt;Numerator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Per-Share&lt;br /&gt; Amount&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 61%; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Net loss attributed to Pacific Ethanol&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(13,553&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: justify; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Less: Preferred stock dividends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(949&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"&gt;&lt;font style="font-size: 8pt"&gt;Basic&#13;    and diluted loss per share:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"&gt;&lt;font style="font-size: 8pt"&gt;Loss&#13;    available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(14,502&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;96,203&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(0.15&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Nine Months Ended&#13;    September 30, 2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Income &lt;br /&gt; Numerator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Per-Share &lt;br /&gt; Amount&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 61%; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Net income attributed to Pacific Ethanol&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,120&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Less: Preferred stock dividends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(946&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-indent: -8.05pt; padding-left: 8.05pt"&gt;&lt;font style="font-size: 8pt"&gt;Basic income per share:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Income available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,174&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;21,230&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.20&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Add: Stock options&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;98&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-indent: -8.05pt; padding-left: 8.05pt"&gt;&lt;font style="font-size: 8pt"&gt;Diluted income per&#13;    share:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"&gt;&lt;font style="font-size: 8pt"&gt;Income&#13;    available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,174&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;21,328&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.20&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;There were an&#13;aggregate of 3,800,000 and 3,300,000 potentially dilutive weighted-average shares from convertible securities outstanding for&#13;the three and nine months ended September 30, 2012, respectively. These convertible securities were not considered in calculating&#13;diluted net loss per share for the three and nine months ended September 30, 2012, as their effect would have been anti-dilutive.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: white"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</us-gaap:EarningsPerShareTextBlock>
    <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2012-01-01to2012-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Preferred&#13;Dividends&lt;/u&gt; &amp;#150; &lt;/i&gt;The Company accrued and paid cash dividends in respect of its Series B Preferred Stock of $319,000 and&#13;$949,000 for the three and nine months ended September 30, 2012, respectively, and accrued but did not pay cash dividends of $319,000&#13;and $946,000 for the three and nine months ended September 30, 2011, respectively. On August 21, 2012, the Company entered into&#13;an agreement with the Series B Preferred Stock holders under which the Company issued 2,360,000 shares of its common stock in&#13;payment of $732,000 of the total $7,315,000 of accrued and unpaid dividends in respect of the Series B Preferred Stock. In addition,&#13;the holders of the Series B Preferred Stock agreed to forebear from exercising any rights they may have with respect to the unpaid&#13;dividends until January 1, 2014. The Company had accrued and unpaid dividends in respect of its Series B Preferred Stock of $6,583,000&#13;and $7,315,000 as of September 30, 2012 and December 31, 2011, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Note&#13;Payable to Related Party&lt;/u&gt; &amp;#150; &lt;/i&gt;The Company had a note payable to its Chief Executive Officer totaling $750,000 as of&#13;September 30, 2012 and December 31, 2011. This note matures on March 31, 2013.&lt;/font&gt;&lt;/p&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
    <us-gaap:SubsequentEventsTextBlock contextRef="From2012-01-01to2012-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Repayment&#13;of Senior Unsecured Notes&lt;/u&gt;&lt;/i&gt; &amp;#150; On October 1, 2012, the Company fully repaid in cash its $10,000,000 senior&#13;unsecured notes in cash from proceeds of its public offering, which closed on September 26, 2012.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Second&#13;Amended and Restated Credit Agreement&lt;/u&gt;&lt;/i&gt; &amp;#150; On October 29, 2012, the Plant Owners entered into a Second Amended and&#13;Restated Credit Agreement (&amp;#147;Restated Credit Agreement&amp;#148;) with the lenders party to the agreement. The Restated Credit&#13;Agreement provides for a revolving credit facility of up to $40,000,000, a term loan of $25,000,000 (&amp;#147;Tranche A-1 Loan&amp;#148;)&#13;and a term loan of $26,300,000 (&amp;#147;Tranche A-2 Loan&amp;#148;). Under the terms of the Restated Credit Agreement, $39,500,000&#13;of the combined revolving loans and term loans has a maturity date of June 25, 2013 and $51,800,000 of the combined revolving&#13;loans and term loans has a maturity date of June 30, 2016.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Plant&#13;Owners may elect to receive Eurodollar loans and/or base rate loans. The per annum interest rate on Eurodollar loans is equal&#13;to (a) the rate obtained by dividing (i) the one-month LIBOR for the relevant interest period (but in no event less than 4%) by&#13;(ii) a percentage equal to (1) 100% minus (2) the Eurodollar Reserve Percentage (as determined by the Board of Governors of the&#13;Federal Reserve System) for the relevant period, plus (b) the applicable margin of 10%. The per annum interest rate on base rate&#13;loans is equal to (A) the higher of (x) the Federal Funds Effective Rate (equal to the weighted average of the rates on overnight&#13;federal funds transactions with members of the Federal Reserve System) plus 0.50%, (y) the rate of interest as publicly announced&#13;by Wells Fargo Bank as its &amp;#147;prime rate&amp;#148; or (z) the one-month LIBOR plus 1.0%, plus the applicable margin of 10%.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Interest&#13;under the loans is payable monthly in cash, but as long as no default or event of default has occurred or is continuing, interest&#13;payments due to certain lenders for any period prior to June 25, 2013, may, at the option of the Plant Owners, be deferred and&#13;added to the principal balance of the Tranche A-1 Loan due June 30, 2016. The Plant Owners are also required to pay an unused&#13;line fee of 2.0% per annum and other customary fees and expenses associated with the credit facility.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The&#13;Plant Owners&amp;#146; obligations are secured by a security interest in their assets and equity interests in favor of the lenders.&#13;The Restated Credit Agreement contains numerous customary representations, warranties, affirmative and negative covenants and&#13;other customary terms and conditions, including events of default (including upon the occurrence of an event of default with respect&#13;to any indebtedness owed by the Company) and remedies in favor of the lenders. The Restated Credit Agreement also contains restrictions&#13;on the creation or incurrence of additional indebtedness (other than pursuant to the Credit Agreement described below) and on&#13;distributions of funds from the Plant Owners to any affiliates of the Plant Owners, including the Company.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt; font-weight: normal"&gt;The&#13;Restated Credit Agreement also contains financial covenants concerning certain of the Plant Owners&amp;#146; budgeted expenses. Specifically,&#13;the Plant Owners shall not permit amounts disbursed pursuant to the categories in the budget related to the asset management agreement&#13;among the Plant Owners and the Company and operating disbursements to exceed their respective budgeted amounts by more than 10%.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt; font-weight: normal"&gt;&amp;#160;&lt;/font&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt; font-weight: normal"&gt;The&#13;Plant Owners have the right at any time, and from time to time, but subject to limitations imposed by an intercreditor agreement&#13;(described below), to prepay in whole or in part the revolving loans and Tranche A-1 Loans (and the Tranche A-2 Loans following&#13;the payment in full of the revolving loans and Tranche A-1 Loans). However, in the event of any prepayment of the Tranche A-1&#13;Loans that have a maturity date of June 30, 2016, the Plant Owners must pay a premium equal to the present value of all interest&#13;payments which would have accrued from the date of such payment through June 30, 2016, calculated using a discount rate, applied&#13;quarterly, equal to the Treasury Rate as of such prepayment date plus 50 basis points. The Restated Credit Agreement also provides&#13;for mandatory prepayments in connection with certain customary events, including any sale of material assets; however, certain&#13;mandatory prepayments are not subject to the prepayment premium.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Credit&#13;Agreement&lt;/u&gt;&lt;/i&gt; &amp;#150; On October 29, 2012, the Plant Owners entered into a Credit Agreement (&amp;#147;Credit&#13;Agreement&amp;#148;) with lenders party to the agreement. The Credit Agreement provides for a revolving credit facility of up to&#13;$10,000,000. The Plant owners may request (with a maximum of 5 requests) increases in the amount of the facility in&#13;increments of not less than $1,000,000, up to a maximum credit limit of $5,000,000. The lenders have no obligation to agree&#13;to such a request. Loans made under the Credit Agreement mature on June 25, 2013 or such later date on or prior to June 25,&#13;2016, as may be agreed to by certain of the lenders holding in excess of 50% of the outstanding principal amount of the loans&#13;and the undisbursed amount of the aggregate lending commitment. Any extension of the maturity date will be in increments of&#13;one calendar year.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Plant&#13;Owners may elect to receive Eurodollar loans and/or base rate loans. The per annum interest rate on Eurodollar loans is equal&#13;to (a) the rate obtained by dividing (i) the one-month LIBOR for the relevant interest period (but in no event less than 4%) by&#13;(ii) a percentage equal to (1) 100% minus (2) the Eurodollar Reserve Percentage (as determined by the Board of Governors of the&#13;Federal Reserve System) for the relevant period, plus (b) the applicable margin. The per annum interest rate on base rate loans&#13;is equal to (A) the higher of (x) the Federal Funds Effective Rate (equal to the weighted average of the rates on overnight federal&#13;funds transactions with members of the Federal Reserve System), plus 0.50%, (y) the rate of interest as publicly announced by&#13;Wells Fargo Bank as its &amp;#147;prime rate&amp;#148; or (z) the one-month LIBOR plus 1.0%, plus the applicable margin. With respect&#13;to both the Eurodollar loans and base rate loans, the applicable margin is 5.5%; provided that for any loans for which interest&#13;is paid as capitalized interest, the applicable margin is deemed to be 8.0% per annum for the period for which interest is so&#13;paid.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Interest&#13;under the loans is payable monthly in cash, but as long as no default or event of default has occurred or is continuing, interest&#13;payments due to the lenders may, at the option of the Plant Owners, be deferred and added as capitalized interest to the principal&#13;balance of the loans.&lt;b&gt; &lt;/b&gt;The Plant Owners are also required to pay an unused line fee of 2.0% per annum and other customary&#13;fees and expenses associated with the credit facility.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Plant&#13;Owners&amp;#146; obligations are secured by a security interest in their assets and equity interests in favor of the lenders. The&#13;Credit Agreement contains numerous customary representations, warranties, affirmative and negative covenants and other customary&#13;terms and conditions, including events of default (including upon the occurrence of an event of default with respect to any indebtedness&#13;owed by the Company) and remedies in favor of the lenders. The Credit Agreement also contains restrictions on the creation or&#13;incurrence of additional indebtedness and on distributions of funds from the Plant Owners to any affiliates of the Plant Owners,&#13;including the Company.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Credit&#13;Agreement also contains financial covenants concerning certain of the Plant Owners&amp;#146; budgeted expenses. Specifically, the&#13;Plant Owners shall not permit amounts disbursed pursuant to the categories in the budget related to the asset management agreement&#13;among the Plant Owners and the Company and operating disbursements to exceed their respective budgeted amounts by more than 10%.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Plant&#13;Owners have the right at any time, and from time to time, but subject to limitations imposed by an intercreditor agreement, to&#13;prepay the revolving loans under the Credit Agreement. The Credit Agreement also provides for mandatory prepayments in connection&#13;with certain customary events, including any sale of material assets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Intercreditor&#13;Agreement&lt;/u&gt;&lt;/i&gt; &amp;#150; On October 29, 2012, the Plant Owners entered into an Intercreditor Agreement (&amp;#147;Intercreditor&#13;Agreement&amp;#148;) with Wells Fargo Bank, National Association (&amp;#147;Agent&amp;#148;), as collateral agent. The Intercreditor Agreement&#13;provides, among other things, that the amounts owed by the Plant Owners under the Credit Agreement shall be senior in right and&#13;payment to the payment of amounts owed by the Plant Owners under the Restated Credit Agreement. In addition, pursuant to the terms&#13;of the Intercreditor Agreement, the lenders under the Restated Credit Agreement have agreed to continue, and make certain additional&#13;extensions of, credit to the Plant Owners pursuant to the terms of the Restated Credit Agreement, upon, among other terms and&#13;conditions, the conditions that (i) obligations of Plant Owners under the Restated Credit Agreement shall be secured by a second&#13;priority lien on, and security interests in, the collateral under the Restated Credit Agreement, and (ii) subject to the terms&#13;and conditions contained in the Intercreditor Agreement, the payment of certain obligations under the Restated Credit Agreement&#13;shall be subordinate and subject in right and time of payment to the prior discharge of amounts owed by the Plant Owners under&#13;the Credit Agreement.&lt;/font&gt;&lt;/p&gt;</us-gaap:SubsequentEventsTextBlock>
    <us-gaap:NatureOfOperations contextRef="From2012-01-01to2012-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Organization&#13;and Business&lt;/u&gt;&lt;/i&gt; &amp;#150; The consolidated financial statements include the accounts of Pacific Ethanol, Inc., a Delaware corporation&#13;(&amp;#147;Pacific Ethanol&amp;#148;), and its wholly-owned subsidiaries, including Kinergy Marketing LLC, an Oregon limited liability&#13;company (&amp;#147;Kinergy&amp;#148;) and its wholly-owned subsidiary Pacific Ag. Products, LLC, a California limited liability company&#13;(&amp;#147;PAP&amp;#148;) for all periods presented, and for the periods specified below, the Plant Owners (as defined below) (collectively,&#13;the &amp;#147;Company&amp;#148;).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The&#13;Company is the leading marketer and producer of low-carbon renewable fuels in the Western United States. The Company also sells&#13;ethanol co-products, including wet distillers grain and syrup (&amp;#147;WDG&amp;#148;), and provides transportation, storage and delivery&#13;of ethanol through third-party service providers in the Western United States, primarily in California, Arizona, Nevada, Utah,&#13;Oregon, Colorado, Idaho and Washington. The Company sells ethanol produced by the Pacific Ethanol Plants (as defined below) and&#13;unrelated third parties to gasoline refining and distribution companies and sells its WDG to dairy operators and animal feed distributors.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&#13;manages the production and operation of the four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol&#13;Columbia, LLC, Pacific Ethanol Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &amp;#147;Pacific Ethanol Plants&amp;#148;)&#13;and their holding company, Pacific Ethanol Holding Co. LLC (&amp;#147;PEHC,&amp;#148; and together with the Pacific Ethanol Plants,&#13;the &amp;#147;Plant Owners&amp;#148;). PEHC is a wholly-owned subsidiary of New PE Holdco LLC (&amp;#147;New PE Holdco&amp;#148;) which, in&#13;turn, is a subsidiary of the Company. These four facilities have an aggregate annual production capacity of up to 200 million&#13;gallons. As of September 30, 2012, three of the facilities were operating and one of the facilities was idled. When market conditions&#13;permit, and with approval of New PE Holdco, the Company intends to resume operations at the Madera, California facility.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;On October&#13;6, 2010, the Company purchased an initial 20% ownership interest in New PE Holdco, a variable interest entity (&amp;#147;VIE&amp;#148;),&#13;from a number of New PE Holdco&amp;#146;s owners. At that time, the Company determined it was the primary beneficiary of New PE Holdco,&#13;and as such, has consolidated the results of New PE Holdco since then. See Note 2 &amp;#150; Variable Interest Entity. On each of&#13;November 29, 2011 and December 19, 2011, the Company purchased an additional 7% ownership interest in New PE Holdco. Further,&#13;on July 13, 2012, the Company purchased an additional 33% ownership interest in New PE Holdco, bringing the Company&amp;#146;s total&#13;ownership interest in New PE Holdco to 67% as of September 30, 2012.&lt;/font&gt;&lt;/p&gt;</us-gaap:NatureOfOperations>
    <us-gaap:LiquidityDisclosureTextBlock contextRef="From2012-01-01to2012-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Liquidity&#13;&lt;/u&gt;&lt;/i&gt;&amp;#150; Despite the liquidity risks relative to the Plant Owners&amp;#146; credit facilities, the Company believes that current&#13;and future available capital resources, revenues generated from operations, and other existing sources of liquidity, including&#13;its credit facilities, will be adequate to meet its anticipated working capital and capital expenditure requirements for the next&#13;twelve months. See Note 5 &amp;#150; Debt. If, however, the Company&amp;#146;s capital requirements or cash flow vary materially from&#13;its current projections, or if other unforeseen circumstances occur, such as a lack of significant improvement or further deterioration&#13;of corn crush margins, the Company may require additional financing during that period. The Company&amp;#146;s failure to raise capital,&#13;if needed, could restrict its growth, hinder its ability to compete and adversely impact its operations.&lt;/font&gt;&lt;/p&gt;</us-gaap:LiquidityDisclosureTextBlock>
    <us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy contextRef="From2012-01-01to2012-09-30">&lt;p style="margin: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Accounts&#13;Receivable and Allowance for Doubtful Accounts&lt;/u&gt;&lt;/i&gt; &amp;#150; Trade accounts receivable are presented at face value, net of the&#13;allowance for doubtful accounts. The Company sells ethanol to gasoline refining and distribution companies and sells WDG to dairy&#13;operators and animal feed distributors generally without requiring collateral.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company maintains&#13;an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process is based&#13;on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after a specified number&#13;of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question.&#13;Delinquent accounts receivable are charged against the allowance for doubtful accounts once uncollectibility has been determined.&#13;The factors considered in reaching this determination are the apparent financial condition of the customer and the Company&amp;#146;s&#13;success in contacting and negotiating with the customer. If the financial condition of the Company&amp;#146;s customers were to deteriorate,&#13;resulting in an impairment of ability to make payments, additional allowances may be required.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Of the total&#13;accounts receivable balance, approximately $25,540,000 and $23,715,000 at September 30, 2012 and December 31, 2011, respectively,&#13;were used as collateral under Kinergy&amp;#146;s working capital line of credit. The allowance for doubtful accounts was $9,000 and&#13;$24,000 as of September 30, 2012 and December 31, 2011, respectively. The Company recorded net bad debt recoveries of $15,000&#13;and $45,000 for the three months ended September 30, 2012 and 2011, respectively. The Company recorded net bad debt recoveries&#13;of $15,000 and $185,000 for the nine months ended September 30, 2012 and 2011, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy>
    <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="From2012-01-01to2012-09-30">&lt;p style="margin: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Basis of&#13;Presentation&lt;/u&gt;&lt;/i&gt;&lt;u&gt;&amp;#150;&lt;i&gt;Interim Financial Statements&lt;/i&gt;&lt;/u&gt;&lt;font style="font-family: Times New Roman, Times, Serif; color: black"&gt;&#13;&lt;/font&gt;&amp;#150; The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance&#13;with accounting principles generally accepted in the United States for interim financial information and the instructions to Form&#13;10-Q and Rule&amp;#160;10-01 of Regulation&amp;#160;S-X. Results for interim periods should not be considered indicative of results for&#13;a full year. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements&#13;and related notes contained in the Company&amp;#146;s Annual Report on Form 10-K for the year ended December&amp;#160;31, 2011. The accounting&#13;policies used in preparing these consolidated financial statements are the same as those described in Note 1 to the consolidated&#13;financial statements in the Company&amp;#146;s Annual Report on Form 10-K for the year ended December 31, 2011. In the opinion of&#13;management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results&#13;for interim periods have been included. All significant intercompany accounts and transactions have been eliminated in consolidation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The preparation&#13;of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires&#13;management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent&#13;assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting&#13;period. Significant estimates are required as part of determining the consolidation of VIEs, fair value of convertible notes and&#13;warrants, allowance for doubtful accounts, estimated lives of property and equipment and intangibles, long-lived asset impairments,&#13;valuation allowances on deferred income taxes and the potential outcome of future tax consequences of events recognized in the&#13;Company&amp;#146;s financial statements or tax returns. Actual results and outcomes may materially differ from management&amp;#146;s estimates&#13;and assumptions.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Reclassifications&#13;of prior year&amp;#146;s data have been made to conform to 2012 classifications. Such classifications had no effect on net income&#13;(loss) reported in the consolidated statements of operations.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
    <us-gaap:ScheduleOfVariableInterestEntitiesTextBlock contextRef="From2012-01-01to2012-09-30">&lt;p style="margin: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The carrying&#13;values and classification of assets that are collateral for the obligations of New PE Holdco consisted of the following (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;September 30, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;December 31, 2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 60%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;92&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,070&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Other current assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13,368&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,320&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Property and equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;148,390&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;155,523&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,368&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,693&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 11pt"&gt;&lt;font style="font-size: 8pt"&gt;Total assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;163,218&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;173,606&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&lt;/font&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 60%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Current liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,063&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,064&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Long-term debt, including current portion&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;91,186&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;73,256&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;195&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;158&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 11pt"&gt;&lt;font style="font-size: 8pt"&gt;Total liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;97,444&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;76,478&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfVariableInterestEntitiesTextBlock>
    <us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="From2012-01-01to2012-09-30">&lt;p style="margin: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;September 30, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;December 31, 2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 60%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Finished goods&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,089&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,429&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Work in progress&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,164&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,284&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Raw materials&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,273&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,334&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;848&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,084&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 22pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,374&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16,131&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: white"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: white"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>
    <us-gaap:ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock contextRef="From2012-01-01to2012-09-30">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Realized Gains (Losses)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended&#13;    September 30,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Statements of Operations Location&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(238,238,238); vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 30%"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 35%"&gt;&lt;font style="font-size: 8pt"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right; width: 11%"&gt;&lt;font style="font-size: 8pt"&gt;(440&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right; width: 11%"&gt;&lt;font style="font-size: 8pt"&gt;483&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Unrealized Gains (Losses)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended&#13;    September 30,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Statements of Operations Location&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(238,238,238); vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 30%"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 35%"&gt;&lt;font style="font-size: 8pt"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right; width: 11%"&gt;&lt;font style="font-size: 8pt"&gt;388&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right; width: 11%"&gt;&lt;font style="font-size: 8pt"&gt;(88&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Realized Gains&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Nine Months Ended&#13;    September 30,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Statements of Operations Location&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(238,238,238); vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 30%"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 35%"&gt;&lt;font style="font-size: 8pt"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right; width: 11%"&gt;&lt;font style="font-size: 8pt"&gt;277&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right; width: 11%"&gt;&lt;font style="font-size: 8pt"&gt;460&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Unrealized Losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Nine Months Ended&#13;    September 30,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Statements of Operations Location&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(238,238,238); vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; width: 30%"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; width: 35%"&gt;&lt;font style="font-size: 8pt"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; width: 11%"&gt;&lt;font style="font-size: 8pt"&gt;(479&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; width: 3%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; width: 11%"&gt;&lt;font style="font-size: 8pt"&gt;(126&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: white"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</us-gaap:ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock>
    <us-gaap:ScheduleOfDebtInstrumentsTextBlock contextRef="From2012-01-01to2012-09-30">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;September 30, &lt;br /&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;December 31, &lt;br /&gt;&#13;    2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 60%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Kinergy operating line of credit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,158&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,432&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Senior unsecured notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Note payable to related party&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;750&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;750&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Plant Owners&amp;#146; term debt&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;52,687&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;July 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.50&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;76.8%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.62%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4.76&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.26&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;858&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;September 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.59&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;As of December&#13;31, 2011:&lt;/u&gt;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;226&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;December 2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.50&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;68.0%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.83%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4.96&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;52.0%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;1,695&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:FairValueByBalanceSheetGroupingTextBlock>
    <us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock contextRef="From2012-01-01to2012-09-30">&lt;p style="margin: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 85%"&gt;&lt;font style="font-size: 8pt"&gt;Balance, December 31, 2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Warrant exercises&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(112&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Adjustments to fair value for the period&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;33&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Balance, March 31, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,842&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Adjustments to fair value for the period&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,285&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Balance, June 30, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;557&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;July Offering&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,380&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;September Offering&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,658&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Adjustments to fair value for the period&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Balance, September 30, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,495&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock>
    <us-gaap:ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock contextRef="From2012-01-01to2012-09-30">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The following&#13;tables compute basic and diluted earnings per share (in thousands, except per share data):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended&#13;    September 30, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Loss &lt;br /&gt;Numerator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Per-Share&lt;br /&gt; Amount&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 61%; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Net loss attributed to Pacific Ethanol&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,971&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: justify; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Less: Preferred stock dividends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(319&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"&gt;&lt;font style="font-size: 8pt"&gt;Basic&#13;    and diluted loss per share:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"&gt;&lt;font style="font-size: 8pt"&gt;Loss&#13;    available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(6,290&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;115,677&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(0.05&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: white"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended&#13;    September 30, 2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Income &lt;br /&gt; Numerator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Per-Share &lt;br /&gt; Amount&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 61%; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Net income attributed to Pacific Ethanol&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,352&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: justify; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Less: Preferred stock dividends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(319&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"&gt;&lt;font style="font-size: 8pt"&gt;Basic&#13;    and diluted income per share:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"&gt;&lt;font style="font-size: 8pt"&gt;Income&#13;    available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,033&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;33,201&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.12&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Nine Months Ended&#13;    September 30, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Loss &lt;br /&gt;Numerator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Per-Share&lt;br /&gt; Amount&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 61%; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Net loss attributed to Pacific Ethanol&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(13,553&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: justify; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Less: Preferred stock dividends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(949&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"&gt;&lt;font style="font-size: 8pt"&gt;Basic&#13;    and diluted loss per share:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"&gt;&lt;font style="font-size: 8pt"&gt;Loss&#13;    available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(14,502&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;96,203&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(0.15&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Nine Months Ended&#13;    September 30, 2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Income &lt;br /&gt; Numerator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Per-Share &lt;br /&gt; Amount&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 61%; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Net income attributed to Pacific Ethanol&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,120&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Less: Preferred stock dividends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(946&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-indent: -8.05pt; padding-left: 8.05pt"&gt;&lt;font style="font-size: 8pt"&gt;Basic income per share:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Income available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; 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    <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">-11422000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
    <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">-7560000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
    <us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">5492000</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
    <us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">3920000</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
    <us-gaap:IncreaseDecreaseInOtherCurrentAssets contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">3144000</us-gaap:IncreaseDecreaseInOtherCurrentAssets>
    <us-gaap:IncreaseDecreaseInOtherCurrentAssets contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">-3466000</us-gaap:IncreaseDecreaseInOtherCurrentAssets>
    <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">1480000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
    <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">-368000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
    <us-gaap:IncreaseDecreaseInInventories contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">1482000</us-gaap:IncreaseDecreaseInInventories>
    <us-gaap:IncreaseDecreaseInInventories contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">-5280000</us-gaap:IncreaseDecreaseInInventories>
    <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">642000</us-gaap:IncreaseDecreaseInAccountsReceivable>
    <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">-2204000</us-gaap:IncreaseDecreaseInAccountsReceivable>
    <us-gaap:AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts contextRef="From2012-07-01to2012-09-30" unitRef="USD" decimals="-3">-15000</us-gaap:AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts>
    <us-gaap:AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts contextRef="From2011-07-01to2011-09-30" unitRef="USD" decimals="-3">-45000</us-gaap:AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts>
    <us-gaap:AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">-15000</us-gaap:AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts>
    <us-gaap:AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">-185000</us-gaap:AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts>
    <us-gaap:UnrealizedGainLossOnDerivatives contextRef="From2012-07-01to2012-09-30_NondesignatedMember_CommodityContractMember_CostOfSalesMember" unitRef="USD" decimals="-3">388000</us-gaap:UnrealizedGainLossOnDerivatives>
    <us-gaap:UnrealizedGainLossOnDerivatives contextRef="From2011-07-01to2011-09-30_NondesignatedMember_CommodityContractMember_CostOfSalesMember" unitRef="USD" decimals="-3">-88000</us-gaap:UnrealizedGainLossOnDerivatives>
    <us-gaap:UnrealizedGainLossOnDerivatives contextRef="From2012-01-01to2012-09-30_NondesignatedMember_CommodityContractMember_CostOfSalesMember" unitRef="USD" decimals="-3">-479000</us-gaap:UnrealizedGainLossOnDerivatives>
    <us-gaap:UnrealizedGainLossOnDerivatives contextRef="From2011-01-01to2011-09-30_NondesignatedMember_CommodityContractMember_CostOfSalesMember" unitRef="USD" decimals="-3">-126000</us-gaap:UnrealizedGainLossOnDerivatives>
    <us-gaap:OtherNoncashExpense contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">705000</us-gaap:OtherNoncashExpense>
    <us-gaap:OtherNoncashExpense contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">1978000</us-gaap:OtherNoncashExpense>
    <us-gaap:AmortizationOfFinancingCostsAndDiscounts contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">455000</us-gaap:AmortizationOfFinancingCostsAndDiscounts>
    <us-gaap:AmortizationOfFinancingCostsAndDiscounts contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">485000</us-gaap:AmortizationOfFinancingCostsAndDiscounts>
    <us-gaap:InventoryWriteDown contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">275000</us-gaap:InventoryWriteDown>
    <us-gaap:InventoryWriteDown contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">157000</us-gaap:InventoryWriteDown>
    <us-gaap:AmortizationOfIntangibleAssets contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">9216000</us-gaap:AmortizationOfIntangibleAssets>
    <us-gaap:AmortizationOfIntangibleAssets contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">9490000</us-gaap:AmortizationOfIntangibleAssets>
    <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">33294000</us-gaap:NetCashProvidedByUsedInFinancingActivities>
    <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">17091000</us-gaap:NetCashProvidedByUsedInFinancingActivities>
    <us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">949000</us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock>
    <us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock contextRef="From2011-01-01to2011-09-30" unitRef="USD" xsi:nil="true" />
    <us-gaap:ProceedsFromOtherDebt contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">13249000</us-gaap:ProceedsFromOtherDebt>
    <us-gaap:ProceedsFromOtherDebt contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">17091000</us-gaap:ProceedsFromOtherDebt>
    <us-gaap:ProceedsFromIssuanceOrSaleOfEquity contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">20994000</us-gaap:ProceedsFromIssuanceOrSaleOfEquity>
    <us-gaap:ProceedsFromIssuanceOrSaleOfEquity contextRef="From2011-01-01to2011-09-30" unitRef="USD" xsi:nil="true" />
    <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">-12115000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
    <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">-1459000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
    <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">2115000</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
    <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">1459000</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
    <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">9757000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
    <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">8072000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
    <peix:NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">10000000</peix:NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity>
    <peix:NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity contextRef="From2011-01-01to2011-09-30" unitRef="USD" xsi:nil="true" />
    <us-gaap:StockIssuedDuringPeriodValueOther contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">732000</us-gaap:StockIssuedDuringPeriodValueOther>
    <us-gaap:StockIssuedDuringPeriodValueOther contextRef="From2011-01-01to2011-09-30" unitRef="USD" xsi:nil="true" />
    <us-gaap:InterestPaidNet contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">7504000</us-gaap:InterestPaidNet>
    <us-gaap:InterestPaidNet contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">8047000</us-gaap:InterestPaidNet>
    <us-gaap:InterestCostsCapitalized contextRef="From2012-01-01to2012-09-30" unitRef="USD" decimals="-3">1407000</us-gaap:InterestCostsCapitalized>
    <us-gaap:InterestCostsCapitalized contextRef="From2011-01-01to2011-09-30" unitRef="USD" xsi:nil="true" />
    <peix:PreferredStockDividendsAccrued contextRef="From2012-01-01to2012-09-30" unitRef="USD" xsi:nil="true" />
    <peix:PreferredStockDividendsAccrued contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">946000</peix:PreferredStockDividendsAccrued>
    <us-gaap:StockIssuedDuringPeriodValueIssuedForNoncashConsiderations contextRef="From2012-01-01to2012-09-30" unitRef="USD" xsi:nil="true" />
    <us-gaap:StockIssuedDuringPeriodValueIssuedForNoncashConsiderations contextRef="From2011-01-01to2011-09-30" unitRef="USD" decimals="-3">25388000</us-gaap:StockIssuedDuringPeriodValueIssuedForNoncashConsiderations>
    <us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock contextRef="From2012-01-01to2012-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;The following table summarizes fair&#13;value measurements by level at September 30, 2012 (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    3&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="width: 48%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts(1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;514&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;514&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in"&gt;&lt;font style="font-size: 8pt"&gt;Total&#13;    Assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;514&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;514&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;__________&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;(1)&#13;Included in other current assets in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    3&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 48%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Warrants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,495&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,495&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts(1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;291&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;291&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in"&gt;&lt;font style="font-size: 8pt"&gt;Total&#13;    Liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;291&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,495&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,786&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;__________&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;(1) Included&#13;in accrued liabilities in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;The following tables summarize fair&#13;value measurements by level at December 31, 2011 (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13; 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   &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="width: 48%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts(1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in"&gt;&lt;font style="font-size: 8pt"&gt;Total&#13;    Assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;__________&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;(1) Included&#13;in other current assets in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    3&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts(2)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in"&gt;&lt;font style="font-size: 8pt"&gt;Total&#13;    Liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,421&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;__________&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;(1)&#13;Included in other liabilities in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;(2)&#13;Included in accrued liabilities in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; 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	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/EarningsPerShare" id="EarningsPerShare">
	  <link:definition>0014 - Disclosure - 9. EARNINGS PER SHARE</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/RelatedPartyTransactions" id="RelatedPartyTransactions">
	  <link:definition>0015 - Disclosure - 10. RELATED PARTY TRANSACTIONS</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/SubsequentEvent" id="SubsequentEvent">
	  <link:definition>0016 - Disclosure - 11. SUBSEQUENT EVENT</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/OrganizationAndBasisOfPresentationPolicies" id="OrganizationAndBasisOfPresentationPolicies">
	  <link:definition>0017 - Disclosure - 1. ORGANIZATION AND BASIS OF PRESENTATION (Policies)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/VariableInterestEntityTables" id="VariableInterestEntityTables">
	  <link:definition>0018 - Disclosure - 2. VARIABLE INTEREST ENTITY (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/InventoriesTables" id="InventoriesTables">
	  <link:definition>0019 - Disclosure - 3. INVENTORIES (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/DerivativesTables" id="DerivativesTables">
	  <link:definition>0020 - Disclosure - 4. DERIVATIVES (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/DebtTables" id="DebtTables">
	  <link:definition>0021 - Disclosure - 5. DEBT (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/CommitmentsAndContingenciesTables" id="CommitmentsAndContingenciesTables">
	  <link:definition>0022 - Disclosure - 7. COMMITMENTS AND CONTINGENCIES (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/FairValueMeasurementsTables" id="FairValueMeasurementsTables">
	  <link:definition>0023 - Disclosure - 8. FAIR VALUE MEASUREMENTS (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/EarningsPerShareTables" id="EarningsPerShareTables">
	  <link:definition>0024 - Disclosure - 9. EARNINGS PER SHARE (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/OrganizationAndBasisOfPresentationDetailsNarrative" id="OrganizationAndBasisOfPresentationDetailsNarrative">
	  <link:definition>0025 - Disclosure - 1. ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/VariableInterestEntityDetails" id="VariableInterestEntityDetails">
	  <link:definition>0026 - Disclosure - 2. VARIABLE INTEREST ENTITY (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/VariableInterestEntityDetailsNarrative" id="VariableInterestEntityDetailsNarrative">
	  <link:definition>0027 - Disclosure - 2. VARIABLE INTEREST ENTITY (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/InventoriesDetails" id="InventoriesDetails">
	  <link:definition>0028 - Disclosure - 3. INVENTORIES (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/DerivativesDetails" id="DerivativesDetails">
	  <link:definition>0029 - Disclosure - 4. DERIVATIVES (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/DerivativesDetailsNarrative" id="DerivativesDetailsNarrative">
	  <link:definition>0030 - Disclosure - 4. DERIVATIVES (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/DebtDetails" id="DebtDetails">
	  <link:definition>0031 - Disclosure - 5. DEBT (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/DebtDetailsNarrative" id="DebtDetailsNarrative">
	  <link:definition>0032 - Disclosure - 5. DEBT (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/WarrantsDetailsNarrative" id="WarrantsDetailsNarrative">
	  <link:definition>0033 - Disclosure - 6. COMMON STOCK AND WARRANTS (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/CommitmentsAndContingenciesDetails" id="CommitmentsAndContingenciesDetails">
	  <link:definition>0034 - Disclosure - 7. COMMITMENTS AND CONTINGENCIES (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/CommitmentsAndContingenciesDetailsNarrative" id="CommitmentsAndContingenciesDetailsNarrative">
	  <link:definition>0035 - Disclosure - 7. COMMITMENTS AND CONTINGENCIES (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/FairValueMeasurementsDetails" id="FairValueMeasurementsDetails">
	  <link:definition>0036 - Disclosure - 8. FAIR VALUE MEASUREMENTS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/FairValueMeasurementsDetails2" id="FairValueMeasurementsDetails2">
	  <link:definition>0037 - Disclosure - 8. FAIR VALUE MEASUREMENTS (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/FairValueMeasurementsDetails1" id="FairValueMeasurementsDetails1">
	  <link:definition>0038 - Disclosure - 8. FAIR VALUE MEASUREMENTS (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/EarningsPerShareDetails" id="EarningsPerShareDetails">
	  <link:definition>0039 - Disclosure - 9. EARNINGS PER SHARE (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/EarningsPerShareDetailsNarrative" id="EarningsPerShareDetailsNarrative">
	  <link:definition>0040 - Disclosure - 9. EARNINGS PER SHARE (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://compsciresources.com/role/RelatedPartyTransactionsDetailsNarrative" id="RelatedPartyTransactionsDetailsNarrative">
	  <link:definition>0041 - Disclosure - 10. RELATED PARTY TRANSACTIONS (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:linkbaseRef xlink:type="simple" xlink:href="peix-20120930_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="peix-20120930_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="peix-20120930_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Calculation Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="peix-20120930_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Definition Links" />
      </appinfo>
    </annotation>
    <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
    <import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" />
    <import namespace="http://fasb.org/us-types/2012-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2012/elts/us-types-2012-01-31.xsd" />
    <import namespace="http://xbrl.sec.gov/dei/2012-01-31" schemaLocation="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd" />
    <import namespace="http://fasb.org/us-gaap/2012-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd" />
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    <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
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    <element id="peix_EthanolMember" name="EthanolMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="peix_WetDistillersGrainMember" name="WetDistillersGrainMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="peix_WarrantsIssuedOctober2010Member" name="WarrantsIssuedOctober2010Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="peix_WarrantsIssuedDecember2011Member" name="WarrantsIssuedDecember2011Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="peix_VIEBalanceSheetMember" name="VIEBalanceSheetMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="peix_KinergyMember" name="KinergyMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="peix_PlantOwnersMember" name="PlantOwnersMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
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    <element id="peix_Warrants2IssuedJuly2012Member" name="Warrants2IssuedJuly2012Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="peix_WarrantsIssuedSeptember2012Member" name="WarrantsIssuedSeptember2012Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
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    <element id="peix_WarrantLiabilities" name="WarrantLiabilities" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
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    <element id="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" name="AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
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    <element id="peix_OrganizationAndBasisOfPresentationAbstract" name="OrganizationAndBasisOfPresentationAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
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    <element id="peix_FairValueMeasurementsAbstract" name="FairValueMeasurementsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="peix_SubsequentEventAbstract" name="SubsequentEventAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="peix_OrganizationAndBasisOfPresentationPoliciesAbstract" name="OrganizationAndBasisOfPresentationPoliciesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="peix_VariableInterestEntityTablesAbstract" name="VariableInterestEntityTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="peix_InventoriesTablesAbstract" name="InventoriesTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="peix_DerivativesTablesAbstract" name="DerivativesTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="peix_DebtTablesAbstract" name="DebtTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="peix_CommitmentsAndContingenciesTablesAbstract" name="CommitmentsAndContingenciesTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="peix_SalesCommitmentsTextBlock" name="SalesCommitmentsTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="peix_FairValueMeasurementsTablesAbstract" name="FairValueMeasurementsTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="peix_EarningsPerShareTablesAbstract" name="EarningsPerShareTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="peix_OrganizationAndBasisOfPresentationDetailsNarrativeAbstract" name="OrganizationAndBasisOfPresentationDetailsNarrativeAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="peix_LineOfCreditCollateralUsed" name="LineOfCreditCollateralUsed" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="peix_VariableInterestEntityDetailsAbstract" name="VariableInterestEntityDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="peix_CashAndCashEquivalentsVIE" name="CashAndCashEquivalentsVIE" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="peix_OtherCurrentAssetsVIE" name="OtherCurrentAssetsVIE" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="peix_PropertyAndEquipmentVIE" name="PropertyAndEquipmentVIE" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="peix_OtherAssetsVIE" name="OtherAssetsVIE" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="peix_TotalAssetsVIE" name="TotalAssetsVIE" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="peix_CurrentLiabilitiesVIE" name="CurrentLiabilitiesVIE" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>15
<FILENAME>peix-20120930_cal.xml
<DESCRIPTION>XBRL CALCULATION FILE
<TEXT>
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis" xlink:label="us-gaap_DerivativeInstrumentRiskAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentRiskAxis" xlink:to="us-gaap_DerivativeInstrumentRiskAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentRiskAxis_lbl" xml:lang="en-US">Derivative Instrument Risk [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CostOfSalesMember" xlink:label="us-gaap_CostOfSalesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfSalesMember" xlink:to="us-gaap_CostOfSalesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostOfSalesMember_lbl" xml:lang="en-US">Cost of goods sold [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="us-gaap_IncomeStatementLocationAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementLocationAxis" xlink:to="us-gaap_IncomeStatementLocationAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementLocationAxis_lbl" xml:lang="en-US">Income Statement Location [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_EthanolMember" xlink:label="peix_EthanolMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_EthanolMember" xlink:to="peix_EthanolMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_EthanolMember_lbl" xml:lang="en-US">EthanolMember</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_SalesCommitmentByCategoryOfItemAxis" xlink:label="peix_SalesCommitmentByCategoryOfItemAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SalesCommitmentByCategoryOfItemAxis" xlink:to="peix_SalesCommitmentByCategoryOfItemAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SalesCommitmentByCategoryOfItemAxis_lbl" xml:lang="en-US">SalesCommitmentByCategoryOfItem [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_WetDistillersGrainMember" xlink:label="peix_WetDistillersGrainMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WetDistillersGrainMember" xlink:to="peix_WetDistillersGrainMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WetDistillersGrainMember_lbl" xml:lang="en-US">WetDistillersGrainMember</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_WarrantsIssuedOctober2010Member" xlink:label="peix_WarrantsIssuedOctober2010Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantsIssuedOctober2010Member" xlink:to="peix_WarrantsIssuedOctober2010Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantsIssuedOctober2010Member_lbl" xml:lang="en-US">Warrants issued in October 2010 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_WarrantsIssuedDecember2011Member" xlink:label="peix_WarrantsIssuedDecember2011Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantsIssuedDecember2011Member" xlink:to="peix_WarrantsIssuedDecember2011Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantsIssuedDecember2011Member_lbl" xml:lang="en-US">Warrants issued in December 2011 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_VIEBalanceSheetMember" xlink:label="peix_VIEBalanceSheetMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_VIEBalanceSheetMember" xlink:to="peix_VIEBalanceSheetMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_VIEBalanceSheetMember_lbl" xml:lang="en-US">VIEBalanceSheetMember</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" xlink:label="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" xlink:to="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_lbl" xml:lang="en-US">Variable Interest Entities By Classification Of Entity [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_KinergyMember" xlink:label="peix_KinergyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_KinergyMember" xlink:to="peix_KinergyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_KinergyMember_lbl" xml:lang="en-US">Kinergy</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="us-gaap_DebtInstrumentAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentAxis" xlink:to="us-gaap_DebtInstrumentAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xml:lang="en-US">Debt Instrument [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_PlantOwnersMember" xlink:label="peix_PlantOwnersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PlantOwnersMember" xlink:to="peix_PlantOwnersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_PlantOwnersMember_lbl" xml:lang="en-US">Plant Owners</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_Warrants1IssuedJuly2012Member" xlink:label="peix_Warrants1IssuedJuly2012Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_Warrants1IssuedJuly2012Member" xlink:to="peix_Warrants1IssuedJuly2012Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_Warrants1IssuedJuly2012Member_lbl" xml:lang="en-US">Warrants 1 Issued July 2012 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_Warrants2IssuedJuly2012Member" xlink:label="peix_Warrants2IssuedJuly2012Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_Warrants2IssuedJuly2012Member" xlink:to="peix_Warrants2IssuedJuly2012Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_Warrants2IssuedJuly2012Member_lbl" xml:lang="en-US">Warrants 2 Issued July 2012 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_WarrantsIssuedSeptember2012Member" xlink:label="peix_WarrantsIssuedSeptember2012Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantsIssuedSeptember2012Member" xlink:to="peix_WarrantsIssuedSeptember2012Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantsIssuedSeptember2012Member_lbl" xml:lang="en-US">Warrants Issued September 2012 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_DocumentAndEntityInformationAbstract" xlink:label="peix_DocumentAndEntityInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DocumentAndEntityInformationAbstract" xlink:to="peix_DocumentAndEntityInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document And Entity Information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Is Entity a Well-known Seasoned Issuer?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Is Entity a Voluntary Filer?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Is Entity's Reporting Status Current?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StatementClassOfStockAxis_2_lbl" xml:lang="en-US">Class of Stock [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="us-gaap_AssetsCurrentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">Current Assets:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US">Accounts receivable, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryNet" xlink:label="us-gaap_InventoryNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNet" xlink:to="us-gaap_InventoryNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryNet_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherInventory" xlink:label="us-gaap_OtherInventory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherInventory" xlink:to="us-gaap_OtherInventory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherInventory_lbl" xml:lang="en-US">Prepaid inventory</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="us-gaap_OtherAssetsCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsCurrent" xlink:to="us-gaap_OtherAssetsCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsCurrent_lbl" xml:lang="en-US">Other current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Total current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Property and equipment, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssetsAbstract" xlink:label="us-gaap_OtherAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsAbstract" xlink:to="us-gaap_OtherAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsAbstract_lbl" xml:lang="en-US">Other Assets:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xml:lang="en-US">Intangible assets, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US">Other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssets" xlink:label="us-gaap_OtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssets" xlink:to="us-gaap_OtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OtherAssets_lbl" xml:lang="en-US">Total other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total Assets**</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">Current Liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US">Accounts payable - trade</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Accrued liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsPayableCurrent" xlink:label="us-gaap_DividendsPayableCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPayableCurrent" xlink:to="us-gaap_DividendsPayableCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsPayableCurrent_lbl" xml:lang="en-US">Accrued preferred dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="us-gaap_LongTermDebtCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtCurrent" xlink:to="us-gaap_LongTermDebtCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtCurrent_lbl" xml:lang="en-US">Current portion - long-term debt (including $750 to related party)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Total current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="us-gaap_LongTermDebtNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtNoncurrent" xlink:to="us-gaap_LongTermDebtNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl" xml:lang="en-US">Long-term debt, net of current portion</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAccruedLiabilitiesNoncurrent" xlink:label="us-gaap_OtherAccruedLiabilitiesNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAccruedLiabilitiesNoncurrent" xlink:to="us-gaap_OtherAccruedLiabilitiesNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OtherAccruedLiabilitiesNoncurrent_lbl" xml:lang="en-US">Accrued preferred dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_WarrantLiabilities" xlink:label="peix_WarrantLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantLiabilities" xlink:to="peix_WarrantLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantLiabilities_lbl" xml:lang="en-US">Warrant liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="us-gaap_OtherLiabilitiesNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesNoncurrent" xlink:to="us-gaap_OtherLiabilitiesNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherLiabilitiesNoncurrent_lbl" xml:lang="en-US">Other liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total Liabilities**</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US">Commitments and Contingencies (Notes 4, 5 and 7)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">Stockholders' Equity:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Pacific Ethanol, Inc. Stockholders' Equity:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A: 1,684,375 shares authorized; 0 shares issued and outstanding as of September 30, 2012 and December 31, 2011; Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of September 30, 2012 and December 31, 2011; liquidation preference of $24,659 as of September 30, 2012</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common stock, $0.001 par value; 300,000,000 shares authorized; 144,710,897 and 86,631,664 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional paid-in capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Accumulated deficit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total Pacific Ethanol, Inc. Stockholders' Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MinorityInterestInJointVentures" xlink:label="us-gaap_MinorityInterestInJointVentures" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestInJointVentures" xlink:to="us-gaap_MinorityInterestInJointVentures_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestInJointVentures_lbl" xml:lang="en-US">Noncontrolling interest in variable interest entity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Total Stockholders' Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total Liabilities and Stockholders' Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NotesPayableRelatedPartiesClassifiedCurrent" xlink:label="us-gaap_NotesPayableRelatedPartiesClassifiedCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesPayableRelatedPartiesClassifiedCurrent" xlink:to="us-gaap_NotesPayableRelatedPartiesClassifiedCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesPayableRelatedPartiesClassifiedCurrent_lbl" xml:lang="en-US">Current portion of long term debt to related party</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Preferred stock par value (in Dollars per share)</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US">Preferred stock shares issued</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Preferred stock Series outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockLiquidationPreferenceValue" xlink:label="us-gaap_PreferredStockLiquidationPreferenceValue" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common stock, par value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common stock, authorized</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, issued</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock, outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US">Income Statement [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="us-gaap_SalesRevenueNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesRevenueNet" xlink:to="us-gaap_SalesRevenueNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SalesRevenueNet_lbl" xml:lang="en-US">Net sales</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CostOfGoodsSold" xlink:label="us-gaap_CostOfGoodsSold" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfGoodsSold" xlink:to="us-gaap_CostOfGoodsSold_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostOfGoodsSold_lbl" xml:lang="en-US">Cost of goods sold</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GrossProfit" xlink:label="us-gaap_GrossProfit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_GrossProfit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_GrossProfit_lbl" xml:lang="en-US">Gross profit (loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SellingGeneralAndAdministrativeExpense" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SellingGeneralAndAdministrativeExpense" xlink:to="us-gaap_SellingGeneralAndAdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense_lbl" xml:lang="en-US">Selling, general and administrative expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Income (loss) from operations</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants" xlink:label="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants" xlink:to="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants_lbl" xml:lang="en-US">Fair value adjustments on convertible debt and warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestExpense" xlink:label="us-gaap_InterestExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest expense, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherGeneralExpense" xlink:label="us-gaap_OtherGeneralExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherGeneralExpense" xlink:to="us-gaap_OtherGeneralExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_OtherGeneralExpense_lbl" xml:lang="en-US">Other expense, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xml:lang="en-US">Income (loss) before provision for income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="us-gaap_IncomeTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Provision for income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProfitLoss" xlink:label="us-gaap_ProfitLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Consolidated net income (loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity" xlink:label="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity" xlink:to="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity_lbl" xml:lang="en-US">Net (income) loss attributed to noncontrolling interest in variable interest entity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net income (loss) attributed to Pacific Ethanol, Inc.</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsPreferredStock" xlink:label="us-gaap_DividendsPreferredStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPreferredStock" xlink:to="us-gaap_DividendsPreferredStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DividendsPreferredStock_lbl" xml:lang="en-US">Preferred stock dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xml:lang="en-US">Income (loss) available to common stockholders</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xml:lang="en-US">Net income (loss) per share, basic and diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US">Weighted-average shares outstanding, basic</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of Cash Flows [Abstract]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProfitLoss_2_lbl" xml:lang="en-US">Consolidated net loss</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:label="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfIntangibleAssets_lbl" xml:lang="en-US">Depreciation and amortization of intangibles</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants_2_lbl" xml:lang="en-US">Fair value adjustments on convertible debt and warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryWriteDown" xlink:label="us-gaap_InventoryWriteDown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryWriteDown" xlink:to="us-gaap_InventoryWriteDown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryWriteDown_lbl" xml:lang="en-US">Inventory valuation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AmortizationOfFinancingCostsAndDiscounts" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfFinancingCostsAndDiscounts" xlink:to="us-gaap_AmortizationOfFinancingCostsAndDiscounts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts_lbl" xml:lang="en-US">Amortization of deferred financing fees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherNoncashExpense" xlink:label="us-gaap_OtherNoncashExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncashExpense" xlink:to="us-gaap_OtherNoncashExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNoncashExpense_lbl" xml:lang="en-US">Noncash compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInDerivativeAssetsAndLiabilities" xlink:label="us-gaap_IncreaseDecreaseInDerivativeAssetsAndLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDerivativeAssetsAndLiabilities" xlink:to="us-gaap_IncreaseDecreaseInDerivativeAssetsAndLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInDerivativeAssetsAndLiabilities_lbl" xml:lang="en-US">Derivative instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts" xlink:label="us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts" xlink:to="us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts_lbl" xml:lang="en-US">Bad debt recovery</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:label="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:to="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract_lbl" xml:lang="en-US">Changes in operating assets and liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Accounts receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="us-gaap_IncreaseDecreaseInInventories" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInventories" xlink:to="us-gaap_IncreaseDecreaseInInventories_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInInventories_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US">Prepaid expenses and other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:label="us-gaap_IncreaseDecreaseInOtherCurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:to="us-gaap_IncreaseDecreaseInOtherCurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInOtherCurrentAssets_lbl" xml:lang="en-US">Prepaid inventory</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US">Accounts payable and accrued expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash used in operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Investing Activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:label="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:to="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_lbl" xml:lang="en-US">Purchase of 33% ownership interest in New PEHC</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Additions to property and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash used in investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Financing Activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:label="us-gaap_ProceedsFromIssuanceOrSaleOfEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:to="us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl" xml:lang="en-US">Net proceeds from sales of common stock and warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromOtherDebt" xlink:label="us-gaap_ProceedsFromOtherDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromOtherDebt" xlink:to="us-gaap_ProceedsFromOtherDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromOtherDebt_lbl" xml:lang="en-US">Net proceeds from borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:to="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xml:lang="en-US">Preferred stock dividends paid</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash (used in) provided by financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Net increase in cash and cash equivalents</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_2_lbl" xml:lang="en-US">Cash and cash equivalents at beginning of period</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_3_lbl" xml:lang="en-US">Cash and cash equivalents at end of period</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Supplemental Information:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestPaidNet" xlink:label="us-gaap_InterestPaidNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaidNet" xlink:to="us-gaap_InterestPaidNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPaidNet_lbl" xml:lang="en-US">Interest paid</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xml:lang="en-US">Noncash financing and investing activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueOther" xlink:label="us-gaap_StockIssuedDuringPeriodValueOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueOther" xlink:to="us-gaap_StockIssuedDuringPeriodValueOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueOther_lbl" xml:lang="en-US">Preferred stock dividends paid in common stock</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity" xlink:label="peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity" xlink:to="peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity_lbl" xml:lang="en-US">Notes issued for purchase of 33% ownership interest in New PEHC</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestCostsCapitalized" xlink:label="us-gaap_InterestCostsCapitalized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestCostsCapitalized" xlink:to="us-gaap_InterestCostsCapitalized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestCostsCapitalized_lbl" xml:lang="en-US">Accrued interest added to term loan</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_PreferredStockDividendsAccrued" xlink:label="peix_PreferredStockDividendsAccrued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PreferredStockDividendsAccrued" xlink:to="peix_PreferredStockDividendsAccrued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_PreferredStockDividendsAccrued_lbl" xml:lang="en-US">Preferred stock dividends accrued</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueIssuedForNoncashConsiderations" xlink:label="us-gaap_StockIssuedDuringPeriodValueIssuedForNoncashConsiderations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueIssuedForNoncashConsiderations" xlink:to="us-gaap_StockIssuedDuringPeriodValueIssuedForNoncashConsiderations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueIssuedForNoncashConsiderations_lbl" xml:lang="en-US">Debt extinguished with issuance of common stock</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_OrganizationAndBasisOfPresentationAbstract" xlink:label="peix_OrganizationAndBasisOfPresentationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OrganizationAndBasisOfPresentationAbstract" xlink:to="peix_OrganizationAndBasisOfPresentationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_OrganizationAndBasisOfPresentationAbstract_lbl" xml:lang="en-US">Organization And Basis Of Presentation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:label="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:to="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock_lbl" xml:lang="en-US">1. ORGANIZATION AND BASIS OF PRESENTATION.</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_VariableInterestEntityAbstract" xlink:label="peix_VariableInterestEntityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_VariableInterestEntityAbstract" xlink:to="peix_VariableInterestEntityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_VariableInterestEntityAbstract_lbl" xml:lang="en-US">Variable Interest Entity</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_VariableInterestEntityTextBlock" xlink:label="peix_VariableInterestEntityTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_VariableInterestEntityTextBlock" xlink:to="peix_VariableInterestEntityTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_VariableInterestEntityTextBlock_lbl" xml:lang="en-US">2. VARIABLE INTEREST ENTITY</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_InventoriesAbstract" xlink:label="peix_InventoriesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_InventoriesAbstract" xlink:to="peix_InventoriesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_InventoriesAbstract_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryDisclosureTextBlock" xlink:label="us-gaap_InventoryDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryDisclosureTextBlock" xlink:to="us-gaap_InventoryDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryDisclosureTextBlock_lbl" xml:lang="en-US">3. INVENTORIES</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_DerivativesAbstract" xlink:label="peix_DerivativesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DerivativesAbstract" xlink:to="peix_DerivativesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DerivativesAbstract_lbl" xml:lang="en-US">Derivatives</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:to="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_lbl" xml:lang="en-US">4. DERIVATIVES</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_DebtAbstract" xlink:label="peix_DebtAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DebtAbstract" xlink:to="peix_DebtAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DebtAbstract_lbl" xml:lang="en-US">Debt</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="us-gaap_DebtDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureTextBlock" xlink:to="us-gaap_DebtDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xml:lang="en-US">Note 5. DEBT</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_CommonStockAndWarrantsAbstract" xlink:label="peix_CommonStockAndWarrantsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CommonStockAndWarrantsAbstract" xlink:to="peix_CommonStockAndWarrantsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_CommonStockAndWarrantsAbstract_lbl" xml:lang="en-US">Common Stock And Warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock" xlink:label="us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock" xlink:to="us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_lbl" xml:lang="en-US">6. WARRANTS</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_CommitmentsAndContingenciesAbstract" xlink:label="peix_CommitmentsAndContingenciesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CommitmentsAndContingenciesAbstract" xlink:to="peix_CommitmentsAndContingenciesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_CommitmentsAndContingenciesAbstract_lbl" xml:lang="en-US">Commitments And Contingencies</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">7. COMMITMENTS AND CONTINGENCIES</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_FairValueMeasurementsAbstract" xlink:label="peix_FairValueMeasurementsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueMeasurementsAbstract" xlink:to="peix_FairValueMeasurementsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_FairValueMeasurementsAbstract_lbl" xml:lang="en-US">Fair Value Measurements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="us-gaap_FairValueDisclosuresTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueDisclosuresTextBlock" xlink:to="us-gaap_FairValueDisclosuresTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueDisclosuresTextBlock_lbl" xml:lang="en-US">8. FAIR VALUE MEASUREMENTS.</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="us-gaap_EarningsPerShareAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareAbstract" xlink:to="us-gaap_EarningsPerShareAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareAbstract_lbl" xml:lang="en-US">Earnings Per Share [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="us-gaap_EarningsPerShareTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareTextBlock" xlink:to="us-gaap_EarningsPerShareTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xml:lang="en-US">Note 9 .EARNINGS PER SHARE</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="us-gaap_RelatedPartyTransactionsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US">Related Party Transactions [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">10. RELATED PARTY TRANSACTIONS</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_SubsequentEventAbstract" xlink:label="peix_SubsequentEventAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SubsequentEventAbstract" xlink:to="peix_SubsequentEventAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SubsequentEventAbstract_lbl" xml:lang="en-US">Subsequent Event</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="us-gaap_SubsequentEventsTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsTextBlock" xlink:to="us-gaap_SubsequentEventsTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xml:lang="en-US">Note 11.SUBSEQUENT EVENT</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_OrganizationAndBasisOfPresentationPoliciesAbstract" xlink:label="peix_OrganizationAndBasisOfPresentationPoliciesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OrganizationAndBasisOfPresentationPoliciesAbstract" xlink:to="peix_OrganizationAndBasisOfPresentationPoliciesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_OrganizationAndBasisOfPresentationPoliciesAbstract_lbl" xml:lang="en-US">Organization And Basis Of Presentation Policies</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="us-gaap_NatureOfOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NatureOfOperations" xlink:to="us-gaap_NatureOfOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NatureOfOperations_lbl" xml:lang="en-US">Organization and Business</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiquidityDisclosureTextBlock" xlink:label="us-gaap_LiquidityDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiquidityDisclosureTextBlock" xlink:to="us-gaap_LiquidityDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiquidityDisclosureTextBlock_lbl" xml:lang="en-US">Liquidity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy" xlink:label="us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy" xlink:to="us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy_lbl" xml:lang="en-US">Accounts Receivable and Allowance for Doubtful Accounts</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xml:lang="en-US">Basis of Presentation-Interim Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_VariableInterestEntityTablesAbstract" xlink:label="peix_VariableInterestEntityTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_VariableInterestEntityTablesAbstract" xlink:to="peix_VariableInterestEntityTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_VariableInterestEntityTablesAbstract_lbl" xml:lang="en-US">Variable Interest Entity Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:to="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_lbl" xml:lang="en-US">Value and classification of assets that are collateral for obligations of New PE Holdco</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_InventoriesTablesAbstract" xlink:label="peix_InventoriesTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_InventoriesTablesAbstract" xlink:to="peix_InventoriesTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_InventoriesTablesAbstract_lbl" xml:lang="en-US">Inventories Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfInventoryCurrentTableTextBlock" xlink:label="us-gaap_ScheduleOfInventoryCurrentTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfInventoryCurrentTableTextBlock" xlink:to="us-gaap_ScheduleOfInventoryCurrentTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ScheduleOfInventoryCurrentTableTextBlock_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_DerivativesTablesAbstract" xlink:label="peix_DerivativesTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DerivativesTablesAbstract" xlink:to="peix_DerivativesTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DerivativesTablesAbstract_lbl" xml:lang="en-US">Derivatives Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:label="us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:to="us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock_lbl" xml:lang="en-US">Derivatives not designated as hedging instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_DebtTablesAbstract" xlink:label="peix_DebtTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DebtTablesAbstract" xlink:to="peix_DebtTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DebtTablesAbstract_lbl" xml:lang="en-US">Debt Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:label="us-gaap_ScheduleOfDebtInstrumentsTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:to="us-gaap_ScheduleOfDebtInstrumentsTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfDebtInstrumentsTextBlock_lbl" xml:lang="en-US">Long Term Debt</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_CommitmentsAndContingenciesTablesAbstract" xlink:label="peix_CommitmentsAndContingenciesTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CommitmentsAndContingenciesTablesAbstract" xlink:to="peix_CommitmentsAndContingenciesTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_CommitmentsAndContingenciesTablesAbstract_lbl" xml:lang="en-US">Commitments And Contingencies Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_SalesCommitmentsTextBlock" xlink:label="peix_SalesCommitmentsTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SalesCommitmentsTextBlock" xlink:to="peix_SalesCommitmentsTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SalesCommitmentsTextBlock_lbl" xml:lang="en-US">Sales commitments</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_FairValueMeasurementsTablesAbstract" xlink:label="peix_FairValueMeasurementsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueMeasurementsTablesAbstract" xlink:to="peix_FairValueMeasurementsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_FairValueMeasurementsTablesAbstract_lbl" xml:lang="en-US">Fair Value Measurements Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:to="us-gaap_FairValueByBalanceSheetGroupingTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTextBlock_lbl" xml:lang="en-US">Significant assumptions used in the valuations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:label="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:to="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_lbl" xml:lang="en-US">Changes in the fair value of the Company's Level 3 inputs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_lbl" xml:lang="en-US">Summary of fair value measurements by level</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_EarningsPerShareTablesAbstract" xlink:label="peix_EarningsPerShareTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_EarningsPerShareTablesAbstract" xlink:to="peix_EarningsPerShareTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_EarningsPerShareTablesAbstract_lbl" xml:lang="en-US">Earnings Per Share Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock" xlink:label="us-gaap_ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock" xlink:to="us-gaap_ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock_lbl" xml:lang="en-US">Earning Per Share</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_OrganizationAndBasisOfPresentationDetailsNarrativeAbstract" xlink:label="peix_OrganizationAndBasisOfPresentationDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OrganizationAndBasisOfPresentationDetailsNarrativeAbstract" xlink:to="peix_OrganizationAndBasisOfPresentationDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_OrganizationAndBasisOfPresentationDetailsNarrativeAbstract_lbl" xml:lang="en-US">Organization And Basis Of Presentation Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xml:lang="en-US">Organization and basis of Presentation</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_LineOfCreditCollateralUsed" xlink:label="peix_LineOfCreditCollateralUsed" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_LineOfCreditCollateralUsed" xlink:to="peix_LineOfCreditCollateralUsed_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_LineOfCreditCollateralUsed_lbl" xml:lang="en-US">Line of credit collateral used</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl" xml:lang="en-US">Allowance for doubtful accounts</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts" xlink:to="us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts_2_lbl" xml:lang="en-US">Bad debt recovery</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:to="us-gaap_ScheduleOfVariableInterestEntitiesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTable_lbl" xml:lang="en-US">Schedule of Variable Interest Entities [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_VariableInterestEntityLineItems" xlink:label="us-gaap_VariableInterestEntityLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityLineItems" xlink:to="us-gaap_VariableInterestEntityLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityLineItems_lbl" xml:lang="en-US">Variable Interest Entity [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" xlink:to="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_2_lbl" xml:lang="en-US">Variable Interest Entities [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssetsAndLiabilitiesNetAbstract" xlink:label="us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssetsAndLiabilitiesNetAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssetsAndLiabilitiesNetAbstract" xlink:to="us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssetsAndLiabilitiesNetAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssetsAndLiabilitiesNetAbstract_lbl" xml:lang="en-US">Values and classification of assets that are collateral for the obligations of New PE Holdco</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_CashAndCashEquivalentsVIE" xlink:label="peix_CashAndCashEquivalentsVIE" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CashAndCashEquivalentsVIE" xlink:to="peix_CashAndCashEquivalentsVIE_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_CashAndCashEquivalentsVIE_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_OtherCurrentAssetsVIE" xlink:label="peix_OtherCurrentAssetsVIE" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OtherCurrentAssetsVIE" xlink:to="peix_OtherCurrentAssetsVIE_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_OtherCurrentAssetsVIE_lbl" xml:lang="en-US">Other current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_PropertyAndEquipmentVIE" xlink:label="peix_PropertyAndEquipmentVIE" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PropertyAndEquipmentVIE" xlink:to="peix_PropertyAndEquipmentVIE_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_PropertyAndEquipmentVIE_lbl" xml:lang="en-US">Property and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_OtherAssetsVIE" xlink:label="peix_OtherAssetsVIE" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OtherAssetsVIE" xlink:to="peix_OtherAssetsVIE_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_OtherAssetsVIE_lbl" xml:lang="en-US">Other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_TotalAssetsVIE" xlink:label="peix_TotalAssetsVIE" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_TotalAssetsVIE" xlink:to="peix_TotalAssetsVIE_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_TotalAssetsVIE_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_CurrentLiabilitiesVIE" xlink:label="peix_CurrentLiabilitiesVIE" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CurrentLiabilitiesVIE" xlink:to="peix_CurrentLiabilitiesVIE_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_CurrentLiabilitiesVIE_lbl" xml:lang="en-US">Current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_LongAndShortTermDebt" xlink:label="peix_LongAndShortTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_LongAndShortTermDebt" xlink:to="peix_LongAndShortTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_LongAndShortTermDebt_lbl" xml:lang="en-US">Long-term debt, including current portion</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_OtherLiabilitiesVIE" xlink:label="peix_OtherLiabilitiesVIE" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OtherLiabilitiesVIE" xlink:to="peix_OtherLiabilitiesVIE_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_OtherLiabilitiesVIE_lbl" xml:lang="en-US">Other liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_TotalLiabilitiesVIE" xlink:label="peix_TotalLiabilitiesVIE" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_TotalLiabilitiesVIE" xlink:to="peix_TotalLiabilitiesVIE_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_TotalLiabilitiesVIE_lbl" xml:lang="en-US">Total liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_VariableInterestEntityDetailsNarrativeAbstract" xlink:label="peix_VariableInterestEntityDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_VariableInterestEntityDetailsNarrativeAbstract" xlink:to="peix_VariableInterestEntityDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_VariableInterestEntityDetailsNarrativeAbstract_lbl" xml:lang="en-US">Variable Interest Entity Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_BusinessAcquisitionsProFormaNetIncomeLoss" xlink:label="us-gaap_BusinessAcquisitionsProFormaNetIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionsProFormaNetIncomeLoss" xlink:to="us-gaap_BusinessAcquisitionsProFormaNetIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionsProFormaNetIncomeLoss_lbl" xml:lang="en-US">Proforma net income (loss) available to common stockholders</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic" xlink:label="us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic" xlink:to="us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic_lbl" xml:lang="en-US">Proforma income (loss) per share</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_InventoriesDetailsAbstract" xlink:label="peix_InventoriesDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_InventoriesDetailsAbstract" xlink:to="peix_InventoriesDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_InventoriesDetailsAbstract_lbl" xml:lang="en-US">Inventories Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryNetAbstract" xlink:label="us-gaap_InventoryNetAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNetAbstract" xlink:to="us-gaap_InventoryNetAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryNetAbstract_lbl" xml:lang="en-US">Inventory balances</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryFinishedGoods" xlink:label="us-gaap_InventoryFinishedGoods" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryFinishedGoods" xlink:to="us-gaap_InventoryFinishedGoods_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryFinishedGoods_lbl" xml:lang="en-US">Finished goods</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryWorkInProcess" xlink:label="us-gaap_InventoryWorkInProcess" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryWorkInProcess" xlink:to="us-gaap_InventoryWorkInProcess_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryWorkInProcess_lbl" xml:lang="en-US">Work in progress</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryRawMaterials" xlink:label="us-gaap_InventoryRawMaterials" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryRawMaterials" xlink:to="us-gaap_InventoryRawMaterials_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryRawMaterials_lbl" xml:lang="en-US">Raw materials</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherInventorySupplies" xlink:label="us-gaap_OtherInventorySupplies" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherInventorySupplies" xlink:to="us-gaap_OtherInventorySupplies_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherInventorySupplies_lbl" xml:lang="en-US">Other</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNet" xlink:to="us-gaap_InventoryNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InventoryNet_2_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:label="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:to="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable_lbl" xml:lang="en-US">Derivative Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location, by Derivative Instrument Risk [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:label="us-gaap_DerivativeInstrumentsGainLossLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:to="us-gaap_DerivativeInstrumentsGainLossLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsGainLossLineItems_lbl" xml:lang="en-US">Derivative Instruments, Gain (Loss) [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsAtFairValueNetTotalAbstract" xlink:label="us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsAtFairValueNetTotalAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsAtFairValueNetTotalAbstract" xlink:to="us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsAtFairValueNetTotalAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsAtFairValueNetTotalAbstract_lbl" xml:lang="en-US">Classification and amounts of the Company's derivatives not designated as hedging instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossRecognizedInIncomeNet" xlink:label="us-gaap_DerivativeInstrumentsGainLossRecognizedInIncomeNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsGainLossRecognizedInIncomeNet" xlink:to="us-gaap_DerivativeInstrumentsGainLossRecognizedInIncomeNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsGainLossRecognizedInIncomeNet_lbl" xml:lang="en-US">Realized Gains (Losses)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_UnrealizedGainLossOnDerivatives" xlink:label="us-gaap_UnrealizedGainLossOnDerivatives" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrealizedGainLossOnDerivatives" xlink:to="us-gaap_UnrealizedGainLossOnDerivatives_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrealizedGainLossOnDerivatives_lbl" xml:lang="en-US">Unrealized Gains</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_DerivativesDetailsNarrativeAbstract" xlink:label="peix_DerivativesDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DerivativesDetailsNarrativeAbstract" xlink:to="peix_DerivativesDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DerivativesDetailsNarrativeAbstract_lbl" xml:lang="en-US">Derivatives Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_AdditionalTextualsAbstract" xlink:label="peix_AdditionalTextualsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_AdditionalTextualsAbstract" xlink:to="peix_AdditionalTextualsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_AdditionalTextualsAbstract_lbl" xml:lang="en-US">Additional details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeInstrumentsGainRecognizedInIncome" xlink:label="us-gaap_DerivativeInstrumentsGainRecognizedInIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsGainRecognizedInIncome" xlink:to="us-gaap_DerivativeInstrumentsGainRecognizedInIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsGainRecognizedInIncome_lbl" xml:lang="en-US">Recognized gains and losses due to change in fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2012/invest-2012-01-31.xsd#invest_DerivativeNotionalAmount" xlink:label="invest_DerivativeNotionalAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="invest_DerivativeNotionalAmount" xlink:to="invest_DerivativeNotionalAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="invest_DerivativeNotionalAmount_lbl" xml:lang="en-US">Notional balances</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccruedLiabilitiesCurrentAndNoncurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrentAndNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrentAndNoncurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrentAndNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AccruedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Accrued liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_NonDesignatedDerivativeOtherAssets" xlink:label="peix_NonDesignatedDerivativeOtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_NonDesignatedDerivativeOtherAssets" xlink:to="peix_NonDesignatedDerivativeOtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_NonDesignatedDerivativeOtherAssets_lbl" xml:lang="en-US">Other Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_DebtDetailsAbstract" xlink:label="peix_DebtDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DebtDetailsAbstract" xlink:to="peix_DebtDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DebtDetailsAbstract_lbl" xml:lang="en-US">Debt Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtByComponentsAlternativeAbstract" xlink:label="us-gaap_LongTermDebtByComponentsAlternativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtByComponentsAlternativeAbstract" xlink:to="us-gaap_LongTermDebtByComponentsAlternativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtByComponentsAlternativeAbstract_lbl" xml:lang="en-US">Long-term borrowings are summarized as follows</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LineOfCredit" xlink:label="us-gaap_LineOfCredit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCredit" xlink:to="us-gaap_LineOfCredit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCredit_lbl" xml:lang="en-US">Kinergy operating line of credit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SeniorNotes" xlink:label="us-gaap_SeniorNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeniorNotes" xlink:to="us-gaap_SeniorNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SeniorNotes_lbl" xml:lang="en-US">Senior unsecured notes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" xlink:label="us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" xlink:to="us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Note payable to related party</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MediumTermNotes" xlink:label="us-gaap_MediumTermNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MediumTermNotes" xlink:to="us-gaap_MediumTermNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MediumTermNotes_lbl" xml:lang="en-US">Plant Owner's term debt</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_NewPeHoldcoOperatingLineOfCredit" xlink:label="peix_NewPeHoldcoOperatingLineOfCredit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_NewPeHoldcoOperatingLineOfCredit" xlink:to="peix_NewPeHoldcoOperatingLineOfCredit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_NewPeHoldcoOperatingLineOfCredit_lbl" xml:lang="en-US">Plant Owner's operating line of credit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebt" xlink:label="us-gaap_LongTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebt" xlink:to="us-gaap_LongTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebt_lbl" xml:lang="en-US">Long-term Debt, current and non-current</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShortTermBorrowings" xlink:label="us-gaap_ShortTermBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortTermBorrowings" xlink:to="us-gaap_ShortTermBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShortTermBorrowings_lbl" xml:lang="en-US">Less short-term portion</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtNoncurrent" xlink:to="us-gaap_LongTermDebtNoncurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LongTermDebtNoncurrent_2_lbl" xml:lang="en-US">Long-term debt</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_RecordedInterestNotesPayableRelatedParty" xlink:label="peix_RecordedInterestNotesPayableRelatedParty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_RecordedInterestNotesPayableRelatedParty" xlink:to="peix_RecordedInterestNotesPayableRelatedParty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_RecordedInterestNotesPayableRelatedParty_lbl" xml:lang="en-US">Recorded interest notes payable, related party</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_lbl" xml:lang="en-US">Unused availability under the revolving credit facility</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LineOfCreditFacilityIncreaseAdditionalBorrowings" xlink:label="us-gaap_LineOfCreditFacilityIncreaseAdditionalBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityIncreaseAdditionalBorrowings" xlink:to="us-gaap_LineOfCreditFacilityIncreaseAdditionalBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityIncreaseAdditionalBorrowings_lbl" xml:lang="en-US">Increased borrowings under line of credit</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_NotesToFinancialStatementsAbstract" xlink:label="peix_NotesToFinancialStatementsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_NotesToFinancialStatementsAbstract" xlink:to="peix_NotesToFinancialStatementsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_NotesToFinancialStatementsAbstract_lbl" xml:lang="en-US">Notes to Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_ExercisedWarrantsWithRespectOfCommonStockOnCashlessExerciseBasis" xlink:label="peix_ExercisedWarrantsWithRespectOfCommonStockOnCashlessExerciseBasis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ExercisedWarrantsWithRespectOfCommonStockOnCashlessExerciseBasis" xlink:to="peix_ExercisedWarrantsWithRespectOfCommonStockOnCashlessExerciseBasis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ExercisedWarrantsWithRespectOfCommonStockOnCashlessExerciseBasis_lbl" xml:lang="en-US">Exercised warrants with respect of common stock on a cashless exercise basis</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_NetSharesOfCommonStockIssued" xlink:label="peix_NetSharesOfCommonStockIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_NetSharesOfCommonStockIssued" xlink:to="peix_NetSharesOfCommonStockIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_NetSharesOfCommonStockIssued_lbl" xml:lang="en-US">Net shares of common stock issued on a cashless basis</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US">Warrant holders exercised warrants for cash, shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" xml:lang="en-US">Warrant holders exercised warrants for cash, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_SalesCommitmentsAbstract" xlink:label="peix_SalesCommitmentsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SalesCommitmentsAbstract" xlink:to="peix_SalesCommitmentsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SalesCommitmentsAbstract_lbl" xml:lang="en-US">Sales Commitments</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_SalesCommitmentRemainingMinimumAmountCommittedFixedPriceContracts" xlink:label="peix_SalesCommitmentRemainingMinimumAmountCommittedFixedPriceContracts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SalesCommitmentRemainingMinimumAmountCommittedFixedPriceContracts" xlink:to="peix_SalesCommitmentRemainingMinimumAmountCommittedFixedPriceContracts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SalesCommitmentRemainingMinimumAmountCommittedFixedPriceContracts_lbl" xml:lang="en-US">Sales commitments amount, fixed price contracts</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_SalesCommitmentMinimumVolumeRequiredIndexedPriceContracts" xlink:label="peix_SalesCommitmentMinimumVolumeRequiredIndexedPriceContracts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SalesCommitmentMinimumVolumeRequiredIndexedPriceContracts" xlink:to="peix_SalesCommitmentMinimumVolumeRequiredIndexedPriceContracts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SalesCommitmentMinimumVolumeRequiredIndexedPriceContracts_lbl" xml:lang="en-US">Indexed-Price Contracts, gallons</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_PurchaseCommitmentsAbstract" xlink:label="peix_PurchaseCommitmentsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PurchaseCommitmentsAbstract" xlink:to="peix_PurchaseCommitmentsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_PurchaseCommitmentsAbstract_lbl" xml:lang="en-US">Additional commitments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SignificantPurchaseCommitmentRemainingMinimumAmountCommitted" xlink:label="us-gaap_SignificantPurchaseCommitmentRemainingMinimumAmountCommitted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantPurchaseCommitmentRemainingMinimumAmountCommitted" xlink:to="us-gaap_SignificantPurchaseCommitmentRemainingMinimumAmountCommitted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantPurchaseCommitmentRemainingMinimumAmountCommitted_lbl" xml:lang="en-US">Fixed-price purchase contracts to purchase, ethanol</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_PurchaseCommitmentMinimumVolumeRequired" xlink:label="peix_PurchaseCommitmentMinimumVolumeRequired" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PurchaseCommitmentMinimumVolumeRequired" xlink:to="peix_PurchaseCommitmentMinimumVolumeRequired_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_PurchaseCommitmentMinimumVolumeRequired_lbl" xml:lang="en-US">Indexed-price contracts to purchase ethanol, gallons</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract" xlink:label="us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract" xlink:to="us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract_lbl" xml:lang="en-US">Significant assumptions used in the valuations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueAssumptionsExercisePrice" xlink:label="us-gaap_FairValueAssumptionsExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssumptionsExercisePrice" xlink:to="us-gaap_FairValueAssumptionsExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssumptionsExercisePrice_lbl" xml:lang="en-US">Exercise price</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueAssumptionsExpectedVolatilityRate" xlink:label="us-gaap_FairValueAssumptionsExpectedVolatilityRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssumptionsExpectedVolatilityRate" xlink:to="us-gaap_FairValueAssumptionsExpectedVolatilityRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssumptionsExpectedVolatilityRate_lbl" xml:lang="en-US">Volatility</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueAssumptionsRiskFreeInterestRate" xlink:label="us-gaap_FairValueAssumptionsRiskFreeInterestRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssumptionsRiskFreeInterestRate" xlink:to="us-gaap_FairValueAssumptionsRiskFreeInterestRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssumptionsRiskFreeInterestRate_lbl" xml:lang="en-US">Risk free interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueAssumptionsExpectedTerm" xlink:label="us-gaap_FairValueAssumptionsExpectedTerm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssumptionsExpectedTerm" xlink:to="us-gaap_FairValueAssumptionsExpectedTerm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssumptionsExpectedTerm_lbl" xml:lang="en-US">Term (years)</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_FairValueAssumptionsMarketabilityDiscount" xlink:label="peix_FairValueAssumptionsMarketabilityDiscount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueAssumptionsMarketabilityDiscount" xlink:to="peix_FairValueAssumptionsMarketabilityDiscount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_FairValueAssumptionsMarketabilityDiscount_lbl" xml:lang="en-US">Marketability discount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantLiabilities" xlink:to="peix_WarrantLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_WarrantLiabilities_2_lbl" xml:lang="en-US">Fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_lbl" xml:lang="en-US">Fair Value Measurements, Recurring and Nonrecurring [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:label="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:to="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems_lbl" xml:lang="en-US">Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="us-gaap_FairValueByFairValueHierarchyLevelAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis_2_lbl" xml:lang="en-US">Fair Value, Hierarchy [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:label="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:to="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_lbl" xml:lang="en-US">Changes in the fair value of the Company's Level 3 inputs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:to="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_lbl" xml:lang="en-US">Beginning Balance</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_FairValueMeasurementWithUnobservableInputsWarrantyExercisesLiabilityValue" xlink:label="peix_FairValueMeasurementWithUnobservableInputsWarrantyExercisesLiabilityValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueMeasurementWithUnobservableInputsWarrantyExercisesLiabilityValue" xlink:to="peix_FairValueMeasurementWithUnobservableInputsWarrantyExercisesLiabilityValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_FairValueMeasurementWithUnobservableInputsWarrantyExercisesLiabilityValue_lbl" xml:lang="en-US">Warrant exercises</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:to="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_lbl" xml:lang="en-US">Adjustments to fair value for the period</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:to="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_2_lbl" xml:lang="en-US">Ending Balance</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_JulyOffering" xlink:label="peix_JulyOffering" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_JulyOffering" xlink:to="peix_JulyOffering_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_JulyOffering_lbl" xml:lang="en-US">July Offering</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_SeptemberOffering" xlink:label="peix_SeptemberOffering" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SeptemberOffering" xlink:to="peix_SeptemberOffering_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SeptemberOffering_lbl" xml:lang="en-US">September Offering</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_lbl" xml:lang="en-US">Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract_lbl" xml:lang="en-US">Summary of fair value measurements by level</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:label="us-gaap_LiabilitiesFairValueDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:to="us-gaap_LiabilitiesFairValueDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesFairValueDisclosureAbstract_lbl" xml:lang="en-US">Liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosure" xlink:label="us-gaap_LiabilitiesFairValueDisclosure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesFairValueDisclosure" xlink:to="us-gaap_LiabilitiesFairValueDisclosure_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesFairValueDisclosure_lbl" xml:lang="en-US">Liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsFairValueDisclosureAbstract" xlink:label="us-gaap_AssetsFairValueDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsFairValueDisclosureAbstract" xlink:to="us-gaap_AssetsFairValueDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsFairValueDisclosureAbstract_lbl" xml:lang="en-US">Assets:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsFairValueDisclosure" xlink:label="us-gaap_AssetsFairValueDisclosure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsFairValueDisclosure" xlink:to="us-gaap_AssetsFairValueDisclosure_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsFairValueDisclosure_lbl" xml:lang="en-US">Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20120930.xsd#peix_EarningsPerShareDetailsAbstract" xlink:label="peix_EarningsPerShareDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_EarningsPerShareDetailsAbstract" xlink:to="peix_EarningsPerShareDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_EarningsPerShareDetailsAbstract_lbl" xml:lang="en-US">Earnings Per Share Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:to="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xml:lang="en-US">Basic and diluted earnings per share</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_2_lbl" xml:lang="en-US">Net loss/Income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:label="us-gaap_PreferredStockDividendsAndOtherAdjustments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:to="us-gaap_PreferredStockDividendsAndOtherAdjustments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockDividendsAndOtherAdjustments_lbl" xml:lang="en-US">Less: Preferred stock dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract" xlink:to="us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_lbl" xml:lang="en-US">Basic and diluted loss per share:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" xml:lang="en-US">Loss/Income available to common stockholders</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_AdditionalRelatedPartiesAbstract" xlink:to="peix_AdditionalRelatedPartiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_AdditionalRelatedPartiesAbstract_lbl" xml:lang="en-US">Additional related parties</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssets_2_lbl" xml:lang="en-US">Other Assets [Default Label]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_2_lbl" xml:lang="en-US">Assets [Default Label]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_2_lbl" xml:lang="en-US">Liabilities and Equity</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_NetSharesOfCommonStockIssued_doc" xml:lang="en-US">Net Shares Of Common Stock Issued.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_NewPeHoldcoOperatingLineOfCredit_doc" xml:lang="en-US">New PE Holdco Operating Line of Credit</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_NonDesignatedDerivativeOtherAssets_doc" xml:lang="en-US">Non Designated Derivative</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_OtherCurrentAssetsVIE_doc" xml:lang="en-US">Other current assets used as collateral for New PE Holdco</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OtherLiabilitiesVIE" xlink:to="peix_OtherLiabilitiesVIE_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_OtherLiabilitiesVIE_doc" xml:lang="en-US">Other liabilites used as collateral for New PE Holdco</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PreferredStockDividendsAccrued" xlink:to="peix_PreferredStockDividendsAccrued_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_PreferredStockDividendsAccrued_doc" xml:lang="en-US">Preferred Stock Dividends Accrued.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PropertyAndEquipmentVIE" xlink:to="peix_PropertyAndEquipmentVIE_doc" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_PurchaseCommitmentMinimumVolumeRequired_doc" xml:lang="en-US">Purchase Commitment Minimum Volume Required.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_PurchaseCommitmentsAbstract_doc" xml:lang="en-US">Purchase Commitments.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_RecordedInterestNotesPayableRelatedParty" xlink:to="peix_RecordedInterestNotesPayableRelatedParty_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_RecordedInterestNotesPayableRelatedParty_doc" xml:lang="en-US">Recorded Interest Notes Payable Related Party.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SalesCommitmentByCategoryOfItemAxis" xlink:to="peix_SalesCommitmentByCategoryOfItemAxis_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SalesCommitmentByCategoryOfItemAxis_doc" xml:lang="en-US">Sales Commitment By Category Of Item.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SalesCommitmentMinimumVolumeRequiredIndexedPriceContracts_doc" xml:lang="en-US">Sales Commitment Minimum Volume Required Indexed Price Contracts.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SalesCommitmentRemainingMinimumAmountCommittedFixedPriceContracts" xlink:to="peix_SalesCommitmentRemainingMinimumAmountCommittedFixedPriceContracts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SalesCommitmentRemainingMinimumAmountCommittedFixedPriceContracts_doc" xml:lang="en-US">Sales Commitment Remaining Minimum Amount Committed Fixed Price Contracts.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SalesCommitmentsAbstract" xlink:to="peix_SalesCommitmentsAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SalesCommitmentsAbstract_doc" xml:lang="en-US">Sales Commitments.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SalesCommitmentsTextBlock" xlink:to="peix_SalesCommitmentsTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SalesCommitmentsTextBlock_doc" xml:lang="en-US">Sales Commitments.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_TotalAssetsVIE" xlink:to="peix_TotalAssetsVIE_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_TotalAssetsVIE_doc" xml:lang="en-US">Total assets used as collateral for New PE Holdco</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_TotalLiabilitiesVIE_doc" xml:lang="en-US">Total liabilites used as collateral for New PE Holdco</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_VariableInterestEntityTextBlock_doc" xml:lang="en-US">Variable Interest Entity.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_KinergyMember_doc" xml:lang="en-US">Kinergy member</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_JulyOffering_doc" xml:lang="en-US">July offering</link:label>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ETGAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>9. EARNINGS PER SHARE (Details) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2011</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_EarningsPerShareDetailsAbstract', window );"><strong>Earnings Per Share Details</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss/Income</a></td>
        <td class="num">$ (5,971)<span></span></td>
        <td class="nump">$ 4,352<span></span></td>
        <td class="num">$ (13,553)<span></span></td>
        <td class="nump">$ 5,120<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsAndOtherAdjustments', window );">Less: Preferred stock dividends</a></td>
        <td class="num">(319)<span></span></td>
        <td class="num">(319)<span></span></td>
        <td class="num">(949)<span></span></td>
        <td class="num">(946)<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract', window );"><strong>Basic and diluted loss per share:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted', window );">Loss/Income available to common stockholders</a></td>
        <td class="num">$ (6,290)<span></span></td>
        <td class="nump">$ 4,033<span></span></td>
        <td class="num">$ (14,502)<span></span></td>
        <td class="nump">$ 4,174<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Basic and diluted, shares</a></td>
        <td class="nump">115,677<span></span></td>
        <td class="nump">33,201<span></span></td>
        <td class="nump">96,203<span></span></td>
        <td class="nump">21,328<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Basic and diluted, per share</a></td>
        <td class="num">$ (0.05)<span></span></td>
        <td class="nump">$ 0.12<span></span></td>
        <td class="num">$ (0.15)<span></span></td>
        <td class="nump">$ 0.2<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net Income or Loss Available to Common Stockholders plus adjustments resulting from the assumption that dilutive convertible securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1377-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 11, 12<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate value of preferred stock dividends and other adjustments necessary to derive net income apportioned to common stockholders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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                <p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>6. COMMON STOCK AND WARRANTS (Details Narrative) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">9 Months Ended</th>
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      <tr>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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                <p>Exercised Warrants With Respect Of Common Stock On Cashless Exercise Basis.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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                <p>Net Shares Of Common Stock Issued.</p>
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                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of share options (or share units) exercised during the current period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28,29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iv)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Value of stock issued as a result of the exercise of stock options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EXNAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>1. ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">9 Months Ended</th>
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          <div>Sep. 30, 2012</div>
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        <th class="th">
          <div>Sep. 30, 2011</div>
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        <th class="th">
          <div>Sep. 30, 2012</div>
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          <div>Sep. 30, 2011</div>
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        <th class="th">
          <div>Dec. 31, 2011</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">$ 45,000<span></span></td>
        <td class="nump">$ 15,000<span></span></td>
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                <p>Line of credit collateral used</p>
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                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_LineOfCreditCollateralUsed</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivable">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an unclassified balance sheet, a valuation allowance for receivables due a company that are expected to be uncollectible.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7512638&amp;loc=d3e5074-111524<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 4<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.10)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AllowanceForDoubtfulAccountsReceivable</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reflects a reduction in bad debt expense attributable to collections of loans and lease receivables which had previously been fully or partially charged off as bad debts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 114<br><br> -Paragraph 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.7(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7512638&amp;loc=d3e5212-111524<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 7<br><br> -Subparagraph d<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts</nobr></td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td>duration</td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ECMAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>8. FAIR VALUE MEASUREMENTS (Details 1) (Level 3 [Member], USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">3 Months Ended</th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2012</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
      </tr>
      <tr class="rh">
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          <div class="a">Level 3 [Member]</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems', window );"><strong>Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue', window );">Beginning Balance</a></td>
        <td class="nump">$ 557<span></span></td>
        <td class="nump">$ 1,842<span></span></td>
        <td class="nump">$ 1,921<span></span></td>
        <td class="nump">$ 1,921<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueMeasurementWithUnobservableInputsWarrantyExercisesLiabilityValue', window );">Warrant exercises</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(112)<span></span></td>
        <td class="num">(112)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements', window );">Adjustments to fair value for the period</a></td>
        <td class="nump">900<span></span></td>
        <td class="num">(1,285)<span></span></td>
        <td class="nump">33<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue', window );">Ending Balance</a></td>
        <td class="nump">6,495<span></span></td>
        <td class="nump">557<span></span></td>
        <td class="nump">1,842<span></span></td>
        <td class="nump">6,495<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_JulyOffering', window );">July Offering</a></td>
        <td class="nump">3,380<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">3,380<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SeptemberOffering', window );">September Offering</a></td>
        <td class="nump">$ 1,658<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 1,658<span></span></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair Value Measurement With Unobservable Inputs Warranty Exercises Liability Value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>July offering</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>September offering</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Settlements that have taken place during the period in relation to liabilities measured at fair value and categorized within Level 3 of the fair value hierarchy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
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                    <td><strong> Name:</strong></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td>debit</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents a liability measured at fair value using significant unobservable inputs (Level 3) which is required for reconciliation purposes of beginning and ending balances.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>4. DERIVATIVES<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
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      <tr>
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          <div>Sep. 30, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_DerivativesAbstract', window );"><strong>Derivatives</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock', window );">4. DERIVATIVES</a></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The business
and activities of the Company expose it to a variety of market risks, including risks related to changes in commodity prices and
interest rates. The Company monitors and manages these financial exposures as an integral part of its risk management program.
This program recognizes the unpredictability of financial markets and seeks to reduce the potentially adverse effects that market
volatility could have on operating results.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i><u>Commodity
Risk</u></i><u> &#150; <i>Cash Flow Hedges</i></u> &#150; The Company uses derivative instruments to protect cash flows from fluctuations
caused by volatility in commodity prices for periods of up to twelve months in order to protect gross profit margins from potentially
adverse effects of market and price volatility on ethanol sale and purchase commitments where the prices are set at a future date
and/or if the contracts specify a floating or index-based price for ethanol. In addition, the Company hedges anticipated sales
of ethanol to minimize its exposure to the potentially adverse effects of price volatility. These derivatives may be designated
and documented as cash flow hedges and effectiveness is evaluated by assessing the probability of the anticipated transactions
and regressing commodity futures prices against the Company&#146;s purchase and sales prices. Ineffectiveness, which is defined
as the degree to which the derivative does not offset the underlying exposure, is recognized immediately in cost of goods sold.
For the three and nine months ended September 30, 2012 and 2011, the Company did not designate any of its derivatives as cash
flow hedges.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i><u>Commodity
Risk &#150; Non-Designated Hedges</u></i> &#150; The Company uses derivative instruments to lock in prices for certain amounts
of corn and ethanol by entering into forward contracts for those commodities. These derivatives are not designated for special
hedge accounting treatment. The changes in fair value of these contracts are recorded on the balance sheet and recognized immediately
in cost of goods sold. The Company recognized losses of $52,000 and gains of $395,000 as the change in the fair value of these
contracts for the three months ended September 30, 2012 and 2011, respectively. The Company recognized gains of $202,000 and $334,000
as the change in the fair value of these contracts for the nine months ended September 30, 2012 and 2011, respectively. The notional
balances remaining on these contracts were $24,102,000 and $9,186,000 as of September 30, 2012 and December 31, 2011, respectively.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i><u>Non-Designated
Derivative Instruments</u></i> &#150; The Company classified its derivative instruments not designated as hedging instruments
of $514,000 and $291,000 in other assets and accrued liabilities as of September 30, 2012, respectively, and $244,000 and $500,000
in other assets and accrued liabilities as of December 31, 2011, respectively.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The classification
and amounts of the Company&#146;s recognized gains (losses) for its derivatives not designated as hedging instruments are as follow
(in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="padding-bottom: 2.5pt; width: 3%"><font style="font-size: 8pt">&#160;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p>

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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the entity's entire derivative instruments and hedging activities.  Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7668309&amp;loc=d3e80784-113994<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4C<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624171-113959<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4E<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624181-113959<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5708775-113959<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5579245-113959<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(n))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=d3e41641-113959<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5579240-113959<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6441202&amp;loc=d3e80720-113993<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=d3e41638-113959<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=d3e41635-113959<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 44<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=d3e41620-113959<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4D<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624177-113959<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 25<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6886632&amp;loc=d3e76258-113986<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4H<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624258-113959<br><br><br><br>Reference 17: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5708773-113959<br><br><br><br>Reference 18: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1B<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5580258-113959<br><br><br><br>Reference 19: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4B<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624163-113959<br><br><br><br>Reference 20: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 45<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 21: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5618551-113959<br><br><br><br>Reference 22: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7668309&amp;loc=d3e80748-113994<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock</nobr></td>
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                    <td>duration</td>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EWAAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>4. DERIVATIVES (Details) (Commodity contracts [Member], Non Designated Derivative Instruments [Member], Cost of goods sold [Member], USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2011</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2011</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Commodity contracts [Member] | Non Designated Derivative Instruments [Member] | Cost of goods sold [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsAtFairValueNetTotalAbstract', window );"><strong>Classification and amounts of the Company's derivatives not designated as hedging instruments</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsGainLossRecognizedInIncomeNet', window );">Realized Gains (Losses)</a></td>
        <td class="num">$ (440)<span></span></td>
        <td class="nump">$ 483<span></span></td>
        <td class="nump">$ 277<span></span></td>
        <td class="nump">$ 460<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivatives', window );">Unrealized Gains</a></td>
        <td class="nump">$ 388<span></span></td>
        <td class="num">$ (88)<span></span></td>
        <td class="num">$ (479)<span></span></td>
        <td class="num">$ (126)<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentsGainLossRecognizedInIncomeNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net gains and losses recognized in income during the period on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges, on derivative instruments designated and qualifying as hedging instruments in cash flow hedges, and on derivative instruments not designated as hedging instruments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4C<br><br> -Subparagraph (a),(c),(d),(e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624171-113959<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 205G<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 44C<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4A<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5618551-113959<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DerivativeInstrumentsGainLossRecognizedInIncomeNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsAtFairValueNetTotalAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsAtFairValueNetTotalAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrealizedGainLossOnDerivatives">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_UnrealizedGainLossOnDerivatives</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E2GAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>3. INVENTORIES (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNetAbstract', window );"><strong>Inventory balances</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryFinishedGoods', window );">Finished goods</a></td>
        <td class="nump">$ 8,089<span></span></td>
        <td class="nump">$ 9,429<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryWorkInProcess', window );">Work in progress</a></td>
        <td class="nump">4,164<span></span></td>
        <td class="nump">4,284<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryRawMaterials', window );">Raw materials</a></td>
        <td class="nump">1,273<span></span></td>
        <td class="nump">1,334<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherInventorySupplies', window );">Other</a></td>
        <td class="nump">848<span></span></td>
        <td class="nump">1,084<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Total</a></td>
        <td class="nump">$ 14,374<span></span></td>
        <td class="nump">$ 16,131<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryFinishedGoods">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before last-in first-out (LIFO) and valuation reserves of merchandise or goods held by the entity that are readily available for sale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 6<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.6(a)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryFinishedGoods</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.6(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 330<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386567&amp;loc=d3e3927-108312<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryNetAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryRawMaterials">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount of unprocessed items to be consumed in the manufacturing or production process. Also includes purchased parts that will be used as components of a finished product.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 6<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.6(a)(4))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryRawMaterials</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryWorkInProcess">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount of merchandise or goods which are partially completed, are generally comprised of raw materials, labor and factory overhead costs, and which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 6<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.6(a)(3))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryWorkInProcess</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherInventorySupplies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount of products used directly or indirectly in the manufacturing or production process, which may or may not become part of the final product. May also include items used in the storage, presentation or transportation of physical goods.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Paragraph 3<br><br> -Chapter 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.6(a)(5))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 6<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section A<br><br> -Paragraph 9<br><br> -Chapter 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Inventory<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516093<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherInventorySupplies</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>28
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EKBAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>4. DERIVATIVES (Details Narrative) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">9 Months Ended</th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2011</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_AdditionalTextualsAbstract', window );"><strong>Additional details</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsGainRecognizedInIncome', window );">Recognized gains and losses due to change in fair value</a></td>
        <td class="num">$ (52,000)<span></span></td>
        <td class="nump">$ 395,000<span></span></td>
        <td class="nump">$ 202,000<span></span></td>
        <td class="nump">$ 334,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_DerivativeNotionalAmount', window );">Notional balances</a></td>
        <td class="nump">24,102,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">24,102,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">9,186,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrentAndNoncurrent', window );">Accrued liabilities</a></td>
        <td class="nump">291,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">291,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">500,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_NonDesignatedDerivativeOtherAssets', window );">Other Assets</a></td>
        <td class="nump">$ 514,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 514,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 244,000<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_DerivativeNotionalAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate notional amount specified by the derivative(s). Expressed as an absolute value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 12<br><br> -Section 13<br><br> -Sentence Column B<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>invest_DerivativeNotionalAmount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>invest_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_AdditionalTextualsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_AdditionalTextualsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_NonDesignatedDerivativeOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Non Designated Derivative</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_NonDesignatedDerivativeOtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrentAndNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 15<br><br> -Subparagraph 5<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.15(5))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.15(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 15<br><br> -Subparagraph a<br><br> -Article 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccruedLiabilitiesCurrentAndNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentsGainRecognizedInIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of gain recognized in income during the period on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges, on derivative instruments designated and qualifying as hedging instruments in cash flow hedges, and on derivative instruments not designated as hedging instruments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4C<br><br> -Subparagraph (a),(c),(d),(e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624171-113959<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 205G<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 44C<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4A<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5618551-113959<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DerivativeInstrumentsGainRecognizedInIncome</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>29
<FILENAME>R31.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EYMAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>5. DEBT (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtByComponentsAlternativeAbstract', window );"><strong>Long-term borrowings are summarized as follows</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Kinergy operating line of credit</a></td>
        <td class="nump">$ 17,158<span></span></td>
        <td class="nump">$ 20,432<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SeniorNotes', window );">Senior unsecured notes</a></td>
        <td class="nump">10,000<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent', window );">Note payable to related party</a></td>
        <td class="nump">750<span></span></td>
        <td class="nump">750<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MediumTermNotes', window );">Plant Owner's term debt</a></td>
        <td class="nump">52,687<span></span></td>
        <td class="nump">51,279<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_NewPeHoldcoOperatingLineOfCredit', window );">Plant Owner's operating line of credit</a></td>
        <td class="nump">38,500<span></span></td>
        <td class="nump">21,978<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Long-term Debt, current and non-current</a></td>
        <td class="nump">119,095<span></span></td>
        <td class="nump">94,439<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShortTermBorrowings', window );">Less short-term portion</a></td>
        <td class="num">(50,105)<span></span></td>
        <td class="num">(750)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term debt</a></td>
        <td class="nump">$ 68,990<span></span></td>
        <td class="nump">$ 93,689<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_NewPeHoldcoOperatingLineOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>New PE Holdco Operating Line of Credit</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_NewPeHoldcoOperatingLineOfCredit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 20, 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LineOfCredit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20, 22<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtByComponentsAlternativeAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtByComponentsAlternativeAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MediumTermNotes">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Including the current and noncurrent portions, carrying value at the balance sheet date of a financial instrument used to receive debt funding on a regular basis with original maturities ranging from 5-10 years.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20, 22<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MediumTermNotes</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount for notes payable (written promise to pay), due to related parties.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 2<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.17)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 17<br><br> -Article 7<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Subparagraph 1<br><br> -Article 4<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SeniorNotes">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Including the current and noncurrent portions, carrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SeniorNotes</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShortTermBorrowings">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.(a),16(a)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Subparagraph a(1)<br><br> -Article 7<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 13<br><br> -Subparagraph 2, 3<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>3. INVENTORIES<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Sep. 30, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_InventoriesAbstract', window );"><strong>InventoriesAbstract</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryDisclosureTextBlock', window );">3. INVENTORIES</a></td>
        <td class="text"><p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Inventories consisted
primarily of bulk ethanol and unleaded fuel, and are valued at the lower-of-cost-or-market, with cost determined on a first-in,
first-out basis. Inventory balances consisted of the following (in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

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<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">September
    30, 2012</font></td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">December
    31, 2011</font></td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238); font: 10pt Times New Roman, Times, Serif">
    <td style="width: 60%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">Finished goods</font></td>
    <td style="width: 2%; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">$</font></td>
    <td style="width: 16%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">8,089</font></td>
    <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 2%; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">$</font></td>
    <td style="width: 16%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">9,429</font></td>
    <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">Work in progress</font></td>
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    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">4,164</font></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">4,284</font></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">Raw materials</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">1,273</font></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">1,334</font></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">Other</font></td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">848</font></td>
    <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">1,084</font></td>
    <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="padding-bottom: 2.5pt; padding-left: 22pt; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">14,374</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">16,131</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt; background-color: white">&#160;</font></p>



<p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p><span></span></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 6<br><br> -Subparagraph a, b, c<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section A<br><br> -Paragraph 9<br><br> -Chapter 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.6)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EXIAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>5. DEBT (Details Narrative) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2011</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_RecordedInterestNotesPayableRelatedParty', window );">Recorded interest notes payable, related party</a></td>
        <td class="nump">$ 15,000<span></span></td>
        <td class="nump">$ 20,000<span></span></td>
        <td class="nump">$ 45,000<span></span></td>
        <td class="nump">$ 60,000<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Kinergy</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity', window );">Unused availability under the revolving credit facility</a></td>
        <td class="nump">4,200,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4,200,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Plant Owners</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity', window );">Unused availability under the revolving credit facility</a></td>
        <td class="nump">700,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">700,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityIncreaseAdditionalBorrowings', window );">Increased borrowings under line of credit</a></td>
        <td class="nump">$ 4,500,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 16,522,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Recorded Interest Notes Payable Related Party.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityIncreaseAdditionalBorrowings">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Increase for additional borrowings on the credit facility during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(f))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph f<br><br> -Article 4<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LineOfCreditFacilityIncreaseAdditionalBorrowings</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(b),22(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>32
<FILENAME>R40.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EFH">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>9. EARNINGS PER SHARE (Details Narrative)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_EarningsPerShareDetailsTextualsAbstract', window );"><strong>Earnings Per Share Details Narrative</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ConvertibleSecuritiesDilutiveSharesNotConsideredInDilutedShare', window );">Potentially dilutive weighted-average shares from convertible securities not considered in calculation of diluted shares</a></td>
        <td class="nump">2,800,000<span></span></td>
        <td class="nump">3,300,000<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_ConvertibleSecuritiesDilutiveSharesNotConsideredInDilutedShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Convertible Securities Dilutive Shares Not Considered In Diluted Share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_ConvertibleSecuritiesDilutiveSharesNotConsideredInDilutedShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_EarningsPerShareDetailsTextualsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_EarningsPerShareDetailsTextualsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>33
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EO6AG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current Assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">$ 18,671<span></span></td>
        <td class="nump">$ 8,914<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, net</a></td>
        <td class="nump">27,513<span></span></td>
        <td class="nump">28,140<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventories</a></td>
        <td class="nump">14,374<span></span></td>
        <td class="nump">16,131<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherInventory', window );">Prepaid inventory</a></td>
        <td class="nump">6,095<span></span></td>
        <td class="nump">9,239<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsCurrent', window );">Other current assets</a></td>
        <td class="nump">2,312<span></span></td>
        <td class="nump">4,324<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
        <td class="nump">68,965<span></span></td>
        <td class="nump">66,748<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
        <td class="nump">153,109<span></span></td>
        <td class="nump">159,617<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsAbstract', window );"><strong>Other Assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Intangible assets, net</a></td>
        <td class="nump">3,865<span></span></td>
        <td class="nump">4,458<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other assets</a></td>
        <td class="nump">1,723<span></span></td>
        <td class="nump">1,653<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssets', window );">Total other assets</a></td>
        <td class="nump">5,588<span></span></td>
        <td class="nump">6,111<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total Assets**</a></td>
        <td class="nump">227,662<span></span></td>
        <td class="nump">232,476<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable - trade</a></td>
        <td class="nump">8,484<span></span></td>
        <td class="nump">5,519<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued liabilities</a></td>
        <td class="nump">3,560<span></span></td>
        <td class="nump">2,713<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrent', window );">Accrued preferred dividends</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">7,315<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Current portion - long-term debt (including $750 to related party)</a></td>
        <td class="nump">50,105<span></span></td>
        <td class="nump">750<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
        <td class="nump">62,149<span></span></td>
        <td class="nump">16,297<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term debt, net of current portion</a></td>
        <td class="nump">68,990<span></span></td>
        <td class="nump">93,689<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAccruedLiabilitiesNoncurrent', window );">Accrued preferred dividends</a></td>
        <td class="nump">6,583<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_WarrantLiabilities', window );">Warrant liabilities</a></td>
        <td class="nump">6,495<span></span></td>
        <td class="nump">1,921<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other liabilities</a></td>
        <td class="nump">1,348<span></span></td>
        <td class="nump">1,305<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total Liabilities**</a></td>
        <td class="nump">145,565<span></span></td>
        <td class="nump">113,212<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and Contingencies (Notes 4, 5 and 7)</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Pacific Ethanol, Inc. Stockholders' Equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, $0.001 par value; 300,000,000 shares authorized; 144,710,897 and 86,631,664 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively</a></td>
        <td class="nump">145<span></span></td>
        <td class="nump">87<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
        <td class="nump">581,985<span></span></td>
        <td class="nump">556,871<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
        <td class="num">(524,487)<span></span></td>
        <td class="num">(509,985)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total Pacific Ethanol, Inc. Stockholders' Equity</a></td>
        <td class="nump">57,644<span></span></td>
        <td class="nump">46,974<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestInJointVentures', window );">Noncontrolling interest in variable interest entity</a></td>
        <td class="nump">24,453<span></span></td>
        <td class="nump">72,290<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total Stockholders' Equity</a></td>
        <td class="nump">82,097<span></span></td>
        <td class="nump">119,264<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total Liabilities and Stockholders' Equity</a></td>
        <td class="nump">227,662<span></span></td>
        <td class="nump">232,476<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">SeriesAPreferredStockMember</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Pacific Ethanol, Inc. Stockholders' Equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A: 1,684,375 shares authorized; 0 shares issued and outstanding as of September 30, 2012 and December 31, 2011; Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of September 30, 2012 and December 31, 2011; liquidation preference of $24,659 as of September 30, 2012</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">SeriesBPreferredStockMember</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Pacific Ethanol, Inc. Stockholders' Equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A: 1,684,375 shares authorized; 0 shares issued and outstanding as of September 30, 2012 and December 31, 2011; Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of September 30, 2012 and December 31, 2011; liquidation preference of $24,659 as of September 30, 2012</a></td>
        <td class="nump">$ 1<span></span></td>
        <td class="nump">$ 1<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_WarrantLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Warrant liabilities</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_WarrantLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3-4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a(1)<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 4<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsReceivableNetCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccruedLiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionalPaidInCapital</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br><br><br> -Number 6<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6801-107765<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7<br><br><br><br> -Footnote 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14326-108349<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 5<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsAndContingencies</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 7<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6935-107765<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Liabilities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsNetExcludingGoodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16212-109274<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph ((a)(1),(b))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 42, 45<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IntangibleAssetsNetExcludingGoodwill</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.6(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 330<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386567&amp;loc=d3e3927-108312<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Liabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19,20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestInJointVentures">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of the equity interests owned by noncontrolling shareholders, partners, or other equity holders in joint ventures included in the entity's consolidated financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568740-111683<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestInJointVentures</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAccruedLiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The noncurrent portion (due beyond one year or one operating cycle) of other accrued expenses (expenses incurred at the end of the reporting period but not yet paid) not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.24)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 24<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAccruedLiabilitiesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssetsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssetsNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherInventory">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount of inventories of a nature not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.6(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 9<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherInventory</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.24)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 24<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLiabilitiesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 129<br><br><br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph b, c<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RetainedEarningsAccumulatedDeficit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br></p>
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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>1. ORGANIZATION AND BASIS OF PRESENTATION<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
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          <div>Sep. 30, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_OrganizationAndBasisOfPresentationAbstract', window );"><strong>Organization And Basis Of Presentation</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock', window );">1. ORGANIZATION AND BASIS OF PRESENTATION.</a></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Organization
and Business</u></i> &#150; The consolidated financial statements include the accounts of Pacific Ethanol, Inc., a Delaware corporation
(&#147;Pacific Ethanol&#148;), and its wholly-owned subsidiaries, including Kinergy Marketing LLC, an Oregon limited liability
company (&#147;Kinergy&#148;) and its wholly-owned subsidiary Pacific Ag. Products, LLC, a California limited liability company
(&#147;PAP&#148;) for all periods presented, and for the periods specified below, the Plant Owners (as defined below) (collectively,
the &#147;Company&#148;).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">The
Company is the leading marketer and producer of low-carbon renewable fuels in the Western United States. The Company also sells
ethanol co-products, including wet distillers grain and syrup (&#147;WDG&#148;), and provides transportation, storage and delivery
of ethanol through third-party service providers in the Western United States, primarily in California, Arizona, Nevada, Utah,
Oregon, Colorado, Idaho and Washington. The Company sells ethanol produced by the Pacific Ethanol Plants (as defined below) and
unrelated third parties to gasoline refining and distribution companies and sells its WDG to dairy operators and animal feed distributors.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company
manages the production and operation of the four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol
Columbia, LLC, Pacific Ethanol Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &#147;Pacific Ethanol Plants&#148;)
and their holding company, Pacific Ethanol Holding Co. LLC (&#147;PEHC,&#148; and together with the Pacific Ethanol Plants,
the &#147;Plant Owners&#148;). PEHC is a wholly-owned subsidiary of New PE Holdco LLC (&#147;New PE Holdco&#148;) which, in
turn, is a subsidiary of the Company. These four facilities have an aggregate annual production capacity of up to 200 million
gallons. As of September 30, 2012, three of the facilities were operating and one of the facilities was idled. When market conditions
permit, and with approval of New PE Holdco, the Company intends to resume operations at the Madera, California facility.</font></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">On October
6, 2010, the Company purchased an initial 20% ownership interest in New PE Holdco, a variable interest entity (&#147;VIE&#148;),
from a number of New PE Holdco&#146;s owners. At that time, the Company determined it was the primary beneficiary of New PE Holdco,
and as such, has consolidated the results of New PE Holdco since then. See Note 2 &#150; Variable Interest Entity. On each of
November 29, 2011 and December 19, 2011, the Company purchased an additional 7% ownership interest in New PE Holdco. Further,
on July 13, 2012, the Company purchased an additional 33% ownership interest in New PE Holdco, bringing the Company&#146;s total
ownership interest in New PE Holdco to 67% as of September 30, 2012.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Liquidity
</u></i>&#150; Despite the liquidity risks relative to the Plant Owners&#146; credit facilities, the Company believes that current
and future available capital resources, revenues generated from operations, and other existing sources of liquidity, including
its credit facilities, will be adequate to meet its anticipated working capital and capital expenditure requirements for the next
twelve months. See Note 5 &#150; Debt. If, however, the Company&#146;s capital requirements or cash flow vary materially from
its current projections, or if other unforeseen circumstances occur, such as a lack of significant improvement or further deterioration
of corn crush margins, the Company may require additional financing during that period. The Company&#146;s failure to raise capital,
if needed, could restrict its growth, hinder its ability to compete and adversely impact its operations.</font></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Accounts
Receivable and Allowance for Doubtful Accounts</u></i> &#150; Trade accounts receivable are presented at face value, net of the
allowance for doubtful accounts. The Company sells ethanol to gasoline refining and distribution companies and sells WDG to dairy
operators and animal feed distributors generally without requiring collateral.</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company
maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process
is based on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after a specified
number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance
in question. Delinquent accounts receivable are charged against the allowance for doubtful accounts once uncollectibility has
been determined. The factors considered in reaching this determination are the apparent financial condition of the customer and
the Company&#146;s success in contacting and negotiating with the customer. If the financial condition of the Company&#146;s
customers were to deteriorate, resulting in an impairment of ability to make payments, additional allowances may be required.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Of the total
accounts receivable balance, approximately $25,540,000 and $23,715,000 at September 30, 2012 and December 31, 2011, respectively,
were used as collateral under Kinergy&#146;s working capital line of credit. The allowance for doubtful accounts was $9,000 and
$24,000 as of September 30, 2012 and December 31, 2011, respectively. The Company recorded net bad debt recoveries of $15,000
and $45,000 for the three months ended September 30, 2012 and 2011, respectively. The Company recorded net bad debt recoveries
of $15,000 and $185,000 for the nine months ended September 30, 2012 and 2011, respectively.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Basis
of Presentation</u></i><u>&#150;<i>Interim Financial Statements</i></u><font style="font-family: Times New Roman, Times, Serif; color: black">
</font>&#150; The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance
with accounting principles generally accepted in the United States for interim financial information and the instructions to Form
10-Q and Rule&#160;10-01 of Regulation&#160;S-X. Results for interim periods should not be considered indicative of results for
a full year. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements
and related notes contained in the Company&#146;s Annual Report on Form 10-K for the year ended December&#160;31, 2011. The accounting
policies used in preparing these consolidated financial statements are the same as those described in Note 1 to the consolidated
financial statements in the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2011. In the opinion of
management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results
for interim periods have been included. All significant intercompany accounts and transactions have been eliminated in consolidation.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The preparation
of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Significant estimates are required as part of determining the consolidation of VIEs, fair value of convertible notes and
warrants, allowance for doubtful accounts, estimated lives of property and equipment and intangibles, long-lived asset impairments,
valuation allowances on deferred income taxes and the potential outcome of future tax consequences of events recognized in the
Company&#146;s financial statements or tax returns. Actual results and outcomes may materially differ from management&#146;s
estimates and assumptions.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Reclassifications
of prior year&#146;s data have been made to conform to 2012 classifications. Such classifications had no effect on net income
(loss) reported in the consolidated statements of operations.</font></p><span></span></td>
      </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the business description and basis of presentation concepts.  Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity.  Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EYDAC">
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          <div style="width: 200px;"><strong>7. COMMITMENTS AND CONTINGENCIES (Details Narrative) (EthanolMember, USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Sep. 30, 2012

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          <div>gal</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantPurchaseCommitmentRemainingMinimumAmountCommitted', window );">Fixed-price purchase contracts to purchase, ethanol</a></td>
        <td class="nump">$ 14,153,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_PurchaseCommitmentMinimumVolumeRequired', window );">Indexed-price contracts to purchase ethanol, gallons</a></td>
        <td class="nump">112,000<span></span></td>
      </tr>
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    <div style="display: none;">
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Purchase Commitment Minimum Volume Required.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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                    <td><strong> Period Type:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The floor amount as of the balance sheet date that the entity must expend to satisfy the terms of disclosed arrangements (excluding long-term commitments) in which the entity has agreed to expend funds to procure goods or services from one or more suppliers, other than under a long-term purchase commitment or an unconditional purchase obligation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 17<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.17)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.25)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.(a)(19))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 25<br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 7<br><br><br><br></p>
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>7. COMMITMENTS AND CONTINGENCIES (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Sep. 30, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_CommitmentsAndContingenciesTablesAbstract', window );"><strong>Commitments And Contingencies Tables</strong></a></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SalesCommitmentsTextBlock', window );">Sales commitments</a></td>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <td style="width: 3%"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="width: 15%; text-align: right"><font style="font-size: 8pt">70</font></td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="padding-bottom: 2.5pt; text-indent: 13.7pt"><font style="font-size: 8pt">Total</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i>&#160;</i></font></p>



<p style="margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Indexed-Price Contracts
    <br />(Volume)</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="width: 80%; text-align: left; padding-left: 4.3pt"><font style="font-size: 8pt">Ethanol (gallons)</font></td>
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    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 15%; text-align: right"><font style="font-size: 8pt">97,708</font></td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 4.3pt"><font style="font-size: 8pt">WDG (tons)</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">55</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>



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      </tr>
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          <td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sales Commitments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>37
<FILENAME>R36.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E42BG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>8. FAIR VALUE MEASUREMENTS (Details) (USD $)<br>In Thousands, except Per Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_WarrantLiabilities', window );">Fair value</a></td>
        <td class="nump">$ 6,495<span></span></td>
        <td class="nump">$ 1,921<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Warrants issued in October 2010 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price</a></td>
        <td class="nump">$ 0.12<span></span></td>
        <td class="nump">$ 0.45<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td>
        <td class="nump">75.60%<span></span></td>
        <td class="nump">68.00%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="nump">0.62%<span></span></td>
        <td class="nump">1.09%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (years)</a></td>
        <td class="text">5 years 1 month 7 days<span></span></td>
        <td class="text">5 years 11 months 2 days<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAssumptionsMarketabilityDiscount', window );">Marketability discount</a></td>
        <td class="nump">48.00%<span></span></td>
        <td class="nump">47.40%<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_WarrantLiabilities', window );">Fair value</a></td>
        <td class="nump">43<span></span></td>
        <td class="nump">226<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Warrants issued in December 2011 [Member]</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price</a></td>
        <td class="nump">$ 0.84<span></span></td>
        <td class="nump">$ 1.5<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td>
        <td class="nump">77.70%<span></span></td>
        <td class="nump">68.00%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="nump">0.47%<span></span></td>
        <td class="nump">0.83%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (years)</a></td>
        <td class="text">4 years 3 months 17 days<span></span></td>
        <td class="text">4 years 11 months 16 days<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAssumptionsMarketabilityDiscount', window );">Marketability discount</a></td>
        <td class="nump">55.90%<span></span></td>
        <td class="nump">52.00%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_WarrantLiabilities', window );">Fair value</a></td>
        <td class="nump">585<span></span></td>
        <td class="nump">1,695<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Warrants 1 Issued July 2012 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price</a></td>
        <td class="nump">$ 0.5<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td>
        <td class="nump">76.80%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="nump">0.62%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (years)</a></td>
        <td class="text">4 years 9 months 10 days<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAssumptionsMarketabilityDiscount', window );">Marketability discount</a></td>
        <td class="nump">57.50%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_WarrantLiabilities', window );">Fair value</a></td>
        <td class="nump">3,351<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Warrants 2 Issued July 2012 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price</a></td>
        <td class="nump">$ 0.43<span></span></td>
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        <td class="nump">73.90%<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="nump">0.17%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (years)</a></td>
        <td class="text">1 year 3 months 1 day<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAssumptionsMarketabilityDiscount', window );">Marketability discount</a></td>
        <td class="nump">57.50%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_WarrantLiabilities', window );">Fair value</a></td>
        <td class="nump">858<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Warrants Issued September 2012 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price</a></td>
        <td class="nump">$ 0.59<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td>
        <td class="nump">74.10%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="nump">0.31%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (years)</a></td>
        <td class="text">3 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAssumptionsMarketabilityDiscount', window );">Marketability discount</a></td>
        <td class="nump">58.50%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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                <p>Fair Value Assumptions Marketability Discount.</p>
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                <p>No definition available.</p>
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                <p>Warrant liabilities</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Agreed upon price for the exchange of the underlying asset.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
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                <p>Period the instrument, asset or liability is expected to be outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
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                <p>Measure of dispersion, in percentage terms (for instance, the standard deviation or variance), for a given stock price.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
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                <p>Risk-free interest rate assumption used in valuing an instrument.</p>
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  <head>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>9. EARNINGS PER SHARE (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Sep. 30, 2012</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text"><p style="margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The following
tables compute basic and diluted earnings per share (in thousands, except per share data):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt; background-color: white">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 9%; text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 9%; text-align: right"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    September 30, 2012</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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                <p>Tabular disclosure of the numerators and the denominators of the basic and diluted per-share (or per-unit) computations for income from continuing operations, including the effect that has been given to preferred dividends.</p>
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          <div style="width: 200px;"><strong>2. VARIABLE INTEREST ENTITY<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company concluded that at all times since
New PE Holdco&#146;s inception, New PE Holdco has been a VIE because the other owners of New PE Holdco, due to the Company&#146;s
involvement through its contractual arrangements, have at all times lacked the power to direct the activities that most significantly
impacted its economic performance. Some of these activities include efficient management and operation of the Pacific Ethanol Plants,
sale of ethanol, the procurement of feedstock, sale of co-products and implementation of risk management strategies. Furthermore,
upon the Company&#146;s purchase of its initial 20% ownership interest in New PE Holdco on October 6, 2010, the Company, through
its ownership interest, had an obligation to absorb losses and receive benefits that could potentially be significant to New PE
Holdco. As a result, the Company then became the primary beneficiary of New PE Holdco and began consolidating the financial results
of New PE Holdco. On November 29, 2011, the Company purchased an additional 7% ownership interest in New PE Holdco for $4,502,000
in cash. On December 19, 2011, the Company purchased another 7% ownership interest in New PE Holdco for $4,615,000 in cash.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 13, 2012, the Company purchased an
additional 33% ownership interest in New PE Holdco for $20,000,000 by paying $10,000,000 in cash and issuing $10,000,000 in notes
payable. Because the Company has a controlling financial interest in New PE Holdco, it did not record any gain or loss on this
purchase, but instead reduced the amount of the noncontrolling interest in VIE on its consolidated balance sheet by $27,646,000
and recorded the difference between the fair value of the purchase and the price paid by the Company of $7,646,000, to additional
paid-in capital.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon the closing of the Company&#146;s purchase
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PE Holdco&#146;s results are consolidated with the Company&#146;s for financial reporting purposes, the acquisition of additional
interests in New PE Holdco did not impact the consolidated net income or loss that the Company reports. However, the portion of
New PE Holdco&#146;s net income or loss that is allocated to the Company increased from 34% to 67%, thus changing the net income
or loss attributable to Pacific Ethanol after reducing the net income or loss attributable to the noncontrolling interests and
the Company&#146;s earnings per share. For the three and nine months ended September 30, 2012 and 2011, had the Company held a
67% ownership interest in New PE Holdco and issued 28,000,000 shares of common stock under the financing noted above, the Company&#146;s
reported results would have had the following proforma impact: (i) for the three months ended September 30, 2012 and 2011, net
income (loss) available to common stockholders would have been $(5,971,000) and $4,201,000, respectively, and income (loss) per
share would have been $(0.05) and $0.07, respectively; and (ii) for the nine months ended September 30, 2012 and 2011, net loss
available to common stockholders would have been $23,288,000 and $1,311,000, respectively, and loss per share would have been $0.21
and $0.03, respectively.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying values and classification of assets
that are collateral for the obligations of New PE Holdco consisted of the following (in thousands):</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="padding-bottom: 1pt; text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238); font: 8pt Times New Roman, Times, Serif">
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    <td style="width: 2%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">$</td>
    <td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif">92</td>
    <td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 2%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">$</td>
    <td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif">2,070</td>
    <td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">13,368</td>
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">14,320</td>
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238); font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif">Property and equipment</td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">148,390</td>
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">155,523</td>
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1,368</td>
    <td style="padding-bottom: 1pt; text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1,693</td>
    <td style="padding-bottom: 1pt; text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238); font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 11pt; font: 8pt Times New Roman, Times, Serif">Total assets</td>
    <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">163,218</td>
    <td style="padding-bottom: 2.5pt; text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">173,606</td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(238,238,238); font: 8pt Times New Roman, Times, Serif">
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    <td style="width: 2%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">$</td>
    <td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif">6,063</td>
    <td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 2%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">$</td>
    <td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif">3,064</td>
    <td style="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif">Long-term debt, including current portion</td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">91,186</td>
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">73,256</td>
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238); font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">Other liabilities</td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">195</td>
    <td style="padding-bottom: 1pt; text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">158</td>
    <td style="padding-bottom: 1pt; text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 11pt; font: 8pt Times New Roman, Times, Serif">Total liabilities</td>
    <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">97,444</td>
    <td style="padding-bottom: 2.5pt; text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">76,478</td>
    <td style="padding-bottom: 2.5pt; text-align: left; font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#146;s acquisition of its ownership
interest in New PE Holdco does not impact the Company&#146;s rights or obligations under any of its contractual agreements. Further,
creditors of New PE Holdco do not have recourse to the Company. Since its initial acquisition, the Company has not provided any
additional support to New PE Holdco beyond the terms of its contractual agreements.</p>



<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif">&#160;</p><span></span></td>
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    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E1WAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayableRelatedPartiesClassifiedCurrent', window );">Current portion of long term debt to related party</a></td>
        <td class="nump">$ 750<span></span></td>
        <td class="nump">$ 750<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock par value (in Dollars per share)</a></td>
        <td class="nump">$ 0.001<span></span></td>
        <td class="nump">$ 0.001<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock shares authorized</a></td>
        <td class="nump">10,000,000<span></span></td>
        <td class="nump">10,000,000<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value</a></td>
        <td class="nump">$ 0.001<span></span></td>
        <td class="nump">$ 0.001<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, authorized</a></td>
        <td class="nump">300,000,000<span></span></td>
        <td class="nump">300,000,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, issued</a></td>
        <td class="nump">144,710,897<span></span></td>
        <td class="nump">86,631,664<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, outstanding</a></td>
        <td class="nump">144,710,897<span></span></td>
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        <td class="nump">1,684,375<span></span></td>
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        <td class="nump">1,580,790<span></span></td>
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        <td class="nump">926,942<span></span></td>
        <td class="nump">926,942<span></span></td>
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        <td class="nump">926,942<span></span></td>
        <td class="nump">926,942<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockLiquidationPreferenceValue', window );">Preferred stock Series B liquidation preference (in Dollars)</a></td>
        <td class="nump">$ 24,659<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesAuthorized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayableRelatedPartiesClassifiedCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount for notes payable (written promise to pay), due to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(a)(5))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Subparagraph 1<br><br> -Article 4<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 2<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesPayableRelatedPartiesClassifiedCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockLiquidationPreferenceValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of the difference between preference in liquidation and the par or stated values of the preferred shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockLiquidationPreferenceValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesAuthorized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EWAAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>1. ORGANIZATION AND BASIS OF PRESENTATION (Policies)<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_OrganizationAndBasisOfPresentationPoliciesAbstract', window );"><strong>Organization And Basis Of Presentation Policies</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfOperations', window );">Organization and Business</a></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Organization
and Business</u></i> &#150; The consolidated financial statements include the accounts of Pacific Ethanol, Inc., a Delaware corporation
(&#147;Pacific Ethanol&#148;), and its wholly-owned subsidiaries, including Kinergy Marketing LLC, an Oregon limited liability
company (&#147;Kinergy&#148;) and its wholly-owned subsidiary Pacific Ag. Products, LLC, a California limited liability company
(&#147;PAP&#148;) for all periods presented, and for the periods specified below, the Plant Owners (as defined below) (collectively,
the &#147;Company&#148;).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">The
Company is the leading marketer and producer of low-carbon renewable fuels in the Western United States. The Company also sells
ethanol co-products, including wet distillers grain and syrup (&#147;WDG&#148;), and provides transportation, storage and delivery
of ethanol through third-party service providers in the Western United States, primarily in California, Arizona, Nevada, Utah,
Oregon, Colorado, Idaho and Washington. The Company sells ethanol produced by the Pacific Ethanol Plants (as defined below) and
unrelated third parties to gasoline refining and distribution companies and sells its WDG to dairy operators and animal feed distributors.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company
manages the production and operation of the four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol
Columbia, LLC, Pacific Ethanol Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &#147;Pacific Ethanol Plants&#148;)
and their holding company, Pacific Ethanol Holding Co. LLC (&#147;PEHC,&#148; and together with the Pacific Ethanol Plants,
the &#147;Plant Owners&#148;). PEHC is a wholly-owned subsidiary of New PE Holdco LLC (&#147;New PE Holdco&#148;) which, in
turn, is a subsidiary of the Company. These four facilities have an aggregate annual production capacity of up to 200 million
gallons. As of September 30, 2012, three of the facilities were operating and one of the facilities was idled. When market conditions
permit, and with approval of New PE Holdco, the Company intends to resume operations at the Madera, California facility.</font></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">On October
6, 2010, the Company purchased an initial 20% ownership interest in New PE Holdco, a variable interest entity (&#147;VIE&#148;),
from a number of New PE Holdco&#146;s owners. At that time, the Company determined it was the primary beneficiary of New PE Holdco,
and as such, has consolidated the results of New PE Holdco since then. See Note 2 &#150; Variable Interest Entity. On each of
November 29, 2011 and December 19, 2011, the Company purchased an additional 7% ownership interest in New PE Holdco. Further,
on July 13, 2012, the Company purchased an additional 33% ownership interest in New PE Holdco, bringing the Company&#146;s total
ownership interest in New PE Holdco to 67% as of September 30, 2012.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiquidityDisclosureTextBlock', window );">Liquidity</a></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Liquidity
</u></i>&#150; Despite the liquidity risks relative to the Plant Owners&#146; credit facilities, the Company believes that current
and future available capital resources, revenues generated from operations, and other existing sources of liquidity, including
its credit facilities, will be adequate to meet its anticipated working capital and capital expenditure requirements for the next
twelve months. See Note 5 &#150; Debt. If, however, the Company&#146;s capital requirements or cash flow vary materially from
its current projections, or if other unforeseen circumstances occur, such as a lack of significant improvement or further deterioration
of corn crush margins, the Company may require additional financing during that period. The Company&#146;s failure to raise capital,
if needed, could restrict its growth, hinder its ability to compete and adversely impact its operations.</font></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy', window );">Accounts Receivable and Allowance for Doubtful Accounts</a></td>
        <td class="text"><p style="margin: 0pt"><font style="font-size: 8pt">&#160;&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i><u>Accounts
Receivable and Allowance for Doubtful Accounts</u></i> &#150; Trade accounts receivable are presented at face value, net of the
allowance for doubtful accounts. The Company sells ethanol to gasoline refining and distribution companies and sells WDG to dairy
operators and animal feed distributors generally without requiring collateral.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company maintains
an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process is based
on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after a specified number
of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question.
Delinquent accounts receivable are charged against the allowance for doubtful accounts once uncollectibility has been determined.
The factors considered in reaching this determination are the apparent financial condition of the customer and the Company&#146;s
success in contacting and negotiating with the customer. If the financial condition of the Company&#146;s customers were to deteriorate,
resulting in an impairment of ability to make payments, additional allowances may be required.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Of the total
accounts receivable balance, approximately $25,540,000 and $23,715,000 at September 30, 2012 and December 31, 2011, respectively,
were used as collateral under Kinergy&#146;s working capital line of credit. The allowance for doubtful accounts was $9,000 and
$24,000 as of September 30, 2012 and December 31, 2011, respectively. The Company recorded net bad debt recoveries of $15,000
and $45,000 for the three months ended September 30, 2012 and 2011, respectively. The Company recorded net bad debt recoveries
of $15,000 and $185,000 for the nine months ended September 30, 2012 and 2011, respectively.</font></p>



<p style="margin: 0pt"></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">Basis of Presentation-Interim Financial Statements</a></td>
        <td class="text"><p style="margin: 0pt"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i><u>Basis of
Presentation</u></i><u>&#150;<i>Interim Financial Statements</i></u><font style="font-family: Times New Roman, Times, Serif; color: black">
</font>&#150; The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance
with accounting principles generally accepted in the United States for interim financial information and the instructions to Form
10-Q and Rule&#160;10-01 of Regulation&#160;S-X. Results for interim periods should not be considered indicative of results for
a full year. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements
and related notes contained in the Company&#146;s Annual Report on Form 10-K for the year ended December&#160;31, 2011. The accounting
policies used in preparing these consolidated financial statements are the same as those described in Note 1 to the consolidated
financial statements in the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2011. In the opinion of
management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results
for interim periods have been included. All significant intercompany accounts and transactions have been eliminated in consolidation.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The preparation
of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Significant estimates are required as part of determining the consolidation of VIEs, fair value of convertible notes and
warrants, allowance for doubtful accounts, estimated lives of property and equipment and intangibles, long-lived asset impairments,
valuation allowances on deferred income taxes and the potential outcome of future tax consequences of events recognized in the
Company&#146;s financial statements or tax returns. Actual results and outcomes may materially differ from management&#146;s estimates
and assumptions.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Reclassifications
of prior year&#146;s data have been made to conform to 2012 classifications. Such classifications had no effect on net income
(loss) reported in the consolidated statements of operations.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>



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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations.</p>
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                <p>The entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings).</p>
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                <p>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</p>
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                <p>Describes how an entity determines the level of its allowance for doubtful accounts for its trade and other accounts receivable balances, and when impairments, charge-offs or recoveries are recognized. The description identifies the factors that influence management's establishment of the level of the allowance (for example, historical losses and existing economic conditions) and may also include discussion of the risk elements relevant to particular categories of receivables.</p>
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                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentPeriodEndDate</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentType</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>dei:submissionTypeItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
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                <p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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                    <td><strong> Name:</strong></td>
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                <p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
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                <p>No definition available.</p>
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                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
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                <p>No definition available.</p>
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                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
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                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
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                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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          <div style="width: 200px;"><strong>2. VARIABLE INTEREST ENTITY (Tables)<br></strong></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

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    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
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                <p>Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELLAG">
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          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
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        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">9 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Sep. 30, 2012</div>
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        <th class="th">
          <div>Sep. 30, 2011</div>
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          <div>Sep. 30, 2012</div>
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          <div>Sep. 30, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementAbstract', window );"><strong>Income Statement [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">$ 215,860<span></span></td>
        <td class="nump">$ 271,649<span></span></td>
        <td class="nump">$ 619,026<span></span></td>
        <td class="nump">$ 659,390<span></span></td>
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        <td class="nump">218,300<span></span></td>
        <td class="nump">263,461<span></span></td>
        <td class="nump">633,843<span></span></td>
        <td class="nump">647,355<span></span></td>
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        <td class="nump">8,188<span></span></td>
        <td class="num">(14,817)<span></span></td>
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        <td class="nump">3,495<span></span></td>
        <td class="nump">9,400<span></span></td>
        <td class="nump">11,742<span></span></td>
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        <td class="num">(24,217)<span></span></td>
        <td class="nump">293<span></span></td>
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        <td class="nump">4,113<span></span></td>
        <td class="nump">352<span></span></td>
        <td class="nump">6,968<span></span></td>
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        <td class="num">(4,071)<span></span></td>
        <td class="num">(9,380)<span></span></td>
        <td class="num">(11,337)<span></span></td>
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        <td class="num">(105)<span></span></td>
        <td class="num">(166)<span></span></td>
        <td class="num">(499)<span></span></td>
        <td class="num">(709)<span></span></td>
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        <td class="num">(9,721)<span></span></td>
        <td class="nump">4,569<span></span></td>
        <td class="num">(33,744)<span></span></td>
        <td class="num">(4,785)<span></span></td>
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        <td class="num">(9,721)<span></span></td>
        <td class="nump">4,569<span></span></td>
        <td class="num">(33,744)<span></span></td>
        <td class="num">(4,785)<span></span></td>
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        <td class="nump">3,750<span></span></td>
        <td class="num">(217)<span></span></td>
        <td class="nump">20,191<span></span></td>
        <td class="nump">9,905<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income (loss) attributed to Pacific Ethanol, Inc.</a></td>
        <td class="num">(5,971)<span></span></td>
        <td class="nump">4,352<span></span></td>
        <td class="num">(13,553)<span></span></td>
        <td class="nump">5,120<span></span></td>
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        <td class="num">(319)<span></span></td>
        <td class="num">(319)<span></span></td>
        <td class="num">(949)<span></span></td>
        <td class="num">(946)<span></span></td>
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        <td class="num">$ (6,290)<span></span></td>
        <td class="nump">$ 4,033<span></span></td>
        <td class="num">$ (14,502)<span></span></td>
        <td class="nump">$ 4,174<span></span></td>
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        <td class="num">$ (0.05)<span></span></td>
        <td class="nump">$ 0.12<span></span></td>
        <td class="num">$ (0.15)<span></span></td>
        <td class="nump">$ 0.2<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted-average shares outstanding, basic</a></td>
        <td class="nump">115,677<span></span></td>
        <td class="nump">33,201<span></span></td>
        <td class="nump">96,203<span></span></td>
        <td class="nump">21,230<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Weighted-average shares outstanding, diluted</a></td>
        <td class="nump">115,677<span></span></td>
        <td class="nump">33,201<span></span></td>
        <td class="nump">96,203<span></span></td>
        <td class="nump">21,328<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair Value Adjustments On Convertible Debt And Warrants.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfGoodsSold">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total costs related to goods produced and sold during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 2<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfGoodsSold</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for preferred shareholders during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph l<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 405<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsPreferredStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasicAndDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1,2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GrossProfit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of income (loss) from continuing operations attributable to the noncontrolling interest. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568447-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 25<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 10<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeStatementAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 45<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Income Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cost of borrowed funds accounted for as interest that was charged against earnings during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 9<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Section 563c.102<br><br> -Paragraph 9<br><br> -Chapter V<br><br> -Subsection II<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1377-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherGeneralExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of general expenses not normally included in Other Operating Costs and Expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.6)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 6<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherGeneralExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4591552-111686<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4591551-111686<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SalesRevenueNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
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                <p>The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.</p>
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                <p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p>
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                <p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 171<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Weighted-Average Number of Common Shares Outstanding<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>7. COMMITMENTS AND CONTINGENCIES<br></strong></div>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Purchase Commitments</u></i> &#150;
At September 30, 2012, the Company had fixed-price purchase contracts with its suppliers to purchase $14,153,000 of ethanol and
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Sales Commitments</u></i> &#150; At
September 30, 2012, the Company had entered into sales contracts with its major customers to sell certain quantities of ethanol
and WDG. The volumes indicated in the indexed-price contracts table will be sold at publicly-indexed sales prices determined by
market prices in effect on their respective transaction dates (in thousands):</p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Litigation &#150; General</u> &#150;</i>
The Company is subject to various claims and contingencies in the ordinary course of its business, including those related to litigation,
business transactions, employee-related matters, and others. When the Company is aware of a claim or potential claim, it assesses
the likelihood of any loss or exposure. If it is probable that a loss will result and the amount of the loss can be reasonably
estimated, the Company will record a liability for the loss. If the loss is not probable or the amount of the loss cannot be reasonably
estimated, the Company discloses the claim if the likelihood of a potential loss is reasonably possible and the amount involved
could be material. While there can be no assurances, the Company does not expect that any of its pending legal proceedings will
have a material financial impact on the Company&#146;s operating results.</p>

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                <p>The entire disclosure for commitments and contingencies.</p>
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          <div style="width: 200px;"><strong>6. COMMON STOCK AND WARRANTS<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
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          <div>Sep. 30, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_CommonStockAndWarrantsAbstract', window );"><strong>Common Stock And Warrants</strong></a></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">For
the nine months ended September 30, 2012, certain warrant holders exercised warrants in respect of 252,101 shares of common stock
on a cashless exercise basis, resulting in 172,269 net shares of common stock issued by the Company. For the three and nine months
ended September 30, 2012, certain warrant holders exercised warrants in respect of 50,000 shares of common stock for $26,500 in
cash.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i><u>July Offering
</u></i>&#150; On July 3, 2012, the Company raised $10,903,000, net of $1,137,000 of underwriting and issuance costs, through
a public offering of units consisting of an aggregate of 28,000,000 shares of common stock, warrants to purchase 28,000,000 shares
of common stock at an exercise price of $0.63 per share with a term of five years and warrants to purchase 14,000,000 shares of
common stock at an exercise price of $0.53 per share with a term of eighteen months (&#147;July Offering&#148;), which warrant
exercise prices are subject to adjustment.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The warrants
issued in the July Offering are subject to a &#147;weighted-average&#148; anti-dilution adjustment if the Company issues or is
deemed to have issued securities at a price lower than the then applicable warrant exercise prices. In September 2012, as discussed
below, the Company issued additional common stock and warrants, resulting in adjustments to the exercise prices of warrants issued
in the July Offering. The adjusted exercise prices for the 5-year and 18-month warrants are $0.50 per share and $0.43 per share,
respectively.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company accounted
for the net proceeds of the July Offering by first allocating the $3,380,000 fair value of the warrants to liabilities and then
allocating the remaining amount to equity.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i><u>September
Offering</u> </i>&#150; On September 26, 2012, the Company raised $10,091,000, net of $909,000 of underwriting and issuance costs,
through a public offering of units consisting of an aggregate of 27,500,000 shares of common stock and warrants to purchase 27,500,000
shares of common stock at an exercise price of $0.59 per share with a term of three years (&#147;September Offering&#148;). The
Company accounted for the net proceeds of the September Offering by first allocating the $1,658,000 fair value of the warrants
to liabilities and then allocating the remaining amount to equity.</font></p>



<p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></p><span></span></td>
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                <p>Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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          <div style="width: 200px;"><strong>8. FAIR VALUE MEASUREMENTS (Tables)<br></strong></div>
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<p style="color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i>&#160;</i></font></p>

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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>



<p style="margin: 0pt"></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock', window );">Changes in the fair value of the Company's Level 3 inputs</a></td>
        <td class="text"><p style="margin: 0pt"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <td style="width: 11%; text-align: right"><font style="font-size: 8pt">1,921</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,842</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,658</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Balance, September 30, 2012</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">6,495</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
</table>


<p style="margin: 0pt"></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock', window );">Summary of fair value measurements by level</a></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The following table summarizes fair
value measurements by level at September 30, 2012 (in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Level
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    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td>
    <td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td>
    <td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Level
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    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td>
    <td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Assets:</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 48%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Commodity contracts(1)</font></td>
    <td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">514</font></td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">514</font></td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in"><font style="font-size: 8pt">Total
    Assets</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">514</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">514</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">__________</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">(1)
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td>
    <td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Level
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    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td>
    <td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td>
    <td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Liabilities:</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="width: 48%; text-align: left"><font style="font-size: 8pt">Warrants</font></td>
    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="width: 9%; text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="width: 9%; text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="width: 9%; text-align: right"><font style="font-size: 8pt">6,495</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="width: 9%; text-align: right"><font style="font-size: 8pt">6,495</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">291</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">__________</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">(1) Included
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The following tables summarize fair
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="width: 9%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">__________</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">(1) Included
in other current assets in the consolidated balance sheets.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt"><font style="font-size: 8pt">&#160;&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td>
    <td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="width: 9%; text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="width: 9%; text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="width: 9%; text-align: right"><font style="font-size: 8pt">1,921</font></td>
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    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
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    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Commodity contracts(2)</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">500</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in"><font style="font-size: 8pt">Total
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    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">500</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">1,921</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">2,421</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">__________</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">(1)
Included in other liabilities in the consolidated balance sheets.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">(2)
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt"><font style="font-size: 8pt">&#160;</font></p><span></span></td>
      </tr>
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    <div style="display: none;">
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_FairValueMeasurementsTablesAbstract</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock">
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        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 157<br><br> -Paragraph 6<br><br> -Footnote 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a,b,bb)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 157<br><br> -Paragraph 32<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2C<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=SL7498348-110258<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19279-110258<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19190-110258<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 157<br><br> -Paragraph 33<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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                <p>Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.</p>
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                <p>Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.</p>
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                <p>Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 2<br><br> -Paragraph 6<br><br> -Subparagraph a,b,c<br><br> -Article 5<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>10. RELATED PARTY TRANSACTIONS<br></strong></div>
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        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Preferred
Dividends</u> &#150; </i>The Company accrued and paid cash dividends in respect of its Series B Preferred Stock of $319,000 and
$949,000 for the three and nine months ended September 30, 2012, respectively, and accrued but did not pay cash dividends of $319,000
and $946,000 for the three and nine months ended September 30, 2011, respectively. On August 21, 2012, the Company entered into
an agreement with the Series B Preferred Stock holders under which the Company issued 2,360,000 shares of its common stock in
payment of $732,000 of the total $7,315,000 of accrued and unpaid dividends in respect of the Series B Preferred Stock. In addition,
the holders of the Series B Preferred Stock agreed to forebear from exercising any rights they may have with respect to the unpaid
dividends until January 1, 2014. The Company had accrued and unpaid dividends in respect of its Series B Preferred Stock of $6,583,000
and $7,315,000 as of September 30, 2012 and December 31, 2011, respectively.</font></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Note
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September 30, 2012 and December 31, 2011. This note matures on March 31, 2013.</font></p><span></span></td>
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                <p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 1-4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph b<br><br> -Article 3A<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Article 4<br><br><br><br></p>
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          <div style="width: 200px;"><strong>8. FAIR VALUE MEASUREMENTS<br></strong></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&#160;</p>

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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<p style="color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Other Derivative Instruments</u></i>
&#150; The Company&#146;s other derivative instruments consist of commodity positions. The fair value of the commodity positions
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table summarizes fair value measurements by level
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0">__________</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">&#160;</p>

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    <td style="border-bottom: Black 1pt solid; text-align: right">&#150;</td>
    <td style="padding-bottom: 1pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td>
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    <td style="padding-bottom: 1pt; text-align: left">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">__________</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">(1) Included in accrued liabilities in the
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td>&#160;</td>
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    <td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">244</td>
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    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">&#160;</td>
    <td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">&#150;</td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td>
    <td style="width: 2%; padding-bottom: 1pt">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">&#160;</td>
    <td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">&#150;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">&#150;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: right">&#150;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0">__________</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">(1) Included in other current assets in the
consolidated balance sheets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt">&#160;&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td>
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    <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 9%; text-align: right">&#150;</td>
    <td style="width: 1%; text-align: left">&#160;</td>
    <td style="width: 2%">&#160;</td>
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    <td style="width: 9%; text-align: right">&#150;</td>
    <td style="width: 1%; text-align: left">&#160;</td>
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    <td style="width: 2%">&#160;</td>
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    <td style="width: 9%; text-align: right">1,921</td>
    <td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in">Commodity contracts(2)</td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">500</td>
    <td style="padding-bottom: 1pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">&#150;</td>
    <td style="padding-bottom: 1pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">&#150;</td>
    <td style="padding-bottom: 1pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">500</td>
    <td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">500</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">&#150;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1,921</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">2,421</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0">__________</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0">(1) Included in other liabilities
in the consolidated balance sheets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0">(2) Included in accrued
liabilities in the consolidated balance sheets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">&#160;</p>



<p style="margin: 0pt">&#160;</p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13504-108611<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15C, 15D<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 44A, 44B<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15A<br><br> -Subparagraph a-d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 3, 10, 14, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>9. EARNINGS PER SHARE<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><font style="font-size: 8pt">&#160;</font></p>

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tables compute basic and diluted earnings per share (in thousands, except per share data):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

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    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three Months Ended
    September 30, 2012</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Loss <br />Numerator</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Shares Denominator</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Per-Share<br /> Amount</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="width: 61%; text-align: justify"><font style="font-size: 8pt">Net loss attributed to Pacific Ethanol</font></td>
    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="width: 9%; text-align: right"><font style="font-size: 8pt">(5,971</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td>
    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 9%; text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 9%; text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(319</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"><font style="font-size: 8pt">Basic
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    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"><font style="font-size: 8pt">Loss
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    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(6,290</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">115,677</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(0.05</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt; background-color: white"></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

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    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three Months Ended
    September 30, 2011</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Shares Denominator</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="width: 61%; text-align: justify"><font style="font-size: 8pt">Net income attributed to Pacific Ethanol</font></td>
    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="width: 9%; text-align: right"><font style="font-size: 8pt">4,352</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 9%; text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 9%; text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(319</font></td>
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">4,033</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">33,201</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">0.12</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Shares Denominator</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">There were an
aggregate of 3,800,000 and 3,300,000 potentially dilutive weighted-average shares from convertible securities outstanding for
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diluted net loss per share for the three and nine months ended September 30, 2012, as their effect would have been anti-dilutive.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt; background-color: white">&#160;</font></p>



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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>11. SUBSEQUENT EVENT<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SubsequentEventAbstract', window );"><strong>Subsequent Event</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">Note 11.SUBSEQUENT EVENT</a></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Repayment
of Senior Unsecured Notes</u></i> &#150; On October 1, 2012, the Company fully repaid in cash its $10,000,000 senior
unsecured notes in cash from proceeds of its public offering, which closed on September 26, 2012.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Second
Amended and Restated Credit Agreement</u></i> &#150; On October 29, 2012, the Plant Owners entered into a Second Amended and
Restated Credit Agreement (&#147;Restated Credit Agreement&#148;) with the lenders party to the agreement. The Restated Credit
Agreement provides for a revolving credit facility of up to $40,000,000, a term loan of $25,000,000 (&#147;Tranche A-1 Loan&#148;)
and a term loan of $26,300,000 (&#147;Tranche A-2 Loan&#148;). Under the terms of the Restated Credit Agreement, $39,500,000
of the combined revolving loans and term loans has a maturity date of June 25, 2013 and $51,800,000 of the combined revolving
loans and term loans has a maturity date of June 30, 2016.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Plant
Owners may elect to receive Eurodollar loans and/or base rate loans. The per annum interest rate on Eurodollar loans is equal
to (a) the rate obtained by dividing (i) the one-month LIBOR for the relevant interest period (but in no event less than 4%) by
(ii) a percentage equal to (1) 100% minus (2) the Eurodollar Reserve Percentage (as determined by the Board of Governors of the
Federal Reserve System) for the relevant period, plus (b) the applicable margin of 10%. The per annum interest rate on base rate
loans is equal to (A) the higher of (x) the Federal Funds Effective Rate (equal to the weighted average of the rates on overnight
federal funds transactions with members of the Federal Reserve System) plus 0.50%, (y) the rate of interest as publicly announced
by Wells Fargo Bank as its &#147;prime rate&#148; or (z) the one-month LIBOR plus 1.0%, plus the applicable margin of 10%.</font></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Interest
under the loans is payable monthly in cash, but as long as no default or event of default has occurred or is continuing, interest
payments due to certain lenders for any period prior to June 25, 2013, may, at the option of the Plant Owners, be deferred and
added to the principal balance of the Tranche A-1 Loan due June 30, 2016. The Plant Owners are also required to pay an unused
line fee of 2.0% per annum and other customary fees and expenses associated with the credit facility.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">The
Plant Owners&#146; obligations are secured by a security interest in their assets and equity interests in favor of the lenders.
The Restated Credit Agreement contains numerous customary representations, warranties, affirmative and negative covenants and
other customary terms and conditions, including events of default (including upon the occurrence of an event of default with respect
to any indebtedness owed by the Company) and remedies in favor of the lenders. The Restated Credit Agreement also contains restrictions
on the creation or incurrence of additional indebtedness (other than pursuant to the Credit Agreement described below) and on
distributions of funds from the Plant Owners to any affiliates of the Plant Owners, including the Company.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt; font-weight: normal">The
Restated Credit Agreement also contains financial covenants concerning certain of the Plant Owners&#146; budgeted expenses. Specifically,
the Plant Owners shall not permit amounts disbursed pursuant to the categories in the budget related to the asset management agreement
among the Plant Owners and the Company and operating disbursements to exceed their respective budgeted amounts by more than 10%.</font></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt; font-weight: normal">&#160;</font>&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt; font-weight: normal">The
Plant Owners have the right at any time, and from time to time, but subject to limitations imposed by an intercreditor agreement
(described below), to prepay in whole or in part the revolving loans and Tranche A-1 Loans (and the Tranche A-2 Loans following
the payment in full of the revolving loans and Tranche A-1 Loans). However, in the event of any prepayment of the Tranche A-1
Loans that have a maturity date of June 30, 2016, the Plant Owners must pay a premium equal to the present value of all interest
payments which would have accrued from the date of such payment through June 30, 2016, calculated using a discount rate, applied
quarterly, equal to the Treasury Rate as of such prepayment date plus 50 basis points. The Restated Credit Agreement also provides
for mandatory prepayments in connection with certain customary events, including any sale of material assets; however, certain
mandatory prepayments are not subject to the prepayment premium.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Credit
Agreement</u></i> &#150; On October 29, 2012, the Plant Owners entered into a Credit Agreement (&#147;Credit
Agreement&#148;) with lenders party to the agreement. The Credit Agreement provides for a revolving credit facility of up to
$10,000,000. The Plant owners may request (with a maximum of 5 requests) increases in the amount of the facility in
increments of not less than $1,000,000, up to a maximum credit limit of $5,000,000. The lenders have no obligation to agree
to such a request. Loans made under the Credit Agreement mature on June 25, 2013 or such later date on or prior to June 25,
2016, as may be agreed to by certain of the lenders holding in excess of 50% of the outstanding principal amount of the loans
and the undisbursed amount of the aggregate lending commitment. Any extension of the maturity date will be in increments of
one calendar year.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Plant
Owners may elect to receive Eurodollar loans and/or base rate loans. The per annum interest rate on Eurodollar loans is equal
to (a) the rate obtained by dividing (i) the one-month LIBOR for the relevant interest period (but in no event less than 4%) by
(ii) a percentage equal to (1) 100% minus (2) the Eurodollar Reserve Percentage (as determined by the Board of Governors of the
Federal Reserve System) for the relevant period, plus (b) the applicable margin. The per annum interest rate on base rate loans
is equal to (A) the higher of (x) the Federal Funds Effective Rate (equal to the weighted average of the rates on overnight federal
funds transactions with members of the Federal Reserve System), plus 0.50%, (y) the rate of interest as publicly announced by
Wells Fargo Bank as its &#147;prime rate&#148; or (z) the one-month LIBOR plus 1.0%, plus the applicable margin. With respect
to both the Eurodollar loans and base rate loans, the applicable margin is 5.5%; provided that for any loans for which interest
is paid as capitalized interest, the applicable margin is deemed to be 8.0% per annum for the period for which interest is so
paid.</font></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Interest
under the loans is payable monthly in cash, but as long as no default or event of default has occurred or is continuing, interest
payments due to the lenders may, at the option of the Plant Owners, be deferred and added as capitalized interest to the principal
balance of the loans.<b> </b>The Plant Owners are also required to pay an unused line fee of 2.0% per annum and other customary
fees and expenses associated with the credit facility.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Plant
Owners&#146; obligations are secured by a security interest in their assets and equity interests in favor of the lenders. The
Credit Agreement contains numerous customary representations, warranties, affirmative and negative covenants and other customary
terms and conditions, including events of default (including upon the occurrence of an event of default with respect to any indebtedness
owed by the Company) and remedies in favor of the lenders. The Credit Agreement also contains restrictions on the creation or
incurrence of additional indebtedness and on distributions of funds from the Plant Owners to any affiliates of the Plant Owners,
including the Company.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Credit
Agreement also contains financial covenants concerning certain of the Plant Owners&#146; budgeted expenses. Specifically, the
Plant Owners shall not permit amounts disbursed pursuant to the categories in the budget related to the asset management agreement
among the Plant Owners and the Company and operating disbursements to exceed their respective budgeted amounts by more than 10%.</font></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Plant
Owners have the right at any time, and from time to time, but subject to limitations imposed by an intercreditor agreement, to
prepay the revolving loans under the Credit Agreement. The Credit Agreement also provides for mandatory prepayments in connection
with certain customary events, including any sale of material assets.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Intercreditor
Agreement</u></i> &#150; On October 29, 2012, the Plant Owners entered into an Intercreditor Agreement (&#147;Intercreditor
Agreement&#148;) with Wells Fargo Bank, National Association (&#147;Agent&#148;), as collateral agent. The Intercreditor Agreement
provides, among other things, that the amounts owed by the Plant Owners under the Credit Agreement shall be senior in right and
payment to the payment of amounts owed by the Plant Owners under the Restated Credit Agreement. In addition, pursuant to the terms
of the Intercreditor Agreement, the lenders under the Restated Credit Agreement have agreed to continue, and make certain additional
extensions of, credit to the Plant Owners pursuant to the terms of the Restated Credit Agreement, upon, among other terms and
conditions, the conditions that (i) obligations of Plant Owners under the Restated Credit Agreement shall be secured by a second
priority lien on, and security interests in, the collateral under the Restated Credit Agreement, and (ii) subject to the terms
and conditions contained in the Intercreditor Agreement, the payment of certain obligations under the Restated Credit Agreement
shall be subordinate and subject in right and time of payment to the prior discharge of amounts owed by the Plant Owners under
the Credit Agreement.</font></p><span></span></td>
      </tr>
    </table>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p>
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                <p>No definition available.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EHMAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>7. COMMITMENTS AND CONTINGENCIES (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SalesCommitmentRemainingMinimumAmountCommittedFixedPriceContracts', window );">Sales commitments amount, fixed price contracts</a></td>
        <td class="nump">$ 591<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">EthanolMember</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">70<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SalesCommitmentMinimumVolumeRequiredIndexedPriceContracts', window );">Indexed-Price Contracts, gallons</a></td>
        <td class="nump">97,708<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">WetDistillersGrainMember</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SalesCommitmentRemainingMinimumAmountCommittedFixedPriceContracts', window );">Sales commitments amount, fixed price contracts</a></td>
        <td class="nump">$ 521<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SalesCommitmentMinimumVolumeRequiredIndexedPriceContracts', window );">Indexed-Price Contracts, gallons</a></td>
        <td class="nump">55<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sales Commitment Minimum Volume Required Indexed Price Contracts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Sales Commitment Remaining Minimum Amount Committed Fixed Price Contracts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>5. DEBT (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_DebtTablesAbstract', window );"><strong>Debt Tables</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <td><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <td style="text-align: right"><font style="font-size: 8pt">750</font></td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: right"><font style="font-size: 8pt">52,687</font></td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: right"><font style="font-size: 8pt">94,439</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(50,105</font></td>
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(750</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Long-term debt</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">68,990</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">93,689</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
</table>


<p style="margin: 0pt"><font style="font-size: 8pt">&#160;</font></p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 7<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21521-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 55<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584090&amp;loc=d3e28878-108400<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28541-108399<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(e),(f))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 470<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6479336&amp;loc=d3e64711-112823<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28551-108399<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21538-112644<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21506-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E2EAE">
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          <div style="width: 200px;"><strong>2. VARIABLE INTEREST ENTITY (Details) (VIEBalanceSheetMember, USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssetsAndLiabilitiesNetAbstract', window );"><strong>Values and classification of assets that are collateral for the obligations of New PE Holdco</strong></a></td>
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        <td class="nump">13,368<span></span></td>
        <td class="nump">14,320<span></span></td>
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        <td class="nump">148,390<span></span></td>
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        <td class="nump">1,368<span></span></td>
        <td class="nump">1,693<span></span></td>
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        <td class="nump">163,218<span></span></td>
        <td class="nump">173,606<span></span></td>
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        <td class="nump">6,063<span></span></td>
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        <td class="nump">73,256<span></span></td>
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        <td class="nump">195<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash and cash equivalents used as collateral for New PE Holdco</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                <p>Current liabilites used as collateral for New PE Holdco</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_LongAndShortTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Long-term debt including current portion</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_LongAndShortTermDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_OtherAssetsVIE">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other assets used as collateral for New PE Holdco</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_OtherAssetsVIE</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_OtherCurrentAssetsVIE">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other current assets used as collateral for New PE Holdco</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_OtherCurrentAssetsVIE</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_OtherLiabilitiesVIE">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other liabilites used as collateral for New PE Holdco</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_OtherLiabilitiesVIE</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_PropertyAndEquipmentVIE">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Property and equipment used as collateral for New PE Holdco</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_PropertyAndEquipmentVIE</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_TotalAssetsVIE">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total assets used as collateral for New PE Holdco</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_TotalAssetsVIE</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_TotalLiabilitiesVIE">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total liabilites used as collateral for New PE Holdco</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_TotalLiabilitiesVIE</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
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              </div>
            </div>
          </td>
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      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssetsAndLiabilitiesNetAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssetsAndLiabilitiesNetAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>57
<FILENAME>0001019687-12-004082-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E5G">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>10. RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_RelatedPartyTransactionsDetailsTextualsAbstract', window );"><strong>Related Party Transactions Details Narrative</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent', window );">Note payable to its Chief Executive Officer</a></td>
        <td class="nump">$ 750<span></span></td>
        <td class="nump">$ 750<span></span></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_RelatedPartyTransactionsDetailsTextualsAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount for notes payable (written promise to pay), due to related parties.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 2<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.17)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 17<br><br> -Article 7<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Subparagraph 1<br><br> -Article 4<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent</nobr></td>
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                    <td><strong> Balance Type:</strong></td>
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<html>
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    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EFUAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2011</div>
        </th>
      </tr>
      <tr class="re">
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Consolidated net loss</a></td>
        <td class="num">$ (33,744)<span></span></td>
        <td class="num">$ (4,785)<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfIntangibleAssets', window );">Depreciation and amortization of intangibles</a></td>
        <td class="nump">9,216<span></span></td>
        <td class="nump">9,490<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants', window );">Fair value adjustments on convertible debt and warrants</a></td>
        <td class="num">(352)<span></span></td>
        <td class="num">(6,968)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryWriteDown', window );">Inventory valuation</a></td>
        <td class="nump">275<span></span></td>
        <td class="nump">157<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCostsAndDiscounts', window );">Amortization of deferred financing fees</a></td>
        <td class="nump">455<span></span></td>
        <td class="nump">485<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncashExpense', window );">Noncash compensation</a></td>
        <td class="nump">705<span></span></td>
        <td class="nump">1,978<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDerivativeAssetsAndLiabilities', window );">Derivative instruments</a></td>
        <td class="num">(202)<span></span></td>
        <td class="num">(334)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts', window );">Bad debt recovery</a></td>
        <td class="num">(15)<span></span></td>
        <td class="num">(185)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ChangesInOperatingAssetsAndLiabilitiesAbstract', window );"><strong>Changes in operating assets and liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivable</a></td>
        <td class="nump">642<span></span></td>
        <td class="num">(2,204)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInventories', window );">Inventories</a></td>
        <td class="nump">1,482<span></span></td>
        <td class="num">(5,280)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other assets</a></td>
        <td class="nump">1,480<span></span></td>
        <td class="num">(368)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherCurrentAssets', window );">Prepaid inventory</a></td>
        <td class="nump">3,144<span></span></td>
        <td class="num">(3,466)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued expenses</a></td>
        <td class="nump">5,492<span></span></td>
        <td class="nump">3,920<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used in operating activities</a></td>
        <td class="num">(11,422)<span></span></td>
        <td class="num">(7,560)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Investing Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates', window );">Purchase of 33% ownership interest in New PEHC</a></td>
        <td class="num">(10,000)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Additions to property and equipment</a></td>
        <td class="num">(2,115)<span></span></td>
        <td class="num">(1,459)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
        <td class="num">(12,115)<span></span></td>
        <td class="num">(1,459)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Financing Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOrSaleOfEquity', window );">Net proceeds from sales of common stock and warrants</a></td>
        <td class="nump">20,994<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromOtherDebt', window );">Net proceeds from borrowings</a></td>
        <td class="nump">13,249<span></span></td>
        <td class="nump">17,091<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock', window );">Preferred stock dividends paid</a></td>
        <td class="num">(949)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash (used in) provided by financing activities</a></td>
        <td class="nump">33,294<span></span></td>
        <td class="nump">17,091<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net increase in cash and cash equivalents</a></td>
        <td class="nump">9,757<span></span></td>
        <td class="nump">8,072<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of period</a></td>
        <td class="nump">8,914<span></span></td>
        <td class="nump">8,736<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of period</a></td>
        <td class="nump">18,671<span></span></td>
        <td class="nump">16,808<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental Information:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaidNet', window );">Interest paid</a></td>
        <td class="nump">7,504<span></span></td>
        <td class="nump">8,047<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>Noncash financing and investing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueOther', window );">Preferred stock dividends paid in common stock</a></td>
        <td class="nump">732<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity', window );">Notes issued for purchase of 33% ownership interest in New PEHC</a></td>
        <td class="nump">10,000<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestCostsCapitalized', window );">Accrued interest added to term loan</a></td>
        <td class="nump">1,407<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_PreferredStockDividendsAccrued', window );">Preferred stock dividends accrued</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">946<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueIssuedForNoncashConsiderations', window );">Debt extinguished with issuance of common stock</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">$ 25,388<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_ChangesInOperatingAssetsAndLiabilitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_ChangesInOperatingAssetsAndLiabilitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair Value Adjustments On Convertible Debt And Warrants.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Notes issued for purchase of ownership interests</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_PreferredStockDividendsAccrued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Preferred Stock Dividends Accrued.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_PreferredStockDividendsAccrued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reflects a reduction in bad debt expense attributable to collections of loans and lease receivables which had previously been fully or partially charged off as bad debts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 114<br><br> -Paragraph 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.7(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7512638&amp;loc=d3e5212-111524<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 7<br><br> -Subparagraph d<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of noncash expense included in interest expense to allocate debt discount and premium, and the costs to issue debt and obtain financing over the related debt instruments. Alternate captions include noncash interest expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfFinancingCostsAndDiscounts</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfIntangibleAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 45<br><br> -Subparagraph a(2)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16225-109274<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfIntangibleAssets</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
        </tr>
      </table>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td>duration</td>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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              </div>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsReceivable</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the period in the net carrying value of derivative instruments reported as assets and liabilities that are due to be disposed of within one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInDerivativeAssetsAndLiabilities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInventories">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInInventories</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherCurrentAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other current operating assets not separately disclosed in the statement of cash flows.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherCurrentAssets</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestCostsCapitalized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of interest capitalized during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Allowance for Funds Used during Construction<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6504829<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 21<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestCostsCapitalized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaidNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid for interest during the period net of cash paid for interest that is capitalized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 27<br><br> -Subparagraph e<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestPaidNet</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryWriteDown">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Charge to cost of goods sold that represents the reduction of the carrying amount of inventory, generally attributable to obsolescence or market conditions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br> -Number 6<br><br> -Paragraph 86<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section 7<br><br> -Paragraph 14<br><br> -Chapter 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 330<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386783&amp;loc=d3e4542-108314<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryWriteDown</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from financing activity for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from investing activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            </div>
          </td>
        </tr>
      </table>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNoncashExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other expenses or losses included in net income that result in no cash outflows or inflows in the period and are not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherNoncashExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash outflow in the form of ordinary dividends to preferred shareholders, generally out of earnings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of a controlling interest in another entity or an entity that is related to it but not strictly controlled (for example, an unconsolidated subsidiary, affiliate, joint venture or equity method investment).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15, 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOrSaleOfEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOrSaleOfEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromOtherDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from other borrowing not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromOtherDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i>&#160;</i></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Kinergy
Operating Line of Credit</u></i> &#150; In May 2012, the Company extended Kinergy&#146;s operating line of credit. The renewal
of Kinergy&#146;s credit facility is for an aggregate amount of up to $40,000,000, including an optional accordion feature for
up to an additional $10,000,000. The prior credit facility included an accordion feature of $5,000,000. The credit facility expires
on December 31, 2015. Interest accrues under the credit facility at a rate equal to (i)&#160;the three-month London Interbank
Offered Rate (&#147;LIBOR&#148;), plus (ii) a specified applicable margin ranging between 2.50% and 3.50%. The credit facility&#146;s
monthly unused line fee is 0.50% of the amount by which the maximum credit under the facility exceeds the average daily principal
balance. Kinergy is also required to pay customary fees and expenses associated with the credit facility and issuances of letters
of credit. In addition, Kinergy is responsible for a $3,000 monthly servicing fee. Payments that may be made by Kinergy to Pacific
Ethanol as reimbursement for management and other services provided by Pacific Ethanol to Kinergy are limited to $800,000 per
fiscal quarter in 2012, $900,000 per fiscal quarter in 2013, $1,000,000 per fiscal quarter in 2014 and $1,100,000 per fiscal quarter
in 2015. As of September 30, 2012, Kinergy had unused availability under the revolving credit facility of $4,200,000.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">In addition,
the amended facility includes the accounts receivable of PAP as additional collateral. Payments that may be made by PAP to Pacific
Ethanol as reimbursement for management and other services provided by Pacific Ethanol to PAP are limited to the extent that quarterly
payments would result in PAP recording less than $100,000 of net income in the quarter.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">For the fiscal
quarter ending June 30, 2012 and each fiscal quarter thereafter, Kinergy and PAP are collectively required to generate aggregate
earnings before interest, taxes, depreciation and amortization, or EBITDA, of $450,000 for the quarter and aggregate EBITDA of
$1,100,000 for each two consecutive quarters. These amounts are required through December 31, 2013. In 2014, the required EBITDA
amounts increase to $500,000 per quarter and $1,300,000 for each two consecutive quarters. Further, for all monthly periods, Kinergy
and PAP must collectively maintain a fixed charge coverage ratio (calculated as a twelve-month rolling EBITDA divided by the sum
of interest expense, capital expenditures, principal payments of indebtedness, indebtedness from capital leases and taxes paid
during such twelve-month rolling period) of at least 2.0 and are prohibited from incurring any additional indebtedness (other
than specific intercompany indebtedness) or making any capital expenditures in excess of $100,000 absent the lender&#146;s prior
consent. Kinergy and PAP&#146;s obligations under the credit facility are secured by a first-priority security interest in all
of their assets in favor of the lender. The Company believes it is in compliance with these covenants.</font></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Senior
Unsecured Notes</u></i> &#150; In July 2012, as part of the Company&#146;s acquisition of an additional 33% ownership interest
in New PE Holdco, the Company issued senior unsecured promissory notes (the &#147;Notes&#148;) due April 13, 2013 in the aggregate
principal amount of $10.0 million. Interest on the unpaid principal amount accrued at a rate of 5.00% per annum. As discussed
in Note 11, the Company repaid the Notes in October 2012.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"><i><u>Plant
Owners&#146; Term Debt and Operating Line of Credit</u></i> &#150; On July 13, 2012, the Plant Owners&#146; amended their existing
credit facilities. Prior to the amendment, the credit facilities consisted of a $35,000,000 revolving credit facility, a $25,000,000
tranche A-1 term loan and a $26,300,000 tranche A-2 term loan. Under the amendment, the Plant Owners&#146; credit facilities
were, among other things, amended to extend the maturity date in respect of $46,800,000 of the combined revolving credit facility
and term loans from June 25, 2013 to June 30, 2016. In addition, the aggregate commitment amount under the revolving credit facility
was increased by $5,000,000. Further, monthly interest payments due to certain lenders may, at the option of the Plant Owners,
be deferred and added to the loans maturing on the extended maturity date of June 30, 2016. As of September 30, 2012, $1,407,000
of accrued interest was deferred and added to the term loan. The amendment also provides the Plant Owners with the ability to
pay down and pay off the non-extending lenders and the outstanding tranche A-2 term loan at, or at any time prior to, the original
maturity date of June 25, 2013 without penalty while keeping the extended loans in place.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">For
the three and nine months ended September 30, 2012, the Plant Owners increased their borrowings under their operating line of
credit by $4,500,000 and $16,522,000, respectively.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">As of September
30, 2012, the Plant Owners had unused availability under the revolving credit facility of $700,000.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">On October
29, 2012, the Plant Owners amended and restated their existing credit facilities and entered into a new revolving credit facility
for an aggregate amount of up to $10,000,000. See Note 11- Subsequent Events.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company
has had and continues to have extensive communications with holders of the $39,500,000 in debt due June 25, 2013 to restructure
the existing loans and any additional loans under the new $10,000,000 credit facility. The Company also continues to explore its
capital raising alternatives. The Company believes that it will be able to successfully restructure the loans or raise additional
capital, or both, prior to the June 25, 2013 maturity date. However, the Company cannot provide any assurances that it will be
able to do so, or what the terms of any restructuring or capital raising transaction might be. If the Company is unable to timely
restructure the $39,500,000 in debt (together with any additional debt under the new credit facility) due June 25, 2013 or raise
sufficient capital to repay the debt, the Company will be in default on that debt and in cross-default on the $46,800,000 in debt
extended to June 30, 2016, all of which, totaling $91,300,000 plus any amounts borrowed under the new credit facility,
will be accelerated and immediately due and payable on June 25, 2013. As a result, the Company and its direct and indirect subsidiaries,
including Kinergy and the Plant Owners, will likely experience material adverse effects.</font></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Note
Payable to Related Party</u></i> &#150; On March 31, 2009, the Company&#146;s Chief Executive Officer provided funds in an aggregate
amount of $1,000,000 for general working capital purposes, in exchange for an unsecured promissory note issued by the Company.
Interest on the unpaid principal amount accrues at a rate of 8.00% per annum. The Company recorded interest under this note of
approximately $15,000 and $20,000 for the three months ended September 30, 2012 and 2011, respectively. The Company recorded interest
under this note of approximately $45,000 and $60,000 for the nine months ended September 30, 2012 and 2011, respectively. As of
December 31, 2011, the remaining amount of $750,000 was due and payable on the extended maturity date of March 31, 2012. On March
7, 2012, the maturity date was further extended to March 31, 2013.</font></p><span></span></td>
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                <p>The pro forma basic net income per share for a period as if the business combination or combinations had been completed at the beginning of a period.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

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                <p>Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.</p>
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